Japan’s largest banks are among the first global companies to evacuate staff from Dubai and other key financial centers in the Middle East, following recent U.S. airstrikes on Iran that have heightened regional tensions. Mitsubishi UFJ Financial Group Inc. has begun withdrawing personnel from locations including Dubai and has suspended non-essential travel to and from the area, a spokesperson said Monday.
The U.S. strikes on Iranian nuclear facilities over the weekend have prompted Japanese firms to take swift action to protect employees and prepare for possible retaliatory moves by Iran. Mizuho Financial Group Inc. said it has urged regional staff to remain vigilant and is coordinating individual evacuations. Sumitomo Mitsui Financial Group Inc. is working to repatriate employees from Qatar and the United Arab Emirates.
The UAE, particularly Dubai and Abu Dhabi, has become a magnet for banks and hedge funds, drawn by zero income taxes, a favorable time zone, and a luxury lifestyle. Meanwhile, Saudi Arabia and Qatar have also ramped up efforts to attract financial firms as part of broader economic diversification strategies.
MS&AD Insurance Group Holdings Inc. also announced plans to temporarily recall employees based in Dubai and Abu Dhabi.
In response to the escalating security concerns, Japan Airlines Co. will reroute direct flights between Tokyo’s Haneda Airport and Doha to avoid airspace over the Persian Gulf and Gulf of Oman, adding about 20 minutes to flight time, a spokesperson confirmed Monday.