RIYADH — Major international financial institutions, including JPMorgan, Deutsche Bank, and Citi, are allowing their Saudi Arabia-based staff to work from home amid heightened security concerns following a series of Houthi strikes in the kingdom, according to sources familiar with the matter.
U.S. investment firm Franklin Templeton has temporarily closed its Riyadh office, directing all staff to work remotely until further notice. No end date has been set for these temporary work arrangements.
The precautionary measures come in response to escalating Houthi attacks over the past week. Key targets included an attack on oil giant Saudi Aramco’s headquarters on Tuesday and a strike on King Khalid International Airport in Riyadh last Saturday.
JPMorgan and Deutsche Bank began offering work-from-home options on Sunday, the day following the airport strike. Both firms have kept their physical offices open for employees who prefer to work on-site. The flexible policy was also introduced to assist parents after Saudi Arabia transitioned schools to online learning this week.
Speaking after an earnings call on Tuesday, Citi CFO Gonzalo Luchetti emphasized the bank’s commitment to safety, stating, “The safety of our employees and their families has always been our top priority.”
Yemen’s Houthis have threatened further strikes on Saudi airports and oil facilities, framing the actions as retaliation against Saudi military strikes in Yemen amid broader regional conflict.
The security situation has also disrupted the Gulf’s peak conference season, which traditionally runs from September to December. In response, Saudi Arabia plans to adapt its flagship Future Investment Initiative (FII) conference later this month into a hybrid event, enabling executives to participate remotely.
The Saudi government did not immediately respond to requests for comment on Thursday.
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