Citigroup and Standard Chartered have begun evacuating their offices in Dubai and ordering staff to work from home as a precaution following threats from Iran to Gulf banking interests linked to the US and Israel, Reuters reported, citing sources.
A report seen by Reuters shows that Citigroup has ordered staff to leave its offices in the Dubai International Financial Center (DIFC) and Oud Metha areas and continue to work remotely until further notice.
A spokesman for the bank said it continues to take measures to ensure the safety of employees and has contingency plans in place to ensure business continuity, Reuters reported.
Read also | US-Iran war news LIVE: Indian killed as Iranian suicide boat hits US tanker
Standard Chartered has a significant presence in the UAE, with Dubai serving as a major financial hub for top international banks such as JPMorgan and HSBC, along with law firms and asset managers, Reuters reported.
Meanwhile, HSBC has temporarily closed all its branches in Qatar, citing the safety of staff and customers, according to a notice to customers.
The measures follow a statement by Khatam al-Anbiya, a spokesman for Tehran’s military command, who said on Wednesday that Iran plans to target economic and banking interests linked to the US and Israel in the region in retaliation for the attack on an Iranian bank.
Read also | UAE-Kuwait flight status: 25 flights canceled at Hyderabad airport
An office building associated with Bank Sepah, one of Iran’s largest public banks and with historical ties to the military, was hit overnight in Tehran, the semi-official Mehr news agency reported.
Many employees of foreign and local businesses have already been told by their employers to work from home after Iran responded to US and Israeli strikes by firing missiles at targets across the Middle East, causing death, damage and travel chaos, Reuters reported.
The conflict is destroying Dubai’s safe harbor status
Conflict in the region has undermined Dubai’s reputation as a stable business hub, prompting fears that companies could withdraw investment, cut jobs or shift operations elsewhere, Reuters reported last week.
Dubai’s drive to attract global financial institutions began with the launch of the Dubai International Financial Center (DIFC) in 2004.
By the end of 2025, DIFC was home to more than 290 banks, 102 hedge funds, around 500 wealth management companies and 1,289 family entities, highlighting Dubai’s transformation from a small fishing port to a major global financial center over the decades.
Standard Chartered generates nearly 6% of its total revenue from the UAE, according to company filings, and has increasingly placed executives in the region in recent years.
The bank’s managing director of investment banking, Roberto Hoornweg, is based in Dubai, according to the company’s website, making him one of the most senior global banking executives based in the region.
Hoornweg declined to comment through a bank spokeswoman, Reuters reported.
HSBC Chief Executive Georges Elhedery said on Monday that the bank’s “convictions about the fundamentals of the GCC (Gulf Cooperation Council) and its future do not change”, in some of the first comments from an international bank chief on the growing crisis.
“The safety of our colleagues and customers remains our highest priority,” HSBC said in a statement on Wednesday in relation to its Dubai-based staff.
At Goldman Sachs, employees across the region are working from home and following local official guidelines, a person with knowledge of the matter told Reuters.
Air and sea transport focus
Earlier on Wednesday, drones landed near Dubai airport, injuring four people, while separate attacks hit three vessels in or around the Strait of Hormuz, as Iran continued operations that disrupted oil markets and air and sea transport.
Iran has also targeted energy infrastructure in the Gulf states and disrupted shipping through the Strait of Hormuz – a key passageway that normally carries nearly 20% of global oil supplies – sending oil prices soaring.
“A short time ago, two drones fell near Dubai International Airport, resulting in minor injuries to two Ghanaian nationals and one Bangladeshi national, and moderate injuries to an Indian national,” the Dubai Media Authority said.
