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Citigroup and Standard Chartered have begun evacuating staff from their Dubai offices and shifting operations to remote work following escalating geopolitical tensions in the Middle East. Citigroup instructed employees to vacate its offices in the Dubai International Financial Centre (DIFC) and Oud Metha and work from home until further notice, according to an internal memo. HSBC has also closed all its branches in Qatar to safeguard staff and customers. The precautionary measures follow threats by Iranian military authorities to target economic and banking interests linked to the United States and Israel in the Gulf region after an attack on an Iranian bank in Tehran. The developments have heightened concerns about regional security and raised questions over Dubai's positioning as a stable financial hub for international banks and global financial institutions.
Citigroup and Standard Chartered have begun evacuating staff from their Dubai offices and shifting employees to remote working arrangements as banks adopt precautionary measures amid escalating geopolitical tensions in the Middle East. Advertisement
Citigroup instructed staff to vacate its offices located in the Dubai International Financial Centre (DIFC) and the Oud Metha area and work from home until further notice, according to an internal memo sent to employees and reviewed by Reuters. A spokesperson for the bank stated that the company was continuing to take measures to ensure staff safety and had contingency plans in place to maintain business continuity.
Standard Chartered, which maintains a significant operational presence in the United Arab Emirates, has also begun evacuating its Dubai offices, according to sources familiar with the matter. A spokesperson for the bank declined to comment on the development.
Separately, HSBC has closed all of its branches in Qatar until further notice. A notice issued to customers indicated that the closures were implemented to ensure the safety of both staff and customers as tensions across the region intensified.
The precautionary actions by international lenders follow a statement issued earlier on Wednesday by a spokesperson for Iran's Khatam al-Anbiya military command headquarters. The official indicated that Iran would target economic and banking interests in the Gulf region linked to the United States and Israel following an attack on an Iranian bank.
According to the semi-official Mehr news agency, an administrative building associated with Bank Sepah, one of Iran's largest state-owned banks and historically linked to the military, was struck overnight in Tehran.
The broader regional situation has already led several international and regional companies to advise employees to work from home after Iran launched missile strikes across the Middle East in response to military actions by the United States and Israel. The strikes have resulted in casualties, infrastructure damage and disruption to regional travel.
The escalating conflict has also begun to raise concerns regarding Dubai's reputation as a stable economic and financial hub for international institutions. Over the past two decades, the emirate has positioned itself as a secure regional base for global banks, investment firms and financial services companies.
The establishment of the Dubai International Financial Centre in 2004 played a central role in attracting international financial institutions to the emirate. By the end of 2025, the DIFC hosted more than 290 banks, 102 hedge funds, around 500 wealth management firms and 1,289 family-related entities.
Dubai has also become an important regional base for global lenders including JPMorgan, HSBC and Standard Chartered, alongside international law firms and asset managers.
Standard Chartered generates nearly 6% of its total income from the United Arab Emirates, according to company filings, and has increasingly based senior executives in the region in recent years. Roberto Hoornweg, chief executive of the bank's investment banking division, is currently based in Dubai.
Meanwhile, HSBC chief executive Georges Elhedery stated earlier this week that the bank's confidence in the economic fundamentals of the Gulf Cooperation Council region remained unchanged despite the evolving situation. The bank reiterated that the safety of employees and customers remained its primary concern.
Other financial institutions have also adopted precautionary measures. Employees at Goldman Sachs across the region have been working from home and following local official guidance, according to a person familiar with the matter, while JPMorgan declined to comment on the situation.
Source - Reuters
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