Dubai/London: Citigroup and Standard Chartered have started evacuating their Dubai offices, directing staff to work from home, amid Iran’s fresh threats to Gulf banks tied to the US and Israel.
A memo from US powerhouse Citigroup, viewed by Reuters, ordered employees out of offices in the glitzy Dubai International Financial Centre (DIFC) and Oud Metha area, mandating remote work “until further notice.”
The bank’s spokesperson confirmed: “it was continuing to take measures to keep staff safe and had contingency plans in place to ensure business continuity.”
Standard Chartered, Britain’s UAE heavyweight in a city now rivaling global finance hubs with players like JPMorgan and HSBC, plus law firms and asset managers, stayed mum. A spokesperson declined to comment.
Meanwhile, HSBC has slammed shut all Qatar branches “until further notice,” a customer notice stated, “to ensure the safety of staff and customers.”
The domino effect traces to Tehran’s Khatam al-Anbiya military command, whose spokesperson warned Wednesday that Iran will target “economic and banking interests linked to the US and Israel in the region,” retaliation for an overnight strike on an administrative building of Bank Sepah—Iran’s major public bank with deep military roots — in Tehran, according to semi-official Mehr news agency.
This follows Iran’s missile barrage at US and Israeli sites across the Middle East, sparking deaths, destruction, and travel mayhem. Scores of foreign and local outfits had preemptively pushed work-from-home policies.
Dubai’s shine as the Middle East’s go-to economic fortress is cracking under the war’s weight. Last week Reuters report had flagged risks of capital flight, mass layoffs, with firms bolting for safer shores.
