Barclays has opened a new office in Riyadh's King Abdullah Financial District (KAFD), marking a fresh push into Saudi Arabia's financial services market as the kingdom seeks to strengthen its position as a regional investment and business hub.
The British banking group announced the opening on Monday, November 9, following approval from Saudi Arabia's Capital Market Authority (CMA) to conduct investment banking and Global Markets activities in the kingdom.
The move builds on the Regional Headquarters (RHQ) license Barclays secured in 2025 and reflects its long-term commitment to expanding its presence in Saudi Arabia.
As part of its expansion, Barclays has appointed Majed Al Hassoun as Chief Executive Officer and Head of Investment Banking at Barclays Capital Saudi.
Based in Riyadh, Al Hassoun will lead the bank's local legal entity and oversee growth in its investment banking and Global Markets businesses in the Kingdom. He will work with corporate, government and institutional clients, while representing the bank before regulators and other key stakeholders.
Al Hassoun joins Barclays from State Street Saudi Arabia, where he served as CEO. He brings two decades of experience in investment banking and financial services in Saudi Arabia, having previously held senior positions at Citigroup and Saudi Fransi Capital.
He will report to Khaled El Dabag, CEO of the regional headquarters and Co-CEO and Head of Investment Banking for the Middle East.
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The bank has also announced several senior appointments to support its expansion in Saudi Arabia.
Abdulaziz Abdulrahman A. Alshenaifi has been appointed Head of Markets, while Abdullah AlToukhi will lead Institutional Coverage. Susheel Jain has joined as Chief Financial Officer, and Abdulrahman Alanazi has been appointed Head of Compliance and Money Laundering Reporting Officer.
These appointments follow the earlier selection of Mohammed Al Sarhan as Independent Non-Executive Chairman of the board for Barclays' Saudi Arabia business.
Commenting on the expansion, Barclays Group Chief Executive C.S. Venkatakrishnan said the Riyadh office would strengthen the bank's ability to support clients in the kingdom and connect them with its global business.
He added that investing in regional talent would deepen Barclays' presence and reaffirm its commitment to Saudi Arabia's future.
Al Hassoun said he was looking forward to building a strong business in the kingdom and strengthening relationships with clients and stakeholders.
Saudi Arabia remains an important market in Barclays' Middle East strategy, particularly as the kingdom pursues economic diversification and capital market development under Vision 2030.
The bank provides advisory, financing, capital markets, and wealth management services across the region through its investment banking, markets, and private banking platforms. Khaled El Dabag and Walid Mezher lead its Middle East franchise as Co-CEOs.