PwC, Deloitte evacuate Dubai offices and HSBC suspends Qatar operations

Escalating Iran conflict triggers corporate caution in the Gulf as global firms including PwC, Deloitte and HSBC scale down operations, evacuate offices and temporarily shut branches amid rising security concerns.

War tensions between Iran and Western allies are starting to seep into the Gulf’s business community as international companies take precautionary measures. Many banks and consultancy firms have withdrawn or begun downsizing teams across Dubai and Qatar in anticipation that financial institutions may be targeted as the conflict continues to evolve.

US tensions causing companies to relocate employees

Tensions between Iran and the US, as well as Israel, are starting to spill into the business sector as companies begin to take precautions by removing employees from their Middle Eastern offices.

Global consultancy firms PwC and Deloitte have been said to be removing employees from their offices in Dubai’s Dubai International Financial Centre (DIFC) and Qatar while HSBC has closed their Qatar operations. The concern arises after Iran gave warnings that financial institutions and businesses with ties to the US and Israel in the Gulf could be targeted.

Also read: Iran boycotts FIFA World Cup 2026 in US amid rising tensions, Sports Minister BREAKS silence

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Global banks tell employees to leave Dubai offices

As tensions continue to mount, several global banks began to take action to ensure the safety of their employees. Citigroup and Standard Chartered have told employees to leave their Dubai offices and many are working remotely from home. HSBC has even closed their offices in Qatar indefinitely.

This is to ensure the safety of both employees and customers they said.

Dubai offices show fragility of Gulf financial institutions

Dubai houses hundreds of banks, hedge funds, and wealth management firms in its Dubai International Financial Centre. Many consider it to be one of the safest places to do business in the world. However, with companies quickly exiting or downsizing in the region, they are showing that Gulf financial institutions aren’t immune to regional conflict.

Dubai could experience an outflow of capital, downsizing of regional headquarters, or companies completely moving their bases to other financial centres if tensions in the region continue to escalate.

Companies stand-by Gulf economy but issue warnings

Amidst the widespread caution, some banks have stood by the GCC economy and issued reassurances that they do not plan on leaving. HSBC’s CEO Georges Elhedery stated that “Our conviction in the GCC’s fundamentals remains unchanged,” as the bank said it would be temporarily closing offices. But most companies aren’t taking any risks and are keeping a close eye on the developing situation.

Tensions between Iran and Western allies are affecting more than people’s everyday lives. As the conflict continues to take a turn, we could see corporations completely pull out of the region depending on how things progress.