Standard Chartered’s regional chief executive Rola Abu Manneh said the bank’s operations in the UAE are continuing without interruption, despite precautionary work-from-home arrangements for some staff in Dubai.

In a LinkedIn statement on Wednesday, Abu Manneh — CEO for UAE, Middle East and Pakistan — addressed reports circulating about the bank’s Dubai offices, emphasising that services remain fully operational.

“Our banking services in the UAE continue without interruption, reflecting the resilience of our operations and the strength of our business continuity arrangements,” she said.

Abu Manneh added that the bank had extended remote working for many teams as a precautionary step while ensuring continued service for clients and partners.

“As part of these arrangements, we have extended work-from-home for many of our teams as a precautionary step that prioritises the safety and wellbeing of our colleagues while ensuring uninterrupted support for our clients and partners,” she wrote.

Her comments come amid international media reports suggesting that some global banks were adjusting operations in Dubai as they monitor developments in the region.

Abu Manneh stressed that the UAE remains a key hub for Standard Chartered’s global network.

“The UAE is a key hub for our international network, connecting markets across the Middle East, Asia and Africa, and we are proud to support the country’s dynamic business community,” she said.

Dubai hosts regional headquarters for many global financial institutions, particularly within the Dubai International Financial Centre (DIFC), and has become a major base for international banks operating across the Middle East.

According to reports cited by Reuters, some financial institutions have asked staff in Dubai to work remotely while monitoring regional developments. Citigroup has reportedly instructed employees in its Dubai offices to work from home until further notice, while staff at Goldman Sachs across the region are also working remotely.

Despite these precautionary measures, Abu Manneh thanked colleagues and clients for their continued support.

“I would like to thank our colleagues for their professionalism during this period, and our clients and partners for their continued trust,” she said.

Dubai Civil Defence teams have brought a minor fire under control on a building in the Dubai Creek Harbour area, authorities confirmed.

Emergency crews responded quickly to the incident, and no injuries were reported, according to a statement from the Dubai Media Office.

Authorities secured the site and ensured residents were safe after a drone fell in the area.

The incident follows another drone-related episode near Dubai International Airport (DXB) on Wednesday.

Authorities confirmed that two drones fell in the vicinity of DXB, leaving four people injured, though air traffic at one of the world’s busiest aviation hubs continued without disruption.

Read more: Drone incident reported near DXB: Airport operations remain normal

According to the Dubai Media Office, two Ghanaian nationals and one Bangladeshi national sustained minor injuries, while an Indian national was moderately injured.

Officials said the drones fell near the airport following aerial interceptions during the ongoing regional conflict.

UAE air defence systems have been actively intercepting incoming missiles and drones launched toward the country in recent days.

In its latest update on Wednesday night, the UAE Ministry of Defence said air defence units engaged 6 ballistic missiles, 7 cruise missiles and 39 drones in the most recent wave of attacks.

Since the start of the escalation, UAE air defences have engaged a total of 268 ballistic missiles, 15 cruise missiles and 1,514 drones, according to official figures.

Authorities continue to urge residents to follow official channels for updates and to avoid approaching any debris from intercepted missiles or drones.

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SoftBank Group-backed PayPay on Wednesday priced its US initial public offering (IPO) at $16 per share, below its targeted price range, as the US-Israeli crisis with Iran weighed on market sentiment.

The IPO raised about $880m based on 55 million American depositary receipts sold, valuing the Japanese digital wallet provider at $10.7bn.

PayPay confirmed the pricing in a statement on its website after Reuters reported the details earlier on Wednesday.

PayPay was likely to price the IPO around the low end of the range, Reuters reported on Tuesday. It originally wanted to sell the shares at a target range of $17 to $20 apiece.

The IPO comes as the US-Israeli-Iran crisis rattles global markets. The company delayed the launch of the roadshow this week before resuming it a day later as it reassessed market conditions, Reuters reported.

The US IPO market is set to rebound sharply this year after a bout of volatility. Goldman Sachs has forecast proceeds could quadruple to a record $160bn in 2026, driven by a pipeline of large private companies, including SpaceX, OpenAI and Anthropic, preparing for potential debuts.

PayPay would mark the first US listing of a SoftBank majority investment since the blockbuster IPO of Arm Holdings in 2023.

SoftBank took the chip designer public at a $54.5bn valuation. Its market capitalisation has since risen to more than $127bn.

PayPay is one of Japan’s most widely used digital wallets

Founded in 2018 as a joint venture between SoftBank and Yahoo Japan, PayPay entered the market by waiving transaction fees for small and medium-sized merchants for up to three years to spur adoption.

The company has since become one of Japan’s most widely used digital wallets, with about 72 million registered users at the end of 2025.

Visa, the Abu Dhabi Investment Authority and a subsidiary of the Qatar Investment Authority are anchoring the IPO by purchasing up to $220m of PayPay’s shares upon debut.

PayPay has also played a role in Japan’s push toward cashless payments, offering rebates and other incentives to encourage consumers to use its mobile app.

The company plans to list on the Nasdaq under the symbol “PAYP.”

Goldman Sachs, J.P. Morgan, Mizuho and Morgan Stanley ​are joint book-running managers for the offering.

Read: India aims to raise $20bn from IPOs of state-run firms by 2030

Oil prices climbed on Thursday after Iraqi security officials said Iranian explosive-laden boats had hit two fuel oil tankers amid other global supply disruptions from the US-Israeli war on Iran.

Brent futures rose $5.69, or 6.19 per cent, to $97.67 a barrel at 0118 GMT, and US West Texas Intermediate (WTI) crude CLc1 was up $5.11, or 5.86 per cent, to $92.36.

Two foreign tankers carrying Iraqi fuel oil were hit by unidentified attackers in Iraq’s territorial waters, causing them to catch fire, the director general of the General Company for Ports, Farhan al-Fartousi, told Reuters on Wednesday.

An initial investigation from Iraqi security officials showed explosive-laden boats from Iran had hit the two tankers.

“This appears to mark a direct and forceful Iranian response to the IEA’s overnight announcement of a massive strategic reserve release aimed at cooling runaway prices,” said Tony Sycamore, an IG analyst.

The International Energy Agency agreed to release a record 400 million barrels of oil to help rein in prices that have spiked due to supply shocks from the US-Israeli war on Iran. The US is contributing the bulk of that release – 172 million barrels – from its Strategic Petroleum Reserve.

“The IEA’s release of oil reserves may be only a temporary solution, as disruptions to oil shipments through the Strait of Hormuz and a major production halt in some Middle Eastern countries could cause a long-term supply crunch,” said Tina Teng, market strategist at Moomoo ANZ.

US President Donald Trump said on Wednesday that Washington was in “very good shape” in its war on Iran and that the U.S. was “going to look very strongly at the straits.”

US intelligence indicates, however, that Iran’s leadership is still largely intact and is not at risk of collapse any time soon, according to sources familiar with the matter.

“Oil prices continued to face upside pressure as there were no signs of war de-escalation in the Middle East,” said Teng.

Dubai authorities announced the Eid Al Fitr holidays for the emirate’s public sector on March 12.

According to the Dubai Government Human Resources Department, employees will enjoy a four-day holiday starting Thursday, March 19, with work resuming on Monday, March 23.

As the Islamic calendar follows the lunar cycle, the UAE will officially confirm the start of Eid following the sighting of the Shawwal crescent moon after Maghrib prayers on Tuesday, March 18.

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Last month, the UAE Federal Authority for Government Human Resources and the Ministry of Human Resources and Emiratisation have announced Eid Al Fitr holidays for federal government and private sector employees.

Federal government entities have declared the Eid break from Thursday, March 19, until Sunday, March 22.

Official working hours will resume on Monday, March 23.

Eid Al Fitr holidays for the private sector

What’s On magazine also reported that Eid holidays were declared for the private sector, from Thursday, March 19, until Saturday, March 21.

If the holy month of Ramadan is 30 days long, the holiday will extend to Sunday, March 22.

Read: UAE public holidays in 2026: Plan ahead to enjoy longer breaks