HSBC Middle East HQ

Dubai, UAE

In 2015, HSBC approached Gulf Resources Development and Investment (GRDI) to construct their new Middle East headquarters in Dubai.

HSBC acknowledged at the outset that GRDI were the only developer in Dubai with a track record of successfully delivering a build-to-suit development for a major financial institution.

Following a four-month, highly collaborative and intensive programme, we defined the building specifications, primarily utilising the HSBC Global Property Standards and specifying the building to be delivered fully fitted.

In late 2015 GRDI entered into a Sale and Purchase Agreement with HSBC, and following extensive discussions with Emaar, the last prime site in Emaar Square was secured next door to the Standard Chartered Bank Building.

The Sale and Purchase Agreement encompasses GRDI delivering to all of HSBC’s Global Workplace and Engineering Standards. The delivery output happened without exception, and we exceeded these standards in many areas.

The Agreement predicated HSBC retaining full participation and final right of approval over all of the design and specifications with zero capital spend or contribution, except for active equipment and artwork.

Project summary

GDV: £200m

Project type: Middle East Commercial HQ

Total sq footage: 310,000 ft2

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Delivering the development

A vital component of the Sale and Purchase Agreement was that the purchase price was agreed upon and fixed with HSBC, and the final account did not deviate from this. There was never any penalty to HSBC for indecision or late changes, and the contract with the Main Contractor ensured this ‘flexibility without penalty.

A multi-national consultancy team was appointed with architects, engineers and cost managers from the UK, comprising Broadway Malayan as base building architect, LOM as Interior Designers and Turner & Townsend as Cost Managers. Multiplex was appointed as the Main Contractor.

HSBC Tower comprises three basements and four podiums with 780 car-parking spaces. In addition, there are 16 floors of office space with a total net internal area of 310,000 sq ft. The floor plates are designed for optimum efficiency with a final net to gross efficiency of over 85%.

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