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19 March 2024

50 years on, Mashreq to move into new Dubai HQ before 2020

Arabian Construction Company (ACC) will construct the new tower, having been awarded a 28-month contract, Mashreq announced. (Supplied)

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By Vicky Kapur

Dubai-based Mashreq bank today announced that it will move its corporate headquarters out of Deira – its base for almost 50 years since the bank was founded in 1967 – to a new building in Downtown Dubai.

In a media statement, the bank said it will begin construction of its new 35-storey corporate headquarters tower in December this year, with construction scheduled to complete by April 2019.

Arabian Construction Company (ACC) will construct the new tower, having been awarded a 28-month contract, Mashreq announced.

The new tower will be located on the Dubai Financial Centre Road (Doha Road)/ Mohammed bin Rashid crossing, in the Burj Khalifa District.

Giving the details of the tower, Mashreq said its new L-shaped HQ will sport a square top crown, will be 151 meters tall (4 basements + ground + 35 storey), and cover a plot area of 4,868sq m with a total build up area of 71,292sq m.

The tower has been designed by Skidmore Owings & Merrill, Chicago Office.

“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. 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,” said  AbdulAziz Al Ghurair, CEO of Mashreq.

“Dubai is obviously a major hub for us, and the new development both reflects its status as a burgeoning financial capital, and underpins our belief in the prospects for the local economy and wealth throughout the region,” Al Ghurair added.