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- Gulf Banks Go Remote; Tourism Loses $600M Daily; Wynn Resumes Construction
Gulf Banks Go Remote; Tourism Loses $600M Daily; Wynn Resumes Construction
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Friday, March 13, 2026
Happy and Safe Friday everyone!
Major international banks with a presence in Gulf financial hubs have told staff to work remotely or temporarily relocate as precautionary measures amid escalating regional tensions, with some offices evacuated and branches closed to safeguard employees and clients. The conflict is also hammering the travel and tourism industry across the Middle East, with analysts estimating losses of around $600 million each day from canceled flights, disrupted travel and faltering visitor demand. In contrast to the headwinds facing business and leisure sectors, Wynn Resorts has announced the resumption of construction on its integrated resort project in the UAE, signaling continued investor confidence despite the volatile environment.
In the wake of developments in the region, we hope everyone stays safe. At this critical moment, it is essential to remain united and follow guidance issued by official authorities from your country.
Markets
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Major International Banks are Moving to Remote
What Is It About?
Iran’s joint military command announced it would target banks and financial institutions across the Middle East, putting Dubai, Saudi Arabia, and Bahrain at particular risk. The announcement follows an attack on a Tehran branch of Bank Sepah, a US-sanctioned Iranian bank, which killed staffers on Wednesday.
Why It Matters?
The threat has prompted major banks to act swiftly. Citigroup evacuated staff from Dubai offices, HSBC closed Qatari branches, and Standard Chartered shifted employees to remote work. Goldman Sachs also issued warnings to Dubai staff, highlighting how geopolitical tensions are directly affecting regional financial hubs.
What’s Next?
Banks are maintaining business continuity plans while prioritizing staff safety. Operations continue remotely, but the situation remains fluid. Regional authorities and financial institutions are monitoring threats closely, with measures in place to mitigate potential disruptions to global banking activities.
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Iran’s Attacks on Gulf Costing Tourism $600M/Day
What Is It About?
The ongoing Middle East conflict is estimated to be costing the region’s tourism industry around $600 million per day, according to WTTC. Travel cancellations, flight disruptions, and safety concerns are sharply reducing visitor spending across key destinations including the UAE, Saudi Arabia, and Qatar.
Why It Matters?
Tourism is a major economic driver in the region, supporting jobs and local businesses. Disruptions at major hubs like Dubai International and Abu Dhabi’s Zayed International Airport highlight how geopolitical tensions can quickly ripple through global travel and regional economies.
What’s Next?
The total impact will depend on how long the conflict continues. Analysts warn that if disruptions persist, cumulative losses could reach billions, while recovery hinges on restoring traveler confidence and normalizing air and ground transportation networks.
“My Priority is Clear: Safety of Our People,” ADNOC CEO
Abu Dhabi National Oil Company CEO Sultan Ahmed Al Jaber has praised employees across the company for maintaining operations and safety during a period of regional tension. After visiting several sites over the past week, Al Jaber thanked staff, partners and UAE authorities for their professionalism, discipline and strong sense of responsibility. The Abu Dhabi National Oil Company chief said thousands of workers across facilities, industrial sites and offices are working every day to ensure the safety of personnel and the continuity of energy supplies. He added that ADNOC teams are showing resilience, preparedness and teamwork while helping safeguard energy systems that support global economic stability.
Wynn Resumes UAE Resort Construction
What Is It About?
Wynn Resorts has resumed construction on its integrated resort project at Wynn Al Marjan Island after a brief pause linked to regional tensions. The Las Vegas-based company said safety measures are in place for employees working at the site on Al Marjan Island.
Why it Matters?
The project is the UAE’s first casino resort after Wynn secured the country’s first commercial gaming licence in 2024. The development is a key part of Ras Al Khaimah’s tourism ambitions, even as regional tensions disrupt flights at Dubai International Airport and Zayed International Airport.
What’s Next?
Construction will continue with additional safety precautions for staff. Wynn says employees can relocate temporarily if advised by their embassies. The company expects the luxury resort to open in the first quarter of 2027, potentially marking a major milestone for tourism and regulated gaming in the UAE.
👨💻From Smashi Business’ Desk
Iranian drones struck the Port of Salalah on March 11, igniting fires in fuel storage tanks and forcing major shipping companies like Maersk to halt operations.
UAE is spending nearly $1 million to intercept one Iranian missile or drone
Saudi Arabia explores Ukrainian drone defenses to counter rising Shahed threats
The Central Bank of the United Arab Emirates has temporarily allowed banks to use foreign data centers after attacks on digital infrastructure disrupted services across the country.
🦄 World of Startups
Stake Raises $31M Series B Led by Emirates NBD, Total Funding Hits $58M
US-based Luma AI is planting its flag in Riyadh — opening a regional headquater
Singapore's Ascentium continues its aggressive expansion, acquiring UAE legaltech pioneer Clara in a strategic Middle East play
Abu Dhabi is quietly becoming one of the most influential financiers of the global AI race, with its latest participation in Anthropic’s massive $30B funding round
Safqah Capital has just closed one of Saudi Arabia’s largest-ever seed rounds, raising $15.2 million in a deal that was four times oversubscribed
🔍In other news…
UAE says no change to investment plans as Gulf states review SWF strategies
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DP World’s 2025 profit jumps 32%; warns of persisting uncertainty
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🗓️ Plan Your Events (March-April 2026)
UAE
31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.
26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.
7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.
13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.
14-16 April: (Tuesday-Thursday): the International Property Show, Dubai World Trade Center.
Saudi Arabia
13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.
20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh
Egypt
30 March – 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition (EGYPES).
