Some international banks are serving Qatar from London and New York instead of Dubai's financial center as the ongoing standoff makes it harder to do business with clients in the gas-rich Gulf state, according to people familiar with the matter. Lenders that handled clients such as the Qatar Investment Authority and wealthy family offices out of the Dubai International Financial Centre are shifting coverage to other global financial hubs to avoid damaging relations with the United Arab Emirates and Saudi Arabia, said sources, asking not to be identified.

Many bankers commute daily or weekly between the emirate and neighboring Gulf states such as Qatar and Saudi Arabia to do business with local clients.

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