LONDON, 28 October 2025 – Barclays announced it will expand its presence in Saudi Arabia and open a Riyadh office in 2026.
The UK banking giant, which exited the Kingdom in 2014, secured a provisional Capital Market Authority (CMA) licence to start its Investment Banking and Global Markets businesses. Its new base will be in King Abdullah Financial District.
“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. Expanding our Investment Bank capabilities in the Kingdom is a significant milestone for us as we continue to grow our regional footprint in key market,” said C.S. Venkatakrishnan, Group Chief Executive of Barclays.
As part of the expansion, Mohammed Al-Sarhan will join Barclays Saudia Arabia’s Board as an Independent Non-Executive Chairman. Mr. Al-Sarhan previously held senior roles in Al Safi Danone, Al Faisaliah Group, IKEA and Bahri.
Within the Gulf Cooperation Council nations, Barclays currently has a presence in the UAE and Qatar.
It closed its previous office following global layoffs in its investment banking arm, during a time when the firm prioritised markets where it held a stronger competitive edge.
Its re-entry into Saudi Arabia will further solidify its foothold in the Middle East and help it to stay competitive against key players.
Global financial institutions that recently expanded their businesses into the Kingdom include Citi, Goldman Sachs, and JPMorgan.
This reflects a growing confidence in the country’s financial reforms and diversification efforts to becoming a leading regional investment hub under Vision 2030.
