Citibank Closes UAE Branches Amid Middle East Conflict Concerns

Citibank is closing most of its UAE branches and financial centres until March 14 due to Middle East conflict-related concerns. The closure reflects growing tensions and impacts on the banking sector, with Iran targeting U.S. and Gulf interests. Some branches will continue limited services remotely.

Citibank announced the closure of most of its United Arab Emirates branches and financial centres, effective until March 14, as tensions in the Middle East rise. The bank's website confirmed the precautionary measure on Thursday amidst escalating regional conflict.

Iran's threats against U.S. and Gulf banking interests have prompted Citibank's cautious response. Notably, the branch at the Mall of the Emirates in central Dubai remains operational. The bank plans to resume normal operations on March 16 after assessing the situation further.

The conflict, resulting in around 2,000 casualties, has destabilized global energy markets and disrupted the region's transport. Citibank, now operating on a fully remote model for UAE staff and providing uninterrupted client services, reflects broader concerns in the financial sector amid growing instability.

(With inputs from agencies.)