London-headquartered Standard Chartered has begun to evacuate staff from its offices in Dubai following the latest escalations in the war in the Middle East.
The FTSE 100 giant has a large presence in the United Arab Emirates, but now finds itself caught in the growing conflict between the US and Iran.
A spokesperson for the Iranian military command stated on Wednesday: “The enemy left our hands open to targeting economic centres and banks belonging to the United States and the Zionist regime in the region.”
The evacuation from Standard Chartered – as reported by Reuters – comes as lenders step up precautionary measures in the wake of the latest warning from Iran.
The Dubai International Financial Centre (DIFC), established in 2004, has been central to Dubai’s efforts to attract financial firms.
Citigroup has similarly told staff to evacuate offices in the DIFC, according to a memo seen by Reuters.
Standard Chartered, Citi, HSBC swept up in conflict
HSBC, where boss Georges Elhedery has sought to expand across the region, has shuttered branches in Qatar amid the strikes in the region.
Elhedery said on Monday that the bank’s “conviction in the GCC’s (Gulf Cooperation Council) fundamentals and its future is unchanged”.
HSBC also stated on Wednesday: “We are actively following government guidelines alongside our internal plans to manage working arrangements. We are communicating safety advice with colleagues as appropriate.”
Fears of an extended conflict across the region have been amplified following mixed messaging from the White House.
President Donald Trump initially told CBS News earlier this week the war was “very complete, pretty much”.
Hours later, he changed his tune, stating: “We could call it a tremendous success right now… or we could travel further. And we’re going to go further.”
Meanwhile, Iran’s Revolutionary Guard Corps issued a statement stating they “who will determine the end of the war”.
Frequently Asked Questions
What prompted Standard Chartered to evacuate its Dubai offices?
Standard Chartered began evacuating staff following the latest escalations in the war in the Middle East and a warning from Iran that economic centers and banks linked to the US and Israel would be “next targets”.
Which other financial institutions are taking precautionary measures?
Citigroup has also told staff to evacuate offices in the DIFC. HSBC has shuttered branches in Qatar.
What was the initial assessment of the conflict from the White House?
President Donald Trump initially stated the war was “very complete, pretty much”, but later indicated the possibility of further action.
As the situation evolves, what impact will these escalating tensions have on the stability of financial hubs in the Middle East?
