Citibank Closes UAE Branches Amid Middle East Tensions

Citibank will temporarily close its UAE branches and financial centers until March 14 due to increasing tensions in the Middle East. Most branches will reopen on March 16, with the Dubai Mall of the Emirates branch staying operational. This follows a broader regional trend of banks taking preventive measures.

In response to escalating tensions in the Middle East, Citibank announced the temporary closure of its branches and financial centers across the United Arab Emirates until March 14. The move, displayed on the bank's website on Thursday, is part of a precautionary strategy.

The U.S.-based financial institution intends to reopen the majority of its outlets by March 16. However, its branch in the Mall of the Emirates in central Dubai will continue operations throughout the closure period. Prior advisories saw Citi urging staff to vacate offices within Dubai International Financial Centre (DIFC) and Dubai's Oud Metha area, opting for remote work until further notice.

This measure complements similar steps taken by HSBC, which closed all its branches in Qatar indefinitely to prioritize staff and customer safety. These precautionary actions follow threats from Iran targeting Gulf banking entities linked to the U.S. and Israel as tensions rise in the region.

(With inputs from agencies.)