Dubai bank evacuations, Iran threat concerns intensified on Wednesday after Citigroup and Standard Chartered began taking precautionary steps in the United Arab Emirates. The moves came as banks in the Gulf responded to growing security fears after Iran threatened economic and banking interests linked to the United States and Israel.
Citigroup told staff to evacuate its offices in Dubai International Financial Centre and Dubai’s Oud Metha area, according to a memo seen by Reuters. Employees were instructed to work from home until further notice.
A spokesperson for Citigroup said the bank was continuing to take measures to protect staff. The bank also said it had contingency plans in place to maintain business continuity.
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Standard Chartered, which has a major presence in the UAE, also began evacuating its Dubai offices, sources said. However, a bank spokesperson declined to comment publicly.
Separately, HSBC closed all of its branches in Qatar until further notice. A customer notice said the decision was taken to protect both staff and customers.
These decisions reflect broader caution across the region. Many employees at local and foreign businesses had already been told to work from home after Iran responded to US and Israeli strikes with missile attacks across the Middle East.
Why Banks Are Taking Precautions
The latest measures followed comments from a spokesperson for Tehran’s Khatam al-Anbiya military command headquarters. The spokesperson said Iran would target economic and banking interests in the region linked to the US and Israel after an attack on an Iranian bank.
Overnight, an administrative building linked to Bank Sepah in Tehran was hit, according to the semi-official Mehr news agency. Bank Sepah is one of Iran’s largest public banks and has historical links to the military.
As tensions rise, banks are focusing on staff safety while trying to keep operations running without disruption.
The conflict is also increasing pressure on Dubai’s image as the region’s most dependable business centre. Reuters reported last week that the crisis has raised concerns about capital flight, layoffs and companies relocating elsewhere.
Dubai has spent decades building its financial sector. The creation of the DIFC in 2004 helped accelerate that strategy.
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By the end of 2025, the DIFC hosted more than 290 banks, 102 hedge funds, 500 wealth management firms and 1,289 family-related entities. That growth helped transform Dubai into a major global financial hub.
Standard Chartered has become increasingly tied to the UAE market in recent years. Company filings show the bank earns nearly 6% of its total income in the UAE, and senior executives have increasingly been based in the region.
