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. 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. The change of plan came after discussions with HSBC employees in Dubai who raised safety concerns, they added. HSBC declined to comment.

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. 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. 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. However, regional tensions remain, with the US and Iran locked in a simmering conflict that could escalate.

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. "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. 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.