Barclays PLC today announced it is expanding its business in Saudi Arabia, as the Group continues to strengthen its presence in the Middle East.

Barclays has received a provisional Capital Market Authority (CMA) licence, paving the way for the bank to commence Investment Banking and Global Markets activities in Saudi Arabia once the licence is fully active. This significant milestone underscores the bank’s investment in the Kingdom and commitment to the region.

“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 capabilities in the Kingdom is a significant milestone for us as we continue to grow our regional footprint in key markets,” said C.S. Venkatakrishnan, Group Chief Executive of Barclays. “As a global bank with strong historical connections in the region, we are well-positioned to help clients access capital, transform and grow in this dynamic market.”

Mohammed Al-Sarhan will join as Independent Non-Executive Chairman of the Board for Barclays’ Saudi Arabia franchise. Mr. Al-Sarhan brings a wealth of experience and deep client relationships in the Kingdom. Previously Mr. Al-Sarhan served in prominent roles with Al Safi Danone, Al Faisaliah Group, IKEA and Bahri.

The bank’s Middle East franchise is led by Khaled El Dabag and Walid Mezher as Co-CEOs who have a wealth of Investment Bank experience and strong client relationships in the region.

Earlier this year, the bank received its Regional Headquarters (RHQ) licence. Barclays is set to open an office next year in Riyadh, enabling the KSA team to deepen client coverage by being closer to its key corporate, institutional and sovereign wealth fund clients – including its ability to service its International Corporate Bank clients, who will also benefit from access to products and services as part of a broader, integrated offering. Through its presence, Barclays will bring its global network and comprehensive suite of products to support the Kingdom’s ambitious transformation into a leading global investment hub.

“I am truly excited to join Barclays at this pivotal moment for the bank’s growth in the Kingdom. It is an honour to work alongside two outstanding leaders, Khaled El Dabag and Walid Mezher, both of whom bring deep expertise and a strong commitment to the region,” said Mr. Al-Sarhan. “Together I am confident that we will make a meaningful impact for our clients and support the Kingdom’s ambitious transformation.”

Barclays’ expansion into KSA advances the bank’s strategic growth across the Middle East and strengthens its existing presence in the Gulf Cooperation Council, where it already operates in the UAE and Qatar.