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HSBC plans new Mid-east headquarters near world's tallest tower in Dubai

Published Mon, Jan 18, 2016 · 09:50 PM
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Dubai

HSBC Holdings Plc will start building a new Middle East headquarters near the world's tallest tower in Dubai as the lender aims to combine staff from three other locations in the city.

Abu Dhabi developer Gulf Resources Development & Investment will construct the tower and sell it to HSBC Bank Middle East Limited for about 920 million dirhams (S$360 million) upon completion in 2017, according to Jim Osborne, an official at the building company. GRDI recently sold a building it constructed for Standard Chartered Plc to Kuwait's sovereign wealth fund. HSBC confirmed the plans in a statement on Sunday.

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