SKN | Barclays Returns to Saudi Arabia With New Riyadh Office and Investment Banking Leadership

Key Points

• Barclays has opened a new office in Riyadh’s King Abdullah Financial District, marking its return to Saudi Arabia after more than a decade.
• The bank appointed Majed Al Hassoun as CEO and Head of Investment Banking at Barclays Capital Saudi following approval of its operational licence.
• The expansion strengthens Barclays’ position in the Middle East as Saudi Arabia develops its capital markets and attracts international financial institutions under Vision 2030.

Barclays Re-establishes Its Saudi Arabian Presence

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. The move represents a broader effort to expand its investment banking and global markets operations in one of the Middle East’s largest economies.

The British bank also appointed 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 development of its investment banking and global markets businesses.

The office opening follows approval of an operational licence from Saudi Arabia’s Capital Market Authority, allowing Barclays to conduct investment banking and global markets activities locally. This builds on the regional headquarters licence secured in 2025.

Al Hassoun joins from State Street Saudi Arabia, where he served as chief executive. His experience includes approximately two decades in the country’s financial services industry, with previous senior investment banking positions 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.

Leadership Appointments Strengthen Local Operations

Barclays has made several additional senior appointments to establish its Saudi operating structure. 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 selection of Mohammed Al Sarhan as independent non-executive chairman of the board for Barclays’ Saudi business.

Group Chief Executive CS Venkatakrishnan described the Riyadh office as an important step in the bank’s regional growth, highlighting its role in connecting Saudi clients with Barclays’ international network.

Al Hassoun also indicated that the local presence would complement the bank’s established Middle East franchise and deepen relationships with corporate, government and institutional clients.

Vision 2030 Creates Opportunities for International Banks

Barclays’ return comes as international financial institutions compete for business associated with Saudi Arabia’s economic diversification programme, Vision 2030.

The Kingdom is directing investment toward 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 advisory, debt and equity financing, capital markets transactions and institutional investment.

Riyadh’s development as a regional financial centre is also supported by the government’s regional headquarters programme, which encourages multinational companies to establish regional decision-making and business operations in Saudi Arabia. Eligibility for certain public-sector contracts has been linked to companies maintaining regional headquarters in the Kingdom.

Barclays secured its regional headquarters licence in 2025, joining international financial institutions including Citigroup, JPMorgan, Goldman Sachs and Morgan Stanley in strengthening their Saudi presence. Its latest operational licence provides a further step, enabling the bank to conduct regulated investment banking and global markets activities locally.

Broader Middle East Expansion Faces Regional Risks

The Saudi investment forms part of Barclays’ wider strategy to develop its Middle East franchise. Khaled El Dabag and Walid Mezher became co-chief executives for the region in July 2025, bringing together leadership across investment banking and markets.

The bank provides advisory, financing, capital markets, private banking and wealth management services to corporate, institutional and private clients across the region. It has also strengthened its Gulf private banking leadership and expanded regional responsibilities within its equity capital markets business.

However, the expansion is taking place against a challenging geopolitical backdrop. Houthi attacks and wider regional tensions have raised concerns about security, business continuity and investor confidence. Conflict-related disruption has also affected major business events and added uncertainty to the Kingdom’s economic outlook.

Despite these risks, international banks continue to pursue opportunities linked to Saudi Arabia’s capital markets and pipeline of government-backed and private-sector investment.

Closing Insights

Barclays’ Riyadh office represents more than a regional administrative presence. The operational licence, senior leadership appointments and investment banking mandate establish the foundation for a more direct role in Saudi Arabia’s financial market.

The next phase will depend on the bank’s ability to convert its local relationships into financing mandates, advisory assignments and capital markets transactions. Its international network provides a potential advantage in connecting Saudi institutions with global capital, but commercial success will depend on execution, regulatory conditions and the broader regional investment environment.

 

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