Citibank will close most of its United Arab Emirates branches and financial centres through 14 March as a precaution, its website showed on Thursday, as banks across the region pull staff from offices in response to the deepening Middle East conflict.
The bank said its branch at the Mall of the Emirates in central Dubai would remain open, with all affected locations expected to reopen on 16 March. Citi has moved to a fully remote model for all UAE-based staff and said it was continuing to serve clients without interruption.
The bank told staff to evacuate offices in the Dubai International Financial Centre and Dubai’s Oud Metha district this week and work from home until further notice. “The decision to evacuate three of our buildings and to close branches in the UAE was responsive to information we received and is consistent with our commitment to prioritise the safety of our colleagues,” a spokesperson said.
The measures come after Iran threatened Gulf banking interests linked to the US and Israel. The US-Israeli war on Iran has so far killed around 2,000 people, throwing global energy markets and transport into chaos as the conflict has spread across the region.
HSBC has also closed all its branches in Qatar until further notice, citing the need to ensure the safety of staff and customers.
The closures have dealt a fresh blow to Dubai’s standing as the region’s most reliable business hub, prompting concerns over capital flight, layoffs and firms relocating elsewhere. Citi said its UAE phone banking service was operating at limited capacity and that cheque processing would experience delays.
(Reuters)
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