Citigroup says it will keep most of its branches and offices in the United Arab Emirates (UAE) closed until further notice, after initially closing them temporarily last week due to security concerns linked to the ongoing war in Iran.
The decision reflects the growing impact of the regional conflict on the banking industry and businesses operating in the Gulf.
According to the bank, the closures are part of precautionary measures to protect staff and customers as the conflict continues to escalate across the Middle East.
The war, now in its third week, has disrupted energy markets, transportation and financial operations across the region.
Dubai has also experienced security concerns after strikes hit areas including the airport and the international financial centre, where many global banks maintain offices.
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Despite the closures, Citi said it continues to serve customers through online banking and its mobile app, ensuring services remain available.
One branch in Dubai’s Mall of the Emirates remains open, although it is operating on reduced hours.
Other financial institutions are also taking precautionary steps.
For example, HSBC has closed several branches in the UAE and most of its branches in Qatar, while maintaining limited customer service centres in shopping malls.
Citigroup had about $17.3 billion in exposure to the UAE at the end of 2025, highlighting the importance of the Gulf market to the bank’s global operations.
The closures underscore how the ongoing conflict is affecting financial hubs traditionally seen as safe business centres in the Middle East.
