BUSINESS LIVE: Abu Dhabi group buys London developer; Dominos Pizza firm faces takeover; AZN ditches drug trial

BP’s search for a chief executive is set to extend into next year.

The oil company has been in turmoil since Bernard Looney quit in September, and its shares have dropped 9 per cent, while rival Shell’s have gained 2 per cent.

Murray Auchincloss, previously the chief financial officer, is the acting chief executive role and there has been speculation he will get the official job, but reports suggest no decision will be made until 2024.

Abu Dhabi’s Aldar Properties has bought London-based developer London Square for an enterprise value of roughly £230million, with the group’s first acquisition outside the Middle East intended to see the development of ‘larger and prime central London sites’.

The companies said the transaction should also have a positive impact on sales, given the opportunities to cross-sell across their respective customer base.

Established in 2010, London Square is widely known for its Nine Elms development, located in proximity to the Battersea Power Station.

The development features over 750 luxury homes, affordable housing and 21,500 square feet of commercial and retail space.

Aldar is 25%-owned by Abu Dhabi sovereign wealth fund Mubadala Investment Company and 26%-owned by International Holding Company, which is part of a business empire overseen by Sheikh Tahnoon bin Zayed al-Nahyan, the UAE’s national security adviser and brother to the president.