Barclays PLC is set to expand its Middle East operations after receiving a provisional licence from Saudi Arabia’s Capital Market Authority (CMA). The approval marks a significant step in the bank’s return to the Kingdom, allowing it to prepare for the launch of Investment Banking and Global Markets activities pending final regulatory clearance.
Regulatory Approval and Expansion Plans
The provisional licence from the CMA enables Barclays to establish the groundwork for its new Saudi venture. The bank has already secured office space in Riyadh’s King Abdullah Financial District (KAFD) and is targeting a full office launch by 2026. This development follows the bank’s receipt of a Regional Headquarters (RHQ) licence earlier this year, signalling a comprehensive re-entry into the Saudi market after more than a decade.
Once operational, the Riyadh office will allow Barclays to engage more directly with large corporations, institutional clients, and sovereign wealth funds in the country. The local presence is designed to improve client access to the bank’s global network, connecting Saudi entities with cross-border investment and financing opportunities.
Strategic Alignment with Vision 2030
Barclays’ expansion aligns with Saudi Arabia’s Vision 2030, a national strategy aimed at diversifying the economy and transforming the country into a global investment powerhouse. The move reflects renewed confidence in the Kingdom’s financial liberalisation and evolving investment landscape, where private credit titans eye opportunity in Saudi liquidity squeeze. By re-establishing a physical presence, Barclays aims to support this economic transformation by expanding the range of products and services available to its clients.
Leadership for Saudi Operations
To lead the new entity, Barclays has appointed Mohammed Al-Sarhan as the Independent Non-Executive Chairman of Barclays Saudi Arabia. Al-Sarhan brings extensive senior leadership experience from prominent companies including Al Safi Danone, Al Faisaliah Group, IKEA, and Bahri. He will work closely with Barclays’ regional co-CEOs, Khaled El Dabag and Walid Mezher.
“I am truly excited to join Barclays at this pivotal moment for the bank’s growth in the Kingdom,” said Al-Sarhan. “Together, I am confident that we will make a meaningful impact for our clients and support the Kingdom’s ambitious transformation.”
A Central Part of Regional Growth
C.S. Venkatakrishnan, Group Chief Executive of Barclays, described the move as a key part of the bank’s wider strategy. “Saudi Arabia is central to our Middle East growth strategy, and we are very excited to support the Kingdom’s ambitions under Vision 2030,” he stated.
Venkatakrishnan added that the bank’s long-standing presence in the region positions it to help clients access capital and grow. The expansion is a significant milestone as Barclays continues to grow its regional footprint in one of the world’s most dynamic markets.
The bank’s Middle East operations focus on providing corporate, institutional, and private wealth services, drawing on its global expertise and UK-based heritage. The re-entry into Saudi Arabia is poised to strengthen these offerings and deepen its client relationships across the region.
