Barclays has announced the opening of its new office in King Abdullah Financial District (KAFD), Riyadh, in its return to Saudi Arabia after 11 years.

Alongside the new office, the bank has named Majed Al Hassoun as chief executive officer and head of investment banking for Barclays Capital Saudi.

In the role, he is expected to work with corporate as well as government clients, and represent Barclays in conversations with regional stakeholders and regulators.

Barclays operated in Riyadh between 2009 and 2014, before shuttering its operations and surrendering its licence under the restructuring initiative of its then chief executive, Antony Jenkins.

It first received its operational licence from Saudia Arabia’s financial regulator the Capital Market Authority in October 2025, allowing it to begin investment banking and global markets activity in the region.

The bank has repeatedly stated that Saudi Arabia is a core market for its Middle East strategy,

C. S. Venkatakrishnan, group chief executive of Barclays, said: “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.”

Its Middle East franchise is led by co-chief executives Khaled El Dabag and Walid Mezher.

The office opening comes despite increased security fears across Saudi Arabia prompted by repeat attacks by the Yemen-based Houthi paramilitary organisation and regional instability amid the US and Israel’s war on Iran.

Official UK Foreign Office guidance advising advises “all but essential travel to parts of Saudi Arabia”, noting that missiles and drones launched by the Houthis threaten the entire region inclusive of Riyadh.

In March, organisations such as Citigroup and Standard Chartered told staff in Riyadh to evacuate amid escalating attacks. Reuters reported in October that banks including Deutsche Bank and JPMorgan had told staff in Saudi Arabia to work from home amid safety concerns.

The newswire added that the US investment management organisation Franklin Templeton had temporarily closed its offices in Riyadh.

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