Citigroup and Standard Chartered have initiated evacuations of staff from their Dubai offices, instructing employees to work from home, according to sources on Wednesday. Banks are heightening precautionary measures following threats from Iran targeting Gulf banking interests associated with the United States and Israel.
A memo circulated to staff revealed that U.S. financial giant Citigroup has directed employees at its Dubai International Financial Centre and Oud Metha offices to evacuate and work remotely until further notice. A spokesperson for the bank stated that it continues to take steps to ensure staff safety and has contingency plans in place to maintain business continuity.
Standard Chartered, which maintains extensive operations in the United Arab Emirates, operates in Dubai—a financial hub that hosts major international banks such as JPMorgan, HSBC, as well as law firms and asset management companies. A spokesperson for Standard Chartered declined to comment.
Separately, HSBC has closed all of its branches in Qatar until further notice, citing the need to ensure the safety of employees and customers, according to a client notification.
These moves come after a spokesperson for Iran's Khatam al-Anbiya military headquarters stated on Wednesday that Iran would target economic and banking interests in the region linked to the U.S. and Israel, following an attack on an Iranian bank. Semi-official Mehr news agency reported that an administrative building affiliated with Sepah Bank, one of Iran's largest public banks with historical ties to the military, was attacked overnight in Tehran.
Following Iranian missile strikes targeting U.S. and Israeli interests across the Middle East, which resulted in casualties, property damage, and transport disruptions, employees at numerous foreign and local firms have been instructed by their employers to work from home.
The conflict is undermining Dubai’s reputation as a safe haven. Recent reports indicate that regional warfare is eroding Dubai's appeal to international businesses as the region’s most reliable economic center, raising concerns about capital flight, layoffs, and corporate relocations.
The establishment of the Dubai International Financial Centre in 2004 marked the beginning of efforts to attract financial firms to the city. By the end of 2025, the center housed more than 290 banks, 102 hedge funds, 500 wealth management firms, and 1,289 family-related entities, symbolizing Dubai’s decades-long transformation from a modest fishing port to a prominent global financial hub.
Corporate filings show that nearly 6% of Standard Chartered’s total revenue comes from the UAE, and in recent years the bank has increasingly stationed senior executives in the region. According to the bank’s website, Roberto Hoornweg, CEO of its investment bank, is based in Dubai, making him one of the highest-ranking financiers stationed in the region by a global bank. Hoornweg declined to comment through a bank spokesperson.
HSBC CEO George Ekhdari said on Monday that the bank’s “confidence in the fundamentals of the Gulf Cooperation Council and its future remains unchanged,” one of the first public comments by an international banking chief on the escalating crisis. In a statement on Wednesday regarding its Dubai staff, HSBC emphasized that “the safety of our colleagues and clients remains our top priority.”
A JPMorgan spokesperson declined to comment. A person familiar with the matter indicated that at Goldman Sachs, staff in the region are working from home and following official local guidance.
Comments