Mashreq eyes new home near Burj Khalifa

31/01/2015 21:35 AST

Mashreq has signalled plans to relocate its corporate headquarters near Burj Khalifa from its long-standing home in Deira.

The move comes amid record earnings in 2014.

The bank last week published an invitation to tender for the construction of a new 151-metre head office in Downtown Dubai, giving interested parties until the end of April to submit bids. The tower will have a gross floor area of 39,000 square metres.

Mashreq’s current headquarters are located on Omar bin Al Khattab street in Deira.

The bank’s annual profit last year increased by 33 per cent to Dh2.4 billion, boosted by a strong increase in operating income. Loans and advances grew by 15.1 per cent year-on-year to Dh58bn.

The Mashreq chief executive Abdul Aziz Al Ghurair told Reuters that the bank this year was targeting an increase in net profit of between 6 per cent and 10 per cent and a 5 to 8 per cent increase in loans.

The bank is in discussions to increase its presence in Egypt by acquiring Citigroup’s retail banking business operations in the country.

Mashreq shares have gained 6.6 per cent this year.


The National

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