Iran conflict triggers corporate exodus: PwC, Deloitte leave Dubai, HSBC closes Qatar branch

The Dubai International Financial Centre (DIFC) has historically been a symbol of West Asia’s economic resilience and its status as a premier global hub.

Consulting giants such as PwC and Deloitte on Wednesday evacuated their offices in Dubai’s key business districts, while HSBC shut its office in Qatar after Iran warned it could target economic and financial infrastructure as the West Asia conflict intensified, according to News18.

Meanwhile, Citigroup asked employees to leave its offices in Dubai International Financial Centre and Oud Metha as a precautionary step to ensure staff safety. British consulting firms have also taken wider precautionary measures across the region.

The News18 report stated that Citi, the prominent American banking group, requested employees to evacuate its offices located in both the DIFC and Oud Metha as a defensive measure to ensure employee safety. British consulting firms have followed suit with even broader measures that span the region.

The Dubai International Financial Centre has long stood as a symbol of West Asia’s economic resilience and its position as a leading global financial hub.

PwC announced it will shutter its offices across West Asia, including locations in Saudi Arabia, Qatar, the UAE, and Kuwait – for the remainder of the week as a “precaution". Similarly, Deloitte instructed its staff to vacate their DIFC premises as the threat level intensified.

Sources told News18 that employees at two other unnamed companies within the DIFC also confirmed that their offices had been evacuated as a precautionary measure.

Iran’s military threatened on Wednesday to attack US and Israeli economic targets in the region, including banks, after overnight attacks reportedly hit an Iranian bank.

There was a sudden wave of emergency evacuations after Iran issued explicit threats to target global businesses and financial institutions linked to the United States and Israel. In response, major banks and consulting firms began pulling staff out of offices across the Dubai financial district, as companies rushed to safeguard employees amid a rapidly deteriorating security situation in the United Arab Emirates.