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Post by : Badri Ariffin
Barclays PLC is gearing up for a major Middle East expansion, signaling its return to Saudi Arabia after more than a decade. The bank has secured a provisional licence from the Kingdom’s Capital Market Authority (CMA), paving the way for its investment banking and global markets operations.
The bank has already reserved office space in the prestigious King Abdullah Financial District (KAFD) and plans to open a full-fledged Riyadh office by 2026. This move aligns with Saudi Arabia’s Vision 2030, aimed at transforming the country into a leading global investment hub.
Leadership and Local Direction
Mohammed Al-Sarhan has been appointed Independent Non-Executive Chairman of Barclays Saudi Arabia. Al-Sarhan brings decades of senior leadership experience from top firms such as Al Safi Danone, Al Faisaliah Group, IKEA, and Bahri. He will work alongside regional co-CEOs Khaled El Dabag and Walid Mezher to guide the bank’s operations in the Kingdom.
Al-Sarhan said he is “truly excited to join Barclays at this pivotal moment” and emphasized his commitment to supporting the bank’s growth in Saudi Arabia.
Strengthening Saudi Presence
Earlier this year, Barclays obtained a Regional Headquarters (RHQ) licence, allowing the bank to establish a structured presence across the Middle East. Once operational, the Riyadh office will directly engage with large corporates, institutional clients, and sovereign wealth funds, offering enhanced access to Barclays’ global banking network.
The expansion will enable the bank to introduce a wider range of products and services as Saudi Arabia undergoes its economic transformation. By connecting local clients with cross-border investment and financing expertise, Barclays aims to play a key role in the Kingdom’s evolving financial landscape.
Strategic Regional Growth
Barclays’ regional focus has always included corporate, institutional, and private wealth services. Its return to Saudi Arabia is part of a broader Middle East growth strategy, leveraging its global experience and UK heritage to support clients in one of the world’s most dynamic markets.
The Riyadh office marks a renewed confidence in Saudi Arabia’s financial liberalization and investment potential, positioning Barclays to contribute meaningfully to the Kingdom’s ambitious economic goals.
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