HSBC Reaches For The Sky With New Middle East HQ In Dubai

Tom Burroughes

20 January 2016

Hong Kong/London-listed banking group 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.