Barclays is set to open a Riyadh office next year, having received a provisional licence form the Saudi Arabian Capital Market Authority (CMA).
Once fully active, the licence will allow Barclays to practice investment banking and global markets activities in the country.
The bank’s total investment banking income was £3.3 million in the first nine months of 2025, up 4% year-on-year (YoY). The global markets business generated £6.9 million in income over this time, up 15% YoY – led by strong debt capital market activity.
Barclays’ existing Middle East franchise, with offices in the UAE and Qatar, is led by co-CEOs Khaled El Dabag and Walid Mezher. Trading operations for the region currently take place in London.
Group chief executive C S Venkatakrishnan commented, “Saudi Arabia is central to our Middle East growth strategy. Expanding our capabilities in the Kingdom is a significant milestone for us as we continue to grow our regional footprint in key markets.”
Mohammed Al-Sarhan has joined Barclays as independent non-executive chairman of the board for the Saudi Arabia franchise.
