Barclays has opened a new office in Riyadh’s King Abdullah Financial District (KAFD), marking its return to the Saudi Arabian market after more than a decade and stepping up its ambitions in the Middle East.
The British bank on Monday announced the appointment of Majed Al Hassoun as chief executive officer and head of investment banking at Barclays Capital Saudi. He will lead the local entity and oversee the expansion of its investment banking and global markets businesses in the Kingdom.
The office opening follows Barclays receiving an operational licence from Saudi Arabia’s Capital Market Authority (CMA) to conduct investment banking and global markets activities. This builds on the regional headquarters (RHQ) licence it secured in 2025.
Al Hassoun joins Barclays from State Street Saudi Arabia, where he served as chief executive. He brings around two decades of experience in the country’s financial services industry, including senior investment banking roles at Citigroup and Saudi Fransi Capital.
He will report to Khaled El Dabag, CEO of Barclays’ regional headquarters and co-CEO and Head of Investment Banking for the Middle East.
“The opening of our Riyadh office marks an important step in our growth in Saudi Arabia and across the Middle East. It strengthens our ability to support clients in the Kingdom, connecting them to the full strength of Barclays’ global business,” said CS Venkatakrishnan, group chief executive of Barclays.
Al Hassoun said the Riyadh presence would complement the bank’s established Middle East franchise and help deepen relationships with corporate, government, and institutional clients.
Barclays has also made several senior appointments to strengthen its Saudi operations. Abdulaziz Abdulrahman A Alshenaifi has been named Head of Markets, Abdullah AlToukhi Head of Institutional Coverage, Susheel Jain Chief Financial Officer, and Abdulrahman Alanazi Head of Compliance and Money Laundering Reporting Officer.
These appointments follow the earlier selection of Mohammed Al Sarhan as independent non-executive chairman of the board for Barclays’ Saudi Arabian business.
A strategic return to Saudi Arabia
The expansion represents an important step in Barclays’ efforts to strengthen its presence in one of the Middle East’s largest economies.
The bank had retreated from the Saudi market more than a decade ago. Its latest move comes as international financial institutions compete for business generated by Saudi Arabia’s economic diversification program, Vision 2030.
The Kingdom is investing heavily in infrastructure, tourism, technology, energy, and other sectors as it seeks to reduce its dependence on oil revenues. These developments are creating demand for investment banking services, including mergers and acquisitions advice, debt and equity financing, capital markets transactions, and institutional investment.
Riyadh has also been positioning itself as a regional financial centre, encouraging multinational companies to establish their regional headquarters in the city.
The regional headquarters programme, introduced as part of Vision 2030, is intended to attract international companies and shift regional decision-making and business operations to Saudi Arabia. The government has linked eligibility for certain public-sector contracts to companies having regional headquarters in the Kingdom.
Barclays secured its regional headquarters licence in 2025, joining a growing list of international financial institutions establishing a stronger presence in the country. These include Citigroup, JPMorgan, Goldman Sachs, and Morgan Stanley.
The bank’s new operational licence allows it to expand beyond its regional headquarters presence and conduct investment banking and global markets activities locally.
Broader Middle East expansion
The Saudi investment is part of a wider effort by Barclays to build its business across the Middle East.
The bank’s regional franchise is led by Khaled El Dabag and Walid Mezher, who were appointed co-chief executives for the Middle East in July 2025. The appointments brought together leadership from its investment banking and markets businesses.
Barclays offers advisory, financing, capital markets, private banking, and wealth management services to corporate, institutional, and private clients across the region.
In October, Jaideep Khanna, the bank’s Asia-Pacific chief executive, told Bloomberg that Barclays was a strong believer in the Middle East’s growth prospects and was also looking to expand its activities in Turkey.
The bank has strengthened its Gulf private banking business through appointments, including Pritash Mathur, Belal Mohammed, and Murtaza Gilani. It has also moved equity capital markets banker Nikita Turkin from London to Dubai to take on wider regional responsibilities.
However, Barclays’ Saudi expansion comes against a challenging regional backdrop. Houthi attacks and wider geopolitical tensions have raised concerns about security, business continuity, and investor confidence in the Gulf. The conflict has also disrupted major business events and added uncertainty to the Kingdom’s economic outlook.
Despite these risks, international banks continue to see opportunities in Saudi Arabia’s expanding capital markets and its pipeline of government-backed and private-sector investments.
For Barclays, establishing a fully operational investment banking presence in Riyadh is intended to bring it closer to local decision-makers and clients while connecting Saudi businesses and institutions to its international network.
The success of the expansion will depend on how effectively the bank converts its local presence and senior appointments into mandates across financing, advisory, and capital markets.
Image Credit: Barclays