{"text":[[{"start":10.16,"text":"HSBC moved a board meeting scheduled to take place in Dubai this month to London amid concerns over safety as the war in Iran continues to disrupt executive travel to the region."}],[{"start":21.36,"text":"Board members from Europe’s largest lender will convene in London instead of Dubai at the end of the month as part of their annual scheduled meetings, according to people familiar with the matter."}],[{"start":30.88,"text":"The change of plan came after discussions with HSBC employees in Dubai who raised safety concerns, they added. HSBC declined to comment."}],[{"start":39.76,"text":"The bank’s decision to shift the meeting to London underscores the challenges still facing expats in the United Arab Emirates, which has been the target of retaliatory strikes from Iran after the US and Israel launched attacks on the Islamic republic in February."}],[{"start":53.36,"text":"Iran fired almost 3,000 missiles and drones at the UAE during the first months of the war, and while most were intercepted the attacks rocked Dubai’s long-held reputation as a safe haven for business and tourism."}],[{"start":66.14,"text":"There have been no direct Iranian strikes on the UAE since mid-May, allowing everyday life and business in the financial hubs of Dubai and Abu Dhabi to return to normality."}],[{"start":76.2,"text":"However, regional tensions remain, with the US and Iran locked in a simmering conflict that could escalate. US and UK travel warnings remain in place for the region, complicating travel."}],[{"start":87.84,"text":"Bankers and asset managers began returning before the summer but many international firms continue to limit visits to the financial hubs as a result."}],[{"start":95.68,"text":"HSBC’s decision to shift the meeting to London reflects some of those lingering security concerns. The bank is currently allowing only “business-critical” travel to the region, according to another person familiar with the matter."}],[{"start":107.92,"text":"“Local executives are dealing with a lot still,” said one senior banker, highlighting that they have to ensure the safety of their own families as well as staff on the ground. “That issue with expats is very much still there,” they added."}],[{"start":121.96,"text":"It is a particularly fraught decision for HSBC, which has made the Middle East a key part of its growth plan as it seeks to benefit from the vast amount of wealth in the region and its capital flows with Asia."}],[{"start":130.88,"text":"HSBC’s Middle East bank in April signed an agreement with the Dubai government to tap its international client base and help bring companies and wealthy individuals to the emirate."}],[{"start":141.12,"text":"A number of senior financiers have visited the region in recent months as a show of support, including HSBC chief executive Georges Elhedery and Citigroup’s Jane Fraser. Many are also scheduled to appear at Saudi Arabia’s flagship investment conference Future Investment Initiative in Riyadh next month."}],[{"start":160,"text":"HSBC’s board typically meets nine times a year in various locations, including in cities core to its business such as Hong Kong and London. Senior leaders convened in Dubai in 2024, where they met senior officials, including UAE Prime Minister Sheikh Mohammed bin Rashid al-Maktoum."}],[{"start":178.76,"text":"Dubai serves as HSBC’s regional headquarters in the Middle East where it is the largest foreign lender. The bank made $800mn of profits before tax in the UAE last year, down from about $1bn in the year prior."}],[{"start":198.56,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1790223669_2256.mp3"}