Wall Street banks offer UAE staff temporary relocation amid Iran conflict

Tuesday 10 - 09:50

By: Dakir Madiha

Wall Street banks offer UAE staff temporary relocation amid Iran conflict

Several major Wall Street banks have offered employees in the United Arab Emirates the option of temporarily relocating as missile and drone attacks linked to the conflict involving Iran continue to affect the Gulf region.

Goldman Sachs, Morgan Stanley and Citigroup have informed staff in the UAE that they may move to alternative locations for safety, Bloomberg reported. The decision represents an escalation from earlier measures such as remote work orders and shelter-in-place guidance issued when the conflict began on February 28.

The war involving the United States, Israel and Iran has now entered its second week, with air defense systems in the UAE continuing to intercept ballistic missiles and drones targeting Dubai and Abu Dhabi.

Professional services firm KPMG has already evacuated some of its staff from the region. According to The Wall Street Journal, the company chartered aircraft and arranged other transport to move employees out of Dubai, Abu Dhabi and Doha in Qatar. Chief executive Tim Walsh said the firm had taken all necessary steps to ensure the safety and well-being of its personnel.

The attacks have shaken the perception that the UAE was largely insulated from regional instability. That reputation helped drive the country’s rapid rise as a financial hub attracting hedge funds, private equity firms and global banks.

Air defense systems have intercepted projectiles above Dubai and Abu Dhabi, with debris reportedly falling near commercial districts including Palm Jumeirah. One strike is believed to have damaged facilities at Dubai International Airport.

Several financial institutions activated contingency plans soon after the conflict began. JPMorgan Chase, BlackRock and other firms implemented emergency procedures to protect staff and maintain operations.

Goldman Sachs instructed employees in the region to work from home and follow guidance from local authorities. Citigroup similarly directed staff to work remotely until further notice, according to Business Insider.

Standard Chartered advised employees to postpone travel to the Middle East, while Japanese banks Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group issued comparable instructions, Reuters reported.

The conflict has also disrupted financial operations elsewhere in the Gulf. In Kuwait, several major banks temporarily closed their headquarters after Iranian attacks damaged government buildings.

Kuwait Finance House, National Bank of Kuwait and Boubyan Bank announced preventive closures of their main offices, according to Khaleej Times. The Public Institution for Social Security said its headquarters had been hit, causing a fire on the building’s exterior. Banking services continued through digital platforms and alternative branches.

Evacuations from the region have become increasingly costly and complicated. Demand for charter flights has surged, with some travelers reportedly paying up to €200,000 to leave the Gulf, according to the Associated Press.

Private security firms have transported executives and wealthy individuals by land to Oman and Saudi Arabia, where a limited number of flights remain available.

Reuters reported that banks will likely conduct security assessments before allowing employees to return to the region, a process that could delay the resumption of normal operations.