Barclays is returning to Saudi Arabia after an 11-year absence, marking both a strategic expansion for the British lender and a symbolic validation of Riyadh’s growing status as the Middle East’s corporate command hub. The move, first reported by Bloomberg, comes as the kingdom accelerates efforts under its Vision 2030 plan to diversify the oil-driven economy and attract multinational headquarters into its capital.
The bank, which exited Saudi Arabia in 2014, is now securing a new investment banking license and plans to open offices in Riyadh by early 2026, CEO C.S. Venkatakrishnan said in an interview with Bloomberg TV, while he was attending the Fortune Global Forum and the kingdom’s flagship annual Future Investment Initiative summit. Confirming the bank’s reentry into Saudi Arabia and that the kingdom “will be recognizing” the new regional headquarters in just a couple of days, Investment Minister Khalid Al-Falih said: “People have seen that the kingdom is a long-term partner. We’re not transactional.”
