HSBC has moved a board meeting scheduled for Dubai this month to London amid continuing security concerns linked to the conflict involving Iran, according to people familiar with the decision.
Board members of the bank will convene in London at the end of the month as part of their annual schedule, rather than travelling to Dubai. The change followed discussions with HSBC employees in Dubai who raised concerns about safety, the people said. HSBC declined to comment.
The decision highlights continuing difficulties for expatriates and international businesses in the United Arab Emirates following Iranian retaliatory strikes after the US and Israel launched attacks on Iran in February. Iran fired almost 3,000 missiles and drones at the UAE during the first months of the war. Most were intercepted, but the attacks affected Dubai’s long-standing reputation as a safe destination for international business and tourism.
No direct Iranian strikes have hit the UAE since mid-May, and everyday life and business activity in Dubai and Abu Dhabi have returned to normality. Regional tensions nevertheless remain, with the US and Iran still engaged in a conflict that could escalate. Travel warnings issued by the US and UK remain in place, complicating travel to the region.
Bankers and asset managers began returning to the Gulf before the summer, but many international companies continue to restrict visits to Dubai and Abu Dhabi because of security concerns. HSBC is currently allowing only “business-critical” travel to the region, according to a person familiar with the bank’s policy.
“Local executives are dealing with a lot still,” one senior banker said, referring to the responsibility of ensuring the safety of families as well as employees working in the region. “That issue with expats is very much still there,” the banker added.
The decision carries particular significance for HSBC because the Middle East is central to its growth strategy. The bank is seeking to benefit from the region’s substantial wealth and its financial links with Asia. In April, HSBC’s Middle East business signed an agreement with the Dubai government to use its international client network to help bring companies and wealthy individuals to the emirate.
Several senior international financiers have nevertheless travelled to the region in recent months as a show of support. They include HSBC chief executive Georges Elhedery and Citigroup chief executive Jane Fraser. Senior financial executives are also scheduled to attend Saudi Arabia’s Future Investment Initiative in Riyadh next month.
HSBC’s board normally meets nine times a year in different locations, including cities central to its operations such as Hong Kong and London. The board held meetings in Dubai in 2024, when senior directors met UAE officials including Prime Minister Sheikh Mohammed bin Rashid al-Maktoum.
Dubai remains HSBC’s Middle East regional headquarters and is home to its largest foreign-lending operation. The bank generated $800mn in profit before tax in the UAE last year, down from about $1bn the previous year.
