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Several major international banks have begun taking precautionary steps in Dubai after Iran warned it could target economic and banking interests linked
to the United States and Israel in the region. US banking giant Citigroup has asked employees to evacuate its offices in the Dubai International Financial Centre (DIFC) and Dubai’s Oud Metha area, according to a memo seen by Reuters. Staff have been instructed to work from home until further notice. A spokesperson for the bank said it was continuing to take steps to protect employees and maintain operations. US-Israel Attacks On Iran LIVE Updates
Standard Chartered, Other Banks on Alert
UK-based lender Standard Chartered, which has a major presence in the United Arab Emirates, declined to comment on the situation.
Dubai has become a major financial hub in recent years, hosting global lenders such as JPMorgan Chase and HSBC, along with many law firms and asset management companies.
Meanwhile, HSBC said it has temporarily closed all its branches in Qatar to ensure safety.
Also Read: Dubai Wasn't in the War — Then Why Did Iran Attack Gulf's Glittering City?
“The safety of our colleagues and customers remain our top priority,” HSBC said in a statement regarding its Dubai-based staff.
Iran Threatens Economic Targets
The precautions come after a spokesperson for Iran’s Khatam al-Anbiya Central Headquarters warned that Tehran could target economic and banking interests linked to the US and Israel across the region.
The warning followed an overnight attack in Tehran on a building linked to Bank Sepah, one of Iran’s largest state-owned banks with historical links to the military. The incident was reported by Iran’s semi-official Mehr News Agency.
Businesses Shift to Remote Work
Many companies across the region have already told employees to work from home as tensions escalate. Iran has fired missiles at targets across the Middle East in response to US and Israeli strikes, leading to deaths, infrastructure damage and major travel disruptions.
Crisis Raises Questions Over Dubai’s Safe-Haven Image
The conflict is also raising concerns about Dubai’s reputation as the region’s safest business hub.
According to Reuters, the crisis has triggered fears of capital flight, layoffs and companies relocating to other financial centres.
The launch of the DIFC in 2004 helped Dubai attract international financial institutions. By the end of 2025, the centre hosted more than 290 banks, 102 hedge funds, 500 wealth management firms and over 1,200 family offices.
Over the past few years, several global banks have shifted senior leadership to the region. At Standard Chartered, the CEO of its investment bank, Roberto Hoornweg, is based in Dubai.
However, the bank declined to comment when contacted.
HSBC CEO Georges Elhedery said earlier this week that the bank remains confident about the region’s future.
“Conviction in the GCC's (Gulf Cooperation Council) fundamentals and its future is unchanged,” he said.
At Goldman Sachs, employees across the region are currently working from home and following local government guidance, according to a person familiar with the matter.
