Citibank temporarily closes UAE branches amid Iran's threat to financial centers

American banking giant Citibank has temporarily shuttered its branches and financial centers across the United Arab Emirates for three days, citing precautionary measures amid escalating regional conflict. The closures, effective March 12 through March 14, come in response to explicit threats from Iran's Islamic Revolutionary Guard Corps to attack "economic centers and banks" affiliated with US and Israeli entities throughout the region.

Remote work options extended to employees

Earlier this week, Citibank offered its UAE-based employees the option to work remotely, including from locations outside the country, as security concerns mounted. The bank anticipates reopening all affected locations on March 16, while its branch in Dubai's Mall of the Emirates will maintain operations during the temporary closure period, suggesting a selective approach to the security measures based on specific threat assessments.

IRGC warnings prompt financial sector response

The precautionary closures follow statements by Iranian military officials warning of retaliatory strikes against American and Israeli financial targets. The threats represent an expansion of Iran's retaliatory campaign beyond military installations to include economic infrastructure, raising concerns about the vulnerability of the Gulf region's financial sector. Citibank's decision reflects growing anxiety among international businesses operating in the region as the conflict between Iran and US-Israeli forces continues to intensify.

Conflict expands to economic front

The banking sector disruptions mark a new phase in the regional conflict, which began with US-Israeli strikes on Iran Feb. 28 and has steadily expanded to encompass multiple fronts. With more than 1,300 Iranians killed, including former Supreme Leader Ayatollah Ali Khamenei, and eight American service members dead, the conflict now threatens to disrupt the economic infrastructure of Gulf states hosting US financial institutions, potentially triggering broader economic repercussions across the region.