Citi to keep most UAE branches closed indefinitely due to Iran war

[DUBAI] Citigroup is keeping most branches and offices in the United Arab Emirates closed until further notice after temporarily closing them last Thursday (Mar 12), the bank said on Monday.

It is the latest sign of the impact of the Iran war on the industry.

Now in its third week, the war has so far killed at least 2,000 people and thrown global energy markets and transport into chaos, as the conflict has spread in the Middle East.

Multiple hits on Dubai, including its airport and international financial centre where many banks have offices, have dented the emirate’s status as a regional safe haven for tourism and business.

Citi’s move shows the challenges banks are facing since the start of the war to keep businesses running, while temporarily shutting client-facing operations.

Iran’s Islamic Revolutionary Guard Corps said on Wednesday it would attack banks affiliated with the US and Israel, after a bank was hit in Teheran.

HSBC, another major global bank, said on Monday it also closed some UAE branches until further notice but that its customer service centres in malls remained available.

The bank has closed all but one of its branches in Qatar until further notice.

Citi had US$17.3 billion in exposure to the UAE at the end of 2025, including loans.

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In an earlier message to clients on Saturday, Citibank directed customers to its online service and mobile app, stressing that despite the branch closures it was continuing to serve clients in the UAE and Bahrain “without interruption”.

A branch in the Mall of the Emirates in central Dubai remains open, operating on reduced hours, it said. REUTERS