Standard Chartered Bank has confirmed its operations in Dubai and the wider Middle East are functioning under work-from-home arrangements.
In a statement, the bank said its priority remains the safety and wellbeing of employees.
The bank said: “At Standard Chartered, our focus maintaining is the safety and wellbeing of our colleagues.
“With this in mind, we are maintaining normal service under work-from-home arrangements in the Middle East.”
Addressing international media reports suggesting evacuations from its Dubai offices, the bank said: “Contrary to some media reporting, these arrangements were recently extended in Dubai.”
Monitoring Developments
Britain’s Standard Chartered, which has a large presence in the UAE, said it continues to monitor developments while maintaining support for clients across the region.
The bank said: “While we continue to monitor developments closely, the UAE and our other Middle East markets remain an important part of our global network, through which we continue to support clients navigating a complex and fast-moving environment.”
Dubai hosts regional operations for many global banks, particularly in the Dubai International Financial Centre.
The emirate has become a key financial hub for international lenders including JPMorgan Chase and HSBC.
A report by Reuters said some financial institutions have asked staff in Dubai to work remotely while monitoring regional developments, with Citigroup instructing employees in its Dubai offices to work from home until further notice and staff at Goldman Sachs across the region also working remotely.
GCC Outlook Unchanged
HSBC chief executive Georges Elhedery said earlier this week the bank’s outlook for the Gulf Cooperation Council economies remains unchanged.
“Our conviction in the GCC’s fundamentals and its future is unchanged,” Elhedery said.
Standard Chartered said the UAE and the wider Middle East remain an important part of its global network as it continues to support clients across the region.
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