Barclays Expands Operations in Saudi Arabia Market, enhancing its regional presence and supporting Saudi Arabia’s Vision 2030 goals.
Barclays Expands Operations in Saudi Arabia Market, enhancing its regional presence and supporting Saudi Arabia’s Vision 2030 goals.
Barclays Expands in Saudi Arabia as the bank strengthens its Middle East presence through strategic growth initiatives. The bank has received a provisional Capital Market Authority (CMA) licence, allowing it to initiate Investment Banking and Global Markets activities in the Kingdom once the licence becomes fully active. This milestone reflects Barclays’ growing investment in Saudi Arabia and highlights its long-term commitment to the region’s economic transformation.
C.S. Venkatakrishnan, Group Chief Executive of Barclays, expressed optimism about the move, stating, “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.” He further added, “Expanding our capabilities in the Kingdom marks a significant milestone as we continue to grow our regional footprint in key markets.” According to Venkatakrishnan, Barclays’ deep roots in the region enable it to help clients “access capital, transform and grow in this dynamic market.”
To reinforce its presence, Barclays appointed Mohammed Al-Sarhan as Independent Non-Executive Chairman of the Board for its Saudi franchise. Mr. Al-Sarhan, who has held prominent roles at Al Safi Danone, Al Faisaliah Group, IKEA, and Bahri, brings extensive experience and valuable connections within the Kingdom. “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.”
The Middle East operations of Barclays are currently led by Co-CEOs Khaled El Dabag and Walid Mezher, both of whom have a strong background in investment banking and a proven track record of building client relationships across the region. Earlier this year, the bank also obtained its Regional Headquarters (RHQ) licence and is preparing to open an office in Riyadh next year. This new base will allow Barclays to engage more closely with corporate, institutional, and sovereign wealth fund clients while extending services from its International Corporate Bank.
Ultimately, this expansion will allow Barclays to bring its global expertise and product range to support Saudi Arabia’s transformation into a leading global investment hub. Barclays’ expansion into KSA advances the bank’s strategic growth across the Middle East and strengthens its existing presence in the Gulf Cooperation Council, where it already operates in the UAE and Qatar.
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