By Shane McGinley
British lender saw income in the UAE pass $1bn in 2010, and net profit in MESA region double
Standard Chartered Bank is to invest $140m in the
construction of new premises in central Dubai, the British lender confirmed Wednesday.
The bank, which saw net profit in the Middle East and South
Asia region more than double to $841m in 2010, has taken a 15-year lease on the
125,000 sq ft Dubai office.
“Our strong performance… underpins our physical expansion in
the UAE and we have committed $140m to this development,” said Peter Sands, group
Standard Chartered saw income in the Gulf state soar to more
than $1bn in 2010, a rise of six percent on the year-earlier period, he said.
Real estate investment firm Gulf Resources Development and
Investment (GRDI) confirmed the bank will lease around 60 percent of the 13-tower
premises, including retail space.
But why are they building something when there are so many empty office structures in Dubai already??
Glad to see my excessive interest payments are going to support the construction of more useless real estate - congratulations to SubStandard Chartered Bank