UK-based lender Barclays plans to expand its operations in Saudi Arabia, as part of its efforts to strengthen its presence in the Middle East.
The bank has obtained a provisional licence from the country’s Capital Market Authority (CMA) to initiate investment banking and global markets activities.
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It has also acquired premises in the King Abdullah Financial District, with plans to open an office in Riyadh in 2026.
The bank appointed Mohammed Al-Sarhan as the independent non-executive board chairman for its new branch in Saudi Arabia.
Its Middle East operations are managed by co-CEOs Khaled El Dabag and Walid Mezher, who are experienced in investment banking.
Al-Sarhan said: “I am truly excited to join Barclays at this pivotal moment for the bank’s growth in the Kingdom.
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By GlobalData“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.”
Earlier this year, Barclays received a regional headquarters (RHQ) licence, which allows the bank to establish the Riyadh office.
This new office will help the bank enhance its client services by being closer to key corporate, institutional, and sovereign wealth fund clients in Saudi Arabia.
Barclays said the expansion is part of its strategy to strengthen its footprint in the Gulf Cooperation Council (GCC), where it already operates in the UAE and Qatar.
Barclays Group chief executive CS Venkatakrishnan 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.”
Last month, Barclays revealed two senior appointments within its Private Bank and Wealth Management (PBWM) divisions in the UK and Crown Dependencies.
