DUBAI – Citigroup and Standard Chartered have ordered their Dubai staff to evacuate office buildings and work from home, as Iran issued warning that it would target economic and banking assets linked to US and Israel.
Citigroup’s directive affected its offices in the Dubai International Financial Centre (DIFC) and Oud Metha, with employees instructed to stay home “until further notice.” A spokesperson confirmed that the bank is implementing contingency plans to ensure operations continue while prioritizing staff safety. Standard Chartered, which has a major presence in the UAE, declined to comment.
UAE, which remains magnet for international banks including JPMorgan and HSBC, along with law firms and asset managers, is safe and reliable business hub. But the current crisis is rattling that image.
Amid tensed situation, British Bank HSBC also closed all branches in Qatar, citing staff and customer safety. Tehran’s Khatam al-Anbiya military command, warned to retaliate against U.S. and Israeli-linked economic targets after an attack on an Iranian bank. Overnight, an administrative building associated with Bank Sepah, one of Iran’s largest public banks with military links, was struck in Tehran.
Several international and local businesses had already shifted staff to remote work after Iran launched missile attacks across the Middle East in response to US and Israeli strikes, causing deaths, damage, and widespread travel disruption.
HSBC CEO reiterated faith in the Gulf region, saying employee and customer safety remains a top priority. Goldman Sachs staff across the Middle East are also working remotely, while JPMorgan is yet to shar word on situation.
The geopolitical tension has triggered a spike in oil prices. Brent crude surged $8.54 (9.28%) to $100.52 per barrel, and U.S. West Texas Intermediate rose $7.22 (8.28%) to $94.47. Brent hit a peak of $119.50 earlier this week. Iranian officials warned that oil could reach $200 per barrel if regional insecurity continues.
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