SKN | Barclays Strengthens Its Saudi Investment Banking Franchise With a New Riyadh Platform

Key Takeaways:

• Barclays has opened a new office in Riyadh’s King Abdullah Financial District, expanding its direct presence in Saudi Arabia’s capital markets.
• The opening follows the bank’s receipt of a Capital Market Authority (CMA) operational licence for Investment Banking and Global Markets activities, building on its regional headquarters licence secured in 2025.
• Barclays appointed Majed Al Hassoun as CEO and Head of Investment Banking at Barclays Capital Saudi, supported by senior appointments across markets, institutional coverage, finance and compliance.
• The expansion creates a platform for future advisory and capital markets business, although Barclays has not disclosed revenue targets, transaction volumes or the expected financial contribution.

Barclays is deepening its investment banking presence in the Middle East through a more substantial operating platform in Saudi Arabia. On November 9, 2026, the British banking group announced the opening of a new office in Riyadh’s King Abdullah Financial District (KAFD), following regulatory authorisation to conduct Investment Banking and Global Markets activities in the Kingdom.

The development marks a further step in Barclays’ regional strategy. Rather than relying solely on its established Middle Eastern network, the bank is building a locally led operation intended to connect Saudi corporate, government and institutional clients with its international advisory, financing and capital markets capabilities.

Barclays Establishes a Locally Led Investment Banking Operation

The central appointment is Majed Al Hassoun, named Chief Executive Officer and Head of Investment Banking at Barclays Capital Saudi. Based in Riyadh, he will lead the local legal entity, develop client relationships and represent the bank with regulators and other market stakeholders. He reports to Khaled El Dabag, CEO of Barclays’ regional headquarters and Co-CEO and Head of Investment Banking for the Middle East.

Al Hassoun joins from State Street Saudi Arabia, where he served as CEO. His previous experience includes senior investment banking positions at Citigroup and Saudi Fransi Capital, giving Barclays leadership with established knowledge of the Saudi financial market.

The bank has also appointed Abdulaziz Abdulrahman A. Alshenaifi as Head of Markets, Abdullah AlToukhi as Head of Institutional Coverage, Susheel Jain as Chief Financial Officer and Abdulrahman Alanazi as Head of Compliance and Money Laundering Reporting Officer. Talal AlKhereiji has joined the Saudi franchise’s board as an Independent Non-Executive Director, alongside Chairman Mohammed Al-Sarhan.

Regulatory Authorisation Gives the Expansion Commercial Substance

Barclays’ Riyadh office builds on its Regional Headquarters licence secured in 2025 and the subsequent CMA authorisation for its Saudi investment banking operation. The regulator’s register, updated November 1, lists Barclays Capital Saudi for arranging, advising and dealing activities. It specifically noted, however, that dealing had not yet commenced. This distinction matters: regulatory authorisation and the commencement of each activity are not necessarily the same milestone.

For Barclays, the local platform is intended to support advisory mandates, financing transactions and market-related services as Saudi Arabia develops its capital markets under Vision 2030. These activities can generate fee-based revenue and strengthen relationships with institutional clients, although the bank has not quantified the opportunity or provided a timetable for material earnings contributions.

What the Riyadh Build-Out Means for Barclays’ Longer-Term Position

The expansion broadens Barclays’ regional operating footprint and reinforces the connection between its global investment banking capabilities and clients in the Gulf. It also places the bank in a position to compete more directly for Saudi corporate and institutional mandates.

However, the investment significance will depend on execution rather than the office opening itself. Future disclosures on transaction activity, client mandates, operating costs and revenue contribution will determine whether the new platform becomes a meaningful earnings driver. For internationally active clients, Barclays’ growing Saudi presence also offers another potential channel for accessing global advisory and capital markets capabilities. For a confidential discussion regarding international banking relationships and cross-border financial structures, contact our senior advisory team.