Mashreq, one of the UAE’s leading banks, has announced that it will begin construction of its new corporate headquarters later this year.

The Bank, which has been headquartered out of Deira since it began operations almost 50 years ago, will now be headquartered in Downtown Dubai. Arabian Construction Company (ACC) will construct the new tower, having been awarded a 28 month contract.

Construction of the tower is set to commence in December of this year, with the completion date penciled in for April 2019, and will be located on the Dubai Financial Centre Road (Doha Road)/ Mohammed bin Rashid crossing, in the Burj Khalifa District.

Mashreq’s HQ tower, designed as an L-shaped structure, with a square top crown by Skidmore Owings & Merrill, Chicago Office will be 151 meters tall, (4 Basements + Ground + 35 story), covering a plot area of 4,868 m² with a total build up area of 71’292 m2.

The signing ceremony was attended by H.E. AbdulAziz Al Ghurair, CEO of Mashreq and Mr. Ghassan Merehbi, Chairman of Arabian Construction Company.

Mashreq CEO H.E. 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. 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.

"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."

ACC chairman Ghassan Merehbi said: "ACC has once more had its impressive construction and development credentials recognized, by being granted this prestigious construction project. We are delighted to be working with one of the best-known banking industry names in the Middle East and to be able to add the Mashreq Bank Headquarters to our portfolio of noteworthy projects across the UAE."

Upon completion, the bank will move staff from its current headquarters near Al Ghurair centre. The bank, established in 1967, is also present in 12 countries around the world.