Gulf Banks Temporarily Close Branches Amid Escalating Regional Attacks
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Financial institutions suspend operations across the Gulf as security concerns rise following threats targeting economic entities.
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Several major banks across the Gulf have temporarily closed branches and offices amid escalating regional tensions, with institutions saying the move is aimed at protecting employees and ensuring safety.
The closures come after a public financial institution in Iran was reportedly struck during a military attack linked to the ongoing conflict involving the United States and Israel.
Iran later responded by warning that it may target financial and economic institutions associated with the US or Israel, raising concerns across the region’s banking and business sectors.
Banks announce temporary closures
Among the institutions affected is HSBC, which confirmed that its branch in Doha has suspended operations temporarily.
In the United Arab Emirates, both Citibank and Standard Chartered announced the closure of their offices for the time being.
Several institutions said the suspensions are expected to last at least until the end of the week, depending on how the situation develops.
Consulting firms also pause operations
The wave of precautionary measures has extended beyond the banking sector.
Major consulting and auditing firms such as PricewaterhouseCoopers and Deloitte have also announced operational suspensions in parts of the region.
PwC confirmed that it is temporarily closing operations in Saudi Arabia, Kuwait, Qatar, and the UAE as a precaution during the heightened security situation.
Pressure through economic targets
Analysts say the developments suggest that Iran may be broadening its strategy by targeting or threatening economic and financial institutions, potentially increasing pressure on Gulf countries that host major international companies and financial hubs.
The move is seen as part of a wider effort to increase the regional and economic impact of the conflict, which began after US-Israeli strikes in late February and has since disrupted markets and security across parts of the Middle East.
Authorities and companies across the Gulf continue to monitor the situation closely, with further operational adjustments possible if tensions escalate.