Barclays secures Saudi licence, plans Riyadh office by 2026

Dubai: Barclays PLC has confirmed plans to expand its Middle East operations after receiving a provisional licence from Saudi Arabia’s Capital Market Authority (CMA).

The approval allows the bank to prepare for launching Investment Banking and Global Markets activities in the Kingdom once final regulatory clearance is granted.

Barclays has already secured office space in King Abdullah Financial District (KAFD) and aims to open a full Riyadh office by 2026. The move is part of the bank’s broader regional expansion and aligns with Saudi Arabia’s Vision 2030, which targets transforming the country into a leading global investment hub.

Local direction

Mohammed Al-Sarhan has been appointed Independent Non-Executive Chairman of Barclays Saudi Arabia. He brings senior leadership experience from companies including Al Safi Danone, Al Faisaliah Group, IKEA, and Bahri. Al-Sarhan 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. “It is an honour to work alongside Khaled El Dabag and Walid Mezher, both of whom bring deep expertise and a strong commitment to the region.”

Saudi footprint

The provisional CMA licence follows Barclays’ receipt of a Regional Headquarters (RHQ) licence earlier this year. Once the Riyadh office is operational, the bank’s Saudi team will engage more directly with large corporates, institutional clients, and sovereign wealth funds.

The local presence is expected to improve access for clients to Barclays’ global banking network, connecting Saudi entities with cross-border investment and financing expertise.

Range of products

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

“Together, I am confident that we will make a meaningful impact for our clients and support the Kingdom’s ambitious transformation,” Al-Sarhan added.

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

Regional growth

C.S. Venkatakrishnan, Group Chief Executive of Barclays, described Saudi Arabia as central to the bank’s regional growth 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 said. “Expanding our capabilities in the Kingdom is a significant milestone as we continue to grow our regional footprint.”

Venkatakrishnan added that Barclays’ long-standing presence in the region positions it to help clients access capital, transform, and grow in one of the world’s most dynamic markets.

The new Riyadh office marks Barclays’ return to Saudi Arabia after more than a decade and signals renewed confidence in the Kingdom’s financial liberalization and investment landscape.