Riyadh - Mubasher: UK-based Barclays has received a provisional Capital Market Authority (CMA) license to launch investment banking and global markets operations in Saudi Arabia.

The move strengthens the bank’s footprint in the Middle East and supports its regional growth strategy, according to a press release.

Barclays intends to open a Riyadh office next year, enhancing access to corporate, institutional, and sovereign clients.

Earlier this year, the bank secured its regional headquarters (RHQ) license in the Kingdom.

C.S. Venkatakrishnan, Group Chief Executive of Barclays, said: “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,” he added.

Mohammed Al Sarhan will serve as Independent Non-Executive Chairman of Barclays’ Saudi Arabia franchise.

Meanwhile, the Middle East franchise is led by Khaled El Dabag and Walid Mezher as Co-CEOs.

Barclays has been operating in the MENA region for over 150 years, serving corporate, institutional, and private wealth clients in Saudi Arabia, the UAE, Qatar, and beyond.