Mashreq has announced that it is moving its headquarters from Deira to a purpose-built office tower in Downtown Dubai.
The emirate’s largest private lender said it had awarded the contract to build the new tower to Arabian Construction Company.
The 151-metre tower is scheduled for completion in April 2019. It will be designed by Skidmore Owings & Merrill, the architect behind the Burj Khalifa, and will consist of an L-shaped structure, Mashreq said.
A spokesperson declined to give a value for either the cost of the new tower, or the value of the contract, saying the information was not publicly available yet.
“The planned tower is testament to the growth we have witnessed over the last 50 years, which has, in many ways, mirrored that of both Dubai and the UAE,” said Mashreq CEO Abdul Aziz Al Ghurair, in a press statement.
“In a short space of time, the country has established itself as an international gateway for trade and banking, and we’re confident in its ability to maintain its momentum, allowing us to continue investing in our business and talent across the country and wider region.”
Despite plenty of available supply in Dubai’s office market, Mashreq’s decision to invest in a new building mirrors recent moves by fellow lenders.
In January, HSBC said it would invest $250 million in a new 20-storey headquarters in Downtown Dubai.
The HSBC tower will be adjacent to the Standard Chartered headquarters in Emaar Square, which cost the latter $140 million and which was completed in 2013.
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