New Office
HSBC Reaches For The Sky With New Middle East HQ In Dubai
The banking group is to move into a new HQ in the Middle East.
Hong Kong/London-listed banking group HSBC is to start building a new
Middle East headquarters in Dubai, pulling together staff from
three locations.
Construction work will begin shortly on the 20-floor scheme,
which will have 16 floors of office space and four podium
levels of car parking. The development is scheduled to complete
in 2017, with HSBC assuming occupancy in 2018. HSBC
will purchase the freehold of the site and building from Gulf
Resources Development & Investment.
Financial details of the transaction are not being disclosed,
according to a statement from HSBC sent to this publication.
Abu Dhabi developer Gulf Resources Development & Investment will
construct the tower and sell it to HSBC Bank Middle East for
about AED920 million ($250 million) upon completion in 2017,
Bloomberg quoted an official at the building company as
saying. GRDI has also sold a building it constructed for Standard
Chartered to Kuwait’s sovereign wealth fund.
