Middle East Hubs Caught in US-Israel-Iran Crossfire
Following a US strike, Iran has launched retaliatory attacks against several Middle Eastern cities, some of which house major international financial centers.
On Saturday, the United States and Israel launched an attack on Iran with its Supreme Leader Ali Khamenei alongside several other senior officials reportedly confirmed dead.
In response, Iran has retaliated with a barrage of missiles and drones against Israel and multiple Arab countries. For the financial services industry, the United Arab Emirates (UAE) was a notable target with attacks in Dubai and Abu Dhabi – two major hubs.
Middle Eastern cities have become emerging international financial centers in recent times, attracting global firms as well as private capital. UBS, for example, opened a new wealth advisory office in Abu Dhabi in October 2025 aimed at advising clients on the ground with assets booked in Switzerland. More recently, HSBC debuted its UAE asset management business in January as part of its broader strategic focus on the Middle East.
