Mashreq awards deal for new Downtown Dubai HQ

Dubai-based bank Mashreq announced that it has awarded a 28-month contract for the construction of its corporate headquarters to Arabian Construction Company (ACC).

Construction of the 35 storey tower – located in Downtown Dubai – will begin in December this year.

It is slated to be completed in April 2019, a statement said.

Designed as an L-shaped structure with a square top crown by Skidmore Owings & Merrill, the tower will be 151 metres tall. It will cover a plot area of 4,868 sqm with a total build up area of 71,292 sqm.

Upon completion, the bank will move staff from its current headquarters near Al Ghurair centre in Deira, which was set up in 1967.

Mashreq chief executive officer AbdulAziz Al Ghurair said: “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.

“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.”

The bank recently reported an 18.2 per cent drop in its first quarter net profit to reach Dhs 532m, although operating income was up 2.3 per cent year-on-year to Dhs 1.5bn.

The lender said that after adjusting for the impact of recoveries, normalised net profit stood flat on a year on year basis.

The bank, which is currently present in 12 countries worldwide, also reported that total assets decreased by 1.2 per cent to Dhs 113.7bn in Q1 2016.