HSBC to build $250m headquarters in Downtown Dubai
The bank's current Middle East headquarters, situated in Jersey, Channel Island, will be moved to a 20-storey building at Emaar Square by 2018
UK's HSBC Bank is set to construct a $250m (AED918.1m) Middle East headquarters building in Dubai.
The bank's current regional headquarters are situated in Jersey, Channel Island.
Dubai Media Office tweeted the Dubai headquarters building will be located in the city's Downtown area.
According to The National, the 20-storey building will be situated next to Standard Chartered's headquarters in Emaar Square.
"Irish firm Gulf Resources Development and Investment is developing the property, and HSBC will buy the freehold of the premises on completion", the report added.
HSBC staff will be moved to the building for occupancy by 2018.