Lates News

After the US airstrikes on Iran led to a sudden increase in regional risks, Japanese major banks have become among the first global companies to evacuate employees from Dubai and other financial centers in the Middle East. A spokesperson for Mitsubishi UFJ Financial Group said on Monday that the company has started to withdraw employees from Dubai and other locations and has suspended unnecessary travel to and from the region. Following the US strike on Iranian nuclear facilities on Saturday, Japanese companies have taken emergency measures to protect employees and prepare for potential retaliatory actions that could affect their local operations. Sumitomo Mitsui Financial Group has urged employees in the region to act with caution and has begun coordinating personnel evacuations. MUFG is considering bringing back employees from Qatar and the UAE to Japan. The financial centers in Dubai and Abu Dhabi in the UAE have attracted many banks and hedge funds due to the zero income tax, convenient timezone for collaboration between East and West, and the lifestyle tailored for the wealthy. Meanwhile, Saudi Arabia and Qatar, who are trying to reduce their dependence on oil, have also attracted many financial companies to establish a presence. MS&AD Insurance Group Holdings Inc. has also stated that they are working on temporarily recalling employees from these two cities in the UAE.