Barclays Expands Saudi Presence with New Riyadh Office and Key Leadership Appointments

Barclays has established a physical presence in Saudi Arabia’s King Abdullah Financial District (KAFD) after securing operational licensing from the Capital Market Authority. This move allows the British lender to execute investment banking and global markets activities locally, positioning it to capture a larger share of the Kingdom’s rapidly diversifying capital markets and corporate advisory sector.

What was announced

The opening of the Riyadh office follows Barclays obtaining its operational license from the Capital Market Authority (CMA). This regulatory approval permits the bank to conduct Investment Banking and Global Markets activities within Saudi Arabia. The expansion builds upon the Regional Headquarters (RHQ) license the bank secured in 2025, which reflects a long-term commitment to the market as the Kingdom’s capital markets continue to deepen and diversify under the Vision 2030 framework.

To lead the local entity, Barclays Capital Saudi, the bank has appointed Majed Al Hassoun as Chief Executive Officer and Head of Investment Banking. Al Hassoun joins from State Street Saudi Arabia, where he also served as CEO, and brings two decades of experience including previous leadership roles at Citigroup and Saudi Fransi Capital. Based in Riyadh, he will report to Khaled El Dabag, the CEO of RHQ and Co-CEO and Head of Investment Banking for the Middle East.

The bank has also confirmed a suite of senior leadership appointments to support the Riyadh operation. These include 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. These hires follow the earlier appointment of Mohammed Al-Sarhan as Independent Non-Executive Chairman of the Board for the Saudi Arabia franchise. The office will serve as a hub for delivering global advisory and capital markets capabilities to corporate, government, and institutional clients.

"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. By investing in regional talent, we continue to deepen our presence and reaffirm our commitment to Saudi Arabia’s future."

C. S. Venkatakrishnan

The companies involved

Barclays Bank Plc is a major global financial services provider with a significant history in the Middle East. As a Tier 1 investment bank, it operates across two primary divisions: Barclays UK and Barclays International. The latter encompasses its corporate and investment banking, as well as its international wealth and private banking businesses. The bank has been a persistent player in the Middle East for decades, providing advisory, financing, and capital markets services to sovereign wealth funds and large-scale enterprises.

The establishment of Barclays Capital Saudi represents a strategic deepening of its footprint in the Gulf Cooperation Council (GCC) region. Historically, many international banks serviced the Saudi market from hubs in London or Dubai. However, the Kingdom’s economic transformation and the subsequent requirement for international firms to establish regional headquarters in Riyadh have shifted the competitive landscape. Barclays’ move into the King Abdullah Financial District places it at the heart of Saudi Arabia’s new financial center, competing directly with other global giants that have recently expanded their on-the-ground presence to comply with local regulatory mandates and tap into the Kingdom’s infrastructure and privatization projects.

What FF News has reported before

FF News has extensively tracked the movements of major banking institutions and their strategic shifts in the global market. In recent coverage, the publication noted significant activity in the broader financial services sector, such as when CAB Payments Rejects Helios Consortium Offer as 'Highly Opportunistic' and Undervaluing Future Growth. This highlighted the ongoing volatility and valuation debates within the payments and cross-border finance space. Additionally, the industry has seen a trend toward specialization and divestment, as seen when FNZ to Sell FNZ Bank to Advent and HarbourVest to Sharpen Core Wealth Tech Focus. These reports underscore a period of intense restructuring across the financial landscape as firms seek to optimize their core offerings and regional footprints.

What this means

The expansion of Barclays into Riyadh is a clear signal that the "wait-and-see" period for international investment banks in Saudi Arabia is over. By securing both RHQ and CMA licenses, Barclays is moving to protect its deal flow as the Kingdom’s privatization program and infrastructure projects accelerate. The pressure is now on other European and American lenders who lack a full-scale local presence; they risk being sidelined from lucrative government-linked mandates. This move also highlights the intensifying war for local talent, as firms must staff these new offices with experienced Saudi nationals to meet both regulatory requirements and client expectations in a maturing market.