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.
jeverington@thenational.ae
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The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.