Citigroup, Standard Chartered evacuate Dubai offices amid Iran-US war
What's the story
Citigroup and Standard Chartered have evacuated their Dubai offices and asked employees to work from home. The decision comes in the wake of threats from Iran targeting Gulf banking interests linked to the US and Israel. A memo seen by Reuters revealed that Citigroup has instructed its staff to leave offices in Dubai International Financial Centre (DIFC) and Oud Metha areas until further notice.
HSBC's response
HSBC closes branches in Qatar
HSBC, another major player in the region, has temporarily closed all its branches in Qatar. The bank cited staff and customer safety as the reason for this move. These actions come after a Tehran military command spokesperson announced plans to target economic and banking interests linked to the US and Israel in retaliation for an attack on an Iranian bank.
Work-from-home directive
Concerns over Dubai's stability as a business hub
Following Iran's missile attacks on US and Israeli targets across the Middle East, many foreign and local businesses have been advised by their employers to work from home. The conflict has raised concerns over Dubai's stability as a business hub, with fears that companies may withdraw investments, lay off employees or relocate operations elsewhere.
Financial impact
Banking landscape in Dubai
Dubai has transformed from a small fishing port into a global financial center over decades. By the end of 2025, DIFC housed over 290 banks, 102 hedge funds, some 500 wealth management firms, and 1,289 family-related entities. Standard Chartered derives nearly 6% of its total income from UAE and has been placing senior executives in the region in recent years.
CEO's statement
HSBC's conviction in GCC fundamentals unchanged
HSBC CEO Georges Elhedery said on Monday that the bank's "conviction in the GCC's (Gulf Cooperation Council) fundamentals and its future is unchanged." The statement was one of the first from an international bank head amid the escalating crisis. "The safety of our colleagues and customers remain our top priority," HSBC said in a statement on Wednesday regarding its Dubai-based staff.
Operational changes
Goldman Sachs employees working from home
At Goldman Sachs, employees across the region are working from home under local official instructions. Earlier on Wednesday, drones landed near Dubai airport injuring four people. Meanwhile, separate attacks targeted three vessels in or around the Strait of Hormuz as Iran's retaliationary strikes disrupted oil markets and air and maritime traffic.