Barclays PLC has announced plans to expand its operations in Saudi Arabia as part of its broader Middle East growth strategy. The bank has received a provisional Capital Market Authority (CMA) licence, which will allow it to begin investment banking and global markets activities in the Kingdom once the licence becomes fully active. Barclays has also secured office space in the King Abdullah Financial District and expects to open its Riyadh office in 2026.
C.S. Venkatakrishnan, Group Chief Executive of Barclays, said: “Saudi Arabia is central to our Middle East growth strategy and we are very excited to support the Kingdom’s growth ambitions under its Vision 2030. Expanding our capabilities in the Kingdom is a significant milestone for us as we continue to grow our regional footprint in key markets. As a global bank with strong historical connections in the region, we are well-positioned to help clients access capital, transform and grow in this dynamic market.”
Mohammed Al-Sarhan will join as Independent Non-Executive Chairman of the Board for Barclays’ Saudi Arabia franchise. Mr. Al-Sarhan previously held roles at Al Safi Danone, Al Faisaliah Group, IKEA, and Bahri.
The Middle East franchise of Barclays is led by Khaled El Dabag and Walid Mezher as Co-CEOs. Both have extensive experience in investment banking and established client relationships within the region.
Earlier this year, Barclays obtained its Regional Headquarters (RHQ) licence. The new Riyadh office will enable the local team to strengthen client relationships by being closer to corporate, institutional, and sovereign wealth fund clients. International Corporate Bank clients will also gain access to products and services through an integrated offering.
Mr. Al-Sarhan commented: “I am truly excited to join Barclays at this pivotal moment for the bank’s growth in the Kingdom. It is an honour to work alongside two outstanding leaders, Khaled El Dabag and Walid Mezher, both of whom bring deep expertise and a strong commitment to the region. Together I am confident that we will make a meaningful impact for our clients and support the Kingdom’s ambitious transformation.”
Barclays already operates within other Gulf Cooperation Council countries such as the United Arab Emirates and Qatar. Its international presence draws on UK heritage with product expertise focused on cross-border needs for clients.
For more information about Barclays, visit https://home.barclays/
Barclays has maintained a presence in the Middle East and North Africa region for over 150 years, providing services across Saudi Arabia, UAE, Qatar, and beyond.