The escalation of tension in the Middle East is starting to have direct consequences on international economic activity. Given the increase in uncertainty in the region, several Spanish banks are advising their business clients to close or liquidate as soon as possible pending operations in the Persian Gulf.
The financial entities are receiving numerous inquiries from Spanish companies with businesses in the area that are seeking information about the risks of the conflict and the evolution of the situation.
In this context, some banks are recommending reducing financial exposure in the region, trying to collect or pay pending transactions before the conflict can escalate.
Total uncertainty in Middle East businesses
The economic activity in the Persian Gulf has been altered after the Iranian attacks in different points of the region, which has generated logistical problems and a growing feeling of uncertainty among companies and financial entities.
For this reason, banks are advising many companies to exercise extreme caution and avoid closing new operations until having greater visibility on the evolution of the conflict.
The objective is to prevent international transactions or ongoing investments from remaining blocked if the situation deteriorates.
Emirates, Qatar and Saudi Arabia concentrate a large part of the business
The recommendation especially affects operations linked with countries like United Arab Emirates, Qatar or Saudi Arabia, some of the main financial and commercial centers of the Middle East.
Emirates and Qatar have become in recent years important international hubs for companies, investment funds, and large fortunes, which has boosted the growth of investment banking in the area.
Spanish companies export billions to the region
The economic weight of the Persian Gulf for Spain is relevant.
According to the latest data from the Ministry of Commerce, Spanish companies exported to the region 8.4 billion euros in goods and services in 2024, while imports reached 7.45 billion euros.
Beyond these figures, the region is key for corporate operations, international investments and projects financed by sovereign funds and large global investors.
Santander, BBVA, CaixaBank and Sabadell have presence in the area
The main Spanish banks maintain a presence in the Middle East, especially in the United Arab Emirates, where many entities have established their regional bases.
Banco Santander has relevant activity in Emirates and more than 140 employees in the area, BBVA has recently obtained a license to provide corporate and investment banking services in Abu Dhabi and CaixaBank and Banco Sabadell operate through representative offices in Dubai.
From these financial centers, entities provide services mainly to Spanish companies, international funds, and private banking clients.
The banks closely follow the evolution of the conflict
The financial entities are monitoring day by day the economic impact of the war in the region, since any escalation could affect both commercial flows and international investments.
For now, the general recommendation is maximum caution and to paralyze new operations until there is greater clarity about the evolution of the conflict in the Middle East.