Several major international banks have ordered staff in Dubai and across the Gulf region to work from home after Iran warned it could target economic and banking assets linked to the United States and Israel, escalating fears of regional instability.
Citigroup instructed employees at its offices in the Dubai International Financial Centre (DIFC) and Oud Metha to evacuate buildings and work remotely “until further notice”.
A bank spokesperson confirmed that contingency plans are in place to ensure business continuity while prioritizing employee safety.
Standard Chartered, which has a significant presence in the UAE, has also implemented precautionary measures, though the bank declined to comment publicly.
The UAE has long been regarded as a secure global financial hub, hosting international institutions such as HSBC and JPMorgan Chase, along with leading law firms and asset managers. However, the current Middle East crisis is beginning to unsettle that reputation.
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Amid heightened tensions, HSBC temporarily closed all its branches in Qatar, citing concerns for staff and customer safety. Iran’s Khatam al-Anbiya military command recently warned it would retaliate against US- and Israel-linked economic assets following an attack on an Iranian bank.
An administrative building linked to Bank Sepah, one of Iran’s largest state-owned banks with military ties, was struck in Tehran overnight.
Several multinational companies had already shifted to remote operations after Iran launched missile attacks across parts of the Middle East in response to US and Israeli strikes, triggering casualties, infrastructure damage, and widespread travel disruption.
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HSBC’s chief executive reiterated confidence in the Gulf region, stressing that employee and customer safety remains the bank’s top priority. Meanwhile, Goldman Sachs has moved staff across the Middle East to remote work, while JPMorgan has yet to issue a formal update.
The escalating geopolitical tensions have also rattled global energy markets. Brent crude surged $8.54, or 9.28 percent, to $100.52 per barrel, while U.S. West Texas Intermediate (WTI) climbed $7.22, or 8.28 percent, to $94.47.
Brent briefly touched $119.50 earlier this week. Iranian officials have warned oil prices could rise to $200 per barrel if regional insecurity continues.
