Citigroup, Standard Chartered, HSBC, other giants evacuate Dubai amid Iran attacks

2026-03-12 - 13:54

DUBAI – As tensions in Middle East remained all time high, Citigroup and Standard Chartered have ordered their Dubai employees to abandon office buildings and work from home, as Iran started hitting west-backed organisations. Citigroup’s evacuation affects staff at its Dubai International Financial Centre (DIFC) and Oud Metha offices, with employees instructed to stay home “until further notice.” The bank confirmed it is activating contingency plans to maintain operations while prioritizing employee safety. Standard Chartered, a major player in the UAE banking sector, declined to comment. UAE, historically a safe haven for international banks including JPMorgan and HSBC, law firms, and asset managers, is now under scrutiny as the crisis rattles its reputation as a stable business hub. In Qatar, HSBC closed all branches, citing staff and customer safety. Iran’s Khatam al-Anbiya military command has vowed retaliation against U.S. and Israeli-linked economic targets following an attack on an Iranian bank. Overnight, an administrative building tied to Bank Sepah, one of Iran’s largest public banks with military connections, was struck in Tehran. The situation has already pushed companies across the region to shift employees to remote work after Iran launched missile attacks in response to U.S. and Israeli strikes, causing deaths, destruction, and widespread travel chaos. HSBC’s CEO reaffirmed faith in the Gulf, emphasizing that employee and customer safety remains paramount. Goldman Sachs employees in the Middle East are also working remotely, while JPMorgan has yet to issue a statement. The crisis has sent oil prices soaring. Brent crude surged $8.54 (9.28%) to $100.52 per barrel, while U.S. West Texas Intermediate jumped $7.22 (8.28%) to $94.47. Earlier this week, Brent peaked at $119.50. Iranian officials warned that prices could hit $200 per barrel if regional insecurity continues. Middle East teeters on the edge of an economic and geopolitical storm, as global banks scramble to protect staff and assets while the world watches oil markets spike and tensions escalate. Dubai, long celebrated as a tax-free playground for the global elite, is facing an unprecedented crisis. In the past week, explosions rocked the Fairmont The Palm, debris from a downed Iranian drone ignited the Burj Al Arab, and the Dubai airport and U.S. Consulate were targeted. The attacks have sent shockwaves through the city’s wealthy expatriate community. UAE is now confronting the possibility of a mass exodus. Private jet bookings have skyrocketed, with flights to Europe costing up to $350,000 as family offices scramble to move assets and staff. Analysts warn the city’s economy, built on foreign investment rather than oil is especially vulnerable. Dubai’s real estate boom, fueled by golden visas and multi-million-dollar penthouses, faces uncertainty if expatriates leave. Experts compare the situation to Ukraine, noting that attacks on hotels, airports, and critical infrastructure are “unprecedented.” Despite reassurances from the UAE government, Dubai’s image as a secure haven for billionaires and millionaires has been shaken, signaling a new era of geopolitical risk for the Middle East’s most glamorous city. Second Pakistani killed in UAE amid Middle East conflict