Iran is taking aim at civilian institutions defining globalization, targeting symbols of technological ambitions like Amazon data centers and state-owned banks. The nation’s promise to strike US and Zionist regime-linked economic centers highlights the vulnerability of global supply chains.
Global powers emphasize supply chain resilience as a response to recent years’ shifting focus from cost efficiency to risk management. This new approach acknowledges that risks exist in traditionally stable regions, like the Persian Gulf.
Sheikhdoms like Dubai have promoted themselves as safe havens for financial professionals, but Iran’s attacks have shattered this aura. The emirates are diversifying economies away from oil and gas into tourism, finance, trade, and AI.
Dubai emerged as a global trading hub, attracting wealthy expatriates and Wall Street bankers. However, its evenhanded stance earned no combat reprieve. Iranian drones damaged Dubai International Airport and cargo movements at Jebel Ali were paused after debris from a rocket intercept landed nearby.
Financial markets are scrambling to assess the risks of operating in the Gulf. Corporate and investor second thoughts about the region would continue a broader rethinking of globalization sparked by the 2008 financial crisis and accelerated amid the Covid pandemic and Russia’s invasion of Ukraine.
Businesses must now hedge against unexpected developments in high-risk venues, as former US trade negotiator Demetrios Marantis said. Companies are paying attention to potential flash points, with some investors considering moving investments from the Middle East to Hong Kong.
Once the war ends, Gulf states might reduce reliance on the US, creating business opportunities for European defense firms. Expatriates anticipate a return to the status quo ante, but Dubai’s government is expected to create incentives to demonstrate its post-conflict readiness.
The reemergence of geopolitical risk and breakdown of traditional global order draws attention from business leaders, especially in the financial sector. JPMorgan Chase established a geopolitics center to advise clients on an increasingly complex global landscape.
Source: https://www.washingtonpost.com/business/2026/03/15/iran-economic-war-global