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Nadim Zahwai has reportedly been made a director of a new Middle Eastern fund set to invest more than £1bn in two luxury hotels in London’s Mayfair, according to The Times.
Evolution Investment Fund has taken a leasehold interest in the London Marriott Hotel Grosvenor Square and in a fully approved development site at Grafton Street and Barlow Place near New Bond Street, committing around £1.1bn in total, including development expenses.
The family-backed investment fund, based in the British Virgin Islands, said that the move represented a “significant vote of confidence in London’s long-term growth prospects and as a destination for world-leading experiences”.
Zahawi will serve as director of these acquisition entities.
London Marriott Hotel Grosvenor Square is 198,000sq ft and consists of 237 rooms, and is located amongst embassies, private member’s clubs, luxury retail boutiques and high-end residential real-estate.
The development site is set to be 157,000sq ft and contain 94 hotel rooms and six luxury residences. Foster + Partners architects have also outlined plans for a 12-storey tower as part of a new “ultra-prime hospitality offering in Mayfair”.
Zahawi, who fled Iraq as a child, co-founded the polling company YouGov in 2000 and later became the Conservative MP for Stratford-upon-Avon in 2010. He went on to serve as chancellor under Boris Johnson, but was forced to revoke his Conservative Party chairmanship in 2023 after failing to reveal that HM Revenue and Customs was investigating his taxes, a breach of the ministerial code. In January, he defected to Reform.
The Shanshal family, who live in the UAE and have far-reaching business ties across the Middle East, launched Evolution in 2025 to purchase and develop top-tier spots in “gateway cities”. The firm also operates in logistics, telecommunications, car dealerships and construction.
The Shanshal family told The Times: “Our first two acquisitions in Mayfair are much more than prime London assets; they represent our long-term conviction in the enduring quality, resilience and global appeal of this magnificent city. We plan to invest significantly in these locations, driven by a firm belief in their exceptional long-term appeal.”
Zahawi added: “I’m delighted to have joined the two UK boards at this exciting stage of Evolution’s history. I look forward to using my experience to support the Shanshal family and team to deliver world-class luxury hospitality assets in Mayfair and in the UK.”
