Finance firms reassess Gulf business plans after Iran strikes

Financial firms in the UAE shifted into contingency mode after Iranian missile and drone strikes shook Dubai and Abu Dhabi, prompting banks, hedge funds and investment houses to activate remote-work plans and reassess operational risks.

Authorities urged residents to limit movement and work from home while flights were disrupted across the Gulf, leading some companies and wealthy clients to organize evacuations by land to neighboring countries.

“The majority of our staff are currently working remotely, with only a few operating on-site where necessary,” Vijay Valecha, Chief Investment Officer of Dubai-based Century Financial, told The Circuit. “Despite this shift, our operations continue to run smoothly without disruption.”

Banks including Goldman Sachs, JPMorgan Chase and Citigroup instructed employees to work from home or shelter in place while executives began to evaluate their regional exposure, Bloomberg reports.

If they continue for more than a few days, the Iranian attacks could threaten the UAE’s rise as a hub for hedge funds, which was built on a reputation for stability that had drawn global capital in recent years.

Traders said some of their clients were moving their assets into gold and oil, which are typically among the most affected by geopolitical tensions. “Rather than reducing their risk appetite, many clients are actively looking for short-term trading opportunities,” Fadi Al Kurdi, the founder and CEO of market analysis-firm FFA Kings in Dubai, told The Circuit.

Oil prices jumped about 10% as the Iran conflict intensified, with analysts warning crude could spike toward $100 a barrel if supply disruptions worsen.