Bloomberg News reports that Abu Dhabi developer Gulf Resources Development & Investment will construct the tower and sell it to HSBC Bank Middle East for about $250m upon completion in 2017, according to Jim Osborne, an official at the building company.
GRDI recently sold a building it constructed for Standard Chartered to Kuwait’s sovereign wealth fund. HSBC confirmed the plans in a statement Sunday.
HSBC, which first opened in Dubai in 1946, will start moving some of its 4,000 workers to the 20-storey building in 2018. The bank has staff spread across four locations including a building in Bur Dubai and offices in Emaar Square and Lufthansa building.
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