New Delhi: Major global banks have started precautionary measures in the Gulf region after Iran warned that it could target economic and banking interests linked to the United States and Israel.
Citigroup has begun evacuating some of its offices in Dubai and asked employees to work from home. Sources familiar with the matter shared the development on Wednesday as tensions in the Middle East continue to rise.
According to a memo seen by Reuters, the US banking giant told staff at offices in the Dubai International Financial Centre and the Oud Metha area to leave the premises and continue work remotely until further notice.
A spokesperson for Citigroup said the bank has taken steps to ensure the safety of its employees and has plans in place to maintain normal business operations.
Banks increase precautions in Gulf region
Standard Chartered, which has a large presence in the United Arab Emirates, has also taken precautionary steps. The British bank operates widely in Dubai. The city hosts many international financial institutions. A spokesperson for the bank refused to comment on the matter.
Dubai has grown into a major financial centre in recent years. Global lenders such as JPMorgan and HSBC have established strong operations in the city along with law firms and asset management companies.