Citigroup and Standard Chartered have evacuated their offices in Dubai, instructing staff to work from home as a precaution after Iran threatened banking interests in the Gulf linked to the US and Israel, reported Reuters.
Citigroup instructed employees to leave its offices in both the Dubai International Financial Centre (DIFC) and Oud Metha, according to an internal memo seen by Reuters.
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Staff are to work remotely until further notice.
A spokesperson for the bank highlighted that steps are being taken to safeguard staff and had plans in place to ensure business continuity.
According to company records, around 6% of Standard Chartered’s global income comes from its UAE operations.
The bank refused to comment on the move.
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By GlobalDataDubai is home to various international financial institutions including JPMorgan and HSBC, as well as numerous law firms and investment managers.
HSBC has closed all its branches in Qatar with immediate effect, informing customers that this is a precaution to ensure the safety of staff and customers.
“The safety of our colleagues and customers remain our top priority,” noted HSBC.
HSBC CEO Georges Elhedery said that the institution’s “conviction in the GCC’s (Gulf Cooperation Council) fundamentals and its future is unchanged.”
The decisions by these financial institutions follow remarks from a spokesperson at Tehran’s Khatam al-Anbiya military command, declaring that Iran would target economic and banking assets in the region associated with the US and Israel.
The warning came after an attack damaged a building connected to Bank Sepah, a major Iranian bank with ties to the military, according to Mehr news agency.
Many companies had already directed employees to work from home after Iran responded to military actions by launching missiles at targets across the Middle East, resulting in casualties, property damage, and travel disruptions.
Goldman Sachs employees across the area are also working remotely and adhering to official local guidance, a source told Reuters.
Since its establishment in 2004, the DIFC has played a central role in attracting financial firms to Dubai.
By late 2025, it accommodated over 290 banks, 102 hedge funds, 500 wealth management companies, and 1,289 family-related entities.
