Barclays Announces Major Growth Plans in Saudi Arabia

The banks received their provisional CMA license after earlier acquiring a regional headquarters (RHQ) license this year. They are waiting for the Riyadh office to start running; after that, Barclays’ Saudi team will work more with large corporations, institutional clients, and sovereign wealth funds.

Barclays announced plans to expand its presence in the Middle East after receiving a provisional license from Saudi Arabia’s Capital Market Authority (CMA).

The approval allowed the bank to start preparing to launch Investment Banking and Global Markets services in the Kingdom, once it receives final regulatory clearance.

The bank already has an office space in the King Abdullah Financial District (KAFD) and expects to open a full office in Riyadh by 2026. It is part of the bank’s regional growth strategy and supports Saudi Arabia’s Vision 2030, which wants to establish the country as a leading global investment destination.

The bank has appointed Mohammed Al-Sarhan as an Independent Non-Executive Chairman of Barclays Saudi Arabia to support its goals in the kingdom. Al-Sarhan brings senior leadership roles from companies such as Al Safi Danone, Al Faisaliah Group, IKEA, and Bahri. He will collaborate with Barclays’ regional co-CEOs Khaled El Dabag and Walid Mezher.

He has expressed his excitement to join Barclays at a crucial time for the bank’s growth in Saudi Arabia. He states that he is honored and looks forward to working with Khaled El Dabag and Mezher, both of whom bring significant expertise and dedication to the region.

The banks received their provisional CMA license after earlier acquiring a regional headquarters (RHQ) license this year. They are waiting for the Riyadh office to start running; after that, Barclays’ Saudi team will work more with large corporations, institutional clients, and sovereign wealth funds.

Having an office in the local region will help Saudi clients to have better access to Barclays’ international banking network. Clients can connect with their investment and financial expertise from all over the world.

Barclays also plans to expand its range of products and services available to the clients as Saudi Arabia continues to make economic transformation under its Vision 2030 goals.

Al-Sarhan expressed confidence in his team’s ability to deliver meaningful value to clients and support the Kingdom in achieving its ambitious plans.

The bank’s Middle East operations focus on providing corporate, institutional, and private wealth services, drawing on experience serving global clients and its UK-based heritage.

C.S. Venkatakrishnan, Group Chief Executive of Barclays, highlighted that Saudi Arabia is important for the bank’s regional growth strategy.

He added that they are excited to support Kingdom to achieve its goals under Vision 2030. He added that expanding in the Kingdom is a major milestone for the bank, which continues to grow its regional presence.

Venkatakrishnan added that since the bank has a long-standing presence in the region, it will help them better serve clients, such as helping them access capital and grow in one of the world’s most vibrant markets.

Setting up a new office in Riyadh will mark Barcalsy’s return to Saudi Arabia after more than ten years. It signals they have renewed confidence in Saudi Arabia’s financial reforms and investment landscape.

Barclays has been present in the Middle East and North Africa (MENA) region for more than 150 years. It offers high-quality products and services to corporate, institutional, and private wealth clients in Saudi Arabia, the United Arab Emirates (UAE), Qatar, and beyond.

Barclays offers integrated solutions and strong expertise worldwide through its Investment Bank and Private Banking & Wealth Management. It is providing opportunities for the regional clients using the expertise they have through its global footprint.

Barclays’ expansion into the Kingdom of Saudi Arabia helps the bank grow across the Middle East and strengthens its current presence in the Gulf Cooperation Council (GCC), where it operates in the UAE and Qatar.