Dubai, United Arab Emirates. Citibank will close most of its branches and financial centres in the United Arab Emirates through March 14 as a precautionary measure, according to a statement on the bank’s website. The bank said its branch in the Mall of the Emirates in central Dubai is exempt and it plans to reopen affected branches on March 16.
Branch closures and service disruptions
Citibank said Citiphone banking service in the UAE was operating at a limited capacity and that cheque processing would experience delays.
Staff advised to work from home
Earlier this week, Citi told staff to evacuate offices in the Dubai International Financial Centre (DIFC) and Dubai’s Oud Metha neighbourhood, instructing them to work from home until further notice.
Regional security concerns and wider bank actions
The closures follow a wave of banks sending staff home as the Middle East conflict deepens. The measures come amid growing concern among banks after Iran threatened Gulf banking interests linked to the U.S. and Israel.
The U.S.-Israeli war on Iran, which started almost two weeks ago, has so far killed around 2,000 people and disrupted global energy markets and transport. The conflict has spread across the Middle East with Iranian strikes against Israel, U.S. bases and Gulf states.
HSBC has closed all branches in Qatar until further notice, according to a customer notice, saying the measure was to ensure the safety of staff and customers.
Impact on Dubai’s business environment
Reuters reported last week that the war has dented Dubai’s appeal to international businesses as the region’s most reliable economic hub, prompting concerns of capital flight, layoffs and firms relocating elsewhere.
How will the branch closures and service limitations affect your banking plans in the UAE?