Financial Giants Citigroup and Standard Chartered Evacuate Dubai Offices Amid Growing Tensions
By Hadeel Al Sayegh and Lawrence White
DUBAI/LONDON, March 11 (Reuters) – In response to escalating threats from Iran targeting Gulf banking interests linked to the U.S. and Israel, Citigroup and Standard Chartered have taken precautionary measures by evacuating their Dubai offices and instructing staff to work from home.
Citigroup, a U.S. financial giant, issued a memo to employees directing them to evacuate offices in the Dubai International Financial Centre (DIFC) and Dubai’s Oud Metha neighborhood until further notice. A spokesperson for the bank reassured that measures are in place to ensure staff safety and business continuity.
Standard Chartered, a prominent British bank with a significant presence in the United Arab Emirates, declined to comment on the situation. The move comes as Dubai solidifies its position as a major financial hub hosting international lenders like JPMorgan and HSBC, as well as various other financial institutions.
Meanwhile, HSBC has temporarily closed all branches in Qatar as a precautionary measure to safeguard staff and customers amid the escalating tensions in the region.
Tensions escalated following an attack on an Iranian bank, prompting threats from Tehran’s military command headquarters to target economic and banking interests tied to the U.S. and Israel in the region. The situation has led to a wave of businesses instructing employees to work from home to ensure their safety.
Impact on Dubai’s Financial Hub Status
The growing conflict in the region has cast a shadow over Dubai’s reputation as a safe haven for international businesses, raising concerns of capital flight, layoffs, and potential relocations. The Dubai International Financial Centre (DIFC), established in 2004, has been instrumental in transforming Dubai into a global financial hub.
By the end of 2025, DIFC had attracted a multitude of banks, hedge funds, wealth management firms, and family-related entities, highlighting Dubai’s evolution from a humble fishing port to a thriving financial center.
StanChart, which derives a significant portion of its income from the UAE, has stationed senior executives in the region, including the CEO of its investment bank based in Dubai. This move underscores the bank’s commitment to the region despite the current challenges.
In the midst of the crisis, HSBC CEO Georges Elhedery reaffirmed the bank’s confidence in the Gulf Cooperation Council’s future, emphasizing the safety of colleagues and customers as a top priority.
As tensions escalate, financial institutions like JPMorgan and Goldman Sachs have also implemented remote working protocols in line with local authorities’ guidance to ensure the safety of their employees.
(Reporting by Hadeel Al Sayegh, Timour Azhari and Lawrence White, additional reporting by Tatiana Bautzer in New York. Writing by Tommy Reggiori Wilkes; Editing by Elisa Martinuzzi, Anousha Sakoui and Alexander Smith)
