Key Takeaways
- • Barclays has opened a new office in Riyadh's King Abdullah Financial District (KAFD), marking its return to Saudi Arabia after more than a decade away from the market.
- • Majed Al Hassoun, formerly chief executive of State Street Saudi Arabia, was appointed chief executive officer and head of investment banking at Barclays Capital Saudi, reporting to Khaled El Dabag.
- • The office opening follows a Capital Market Authority (CMA) operational licence allowing Barclays to conduct investment banking and global markets activities in the Kingdom, building on its 2025 regional headquarters licence.
- • Barclays has filled several senior Saudi roles, including Head of Markets, Head of Institutional Coverage, CFO, and Head of Compliance and MLRO, with Mohammed Al Sarhan named independent non-executive chairman.
Summary
Barclays has opened an office in Riyadh's King Abdullah Financial District, marking its return to the Saudi Arabian market after more than a decade. The British bank announced on Monday the appointment of Majed Al Hassoun as chief executive officer and head of investment banking at Barclays Capital Saudi. Al Hassoun joins from State Street Saudi Arabia, where he served as chief executive, and brings roughly two decades of experience in the Kingdom's financial services sector, including senior investment banking roles at Citigroup and Saudi Fransi Capital. He will lead the local entity and oversee expansion of the investment banking and global markets businesses.
The office opening follows an operational licence from the Capital Market Authority (CMA) permitting investment banking and global markets activities, building on the regional headquarters (RHQ) licence Barclays secured in 2025. Al Hassoun will report to Khaled El Dabag, CEO of Barclays' regional headquarters and co-CEO and Head of Investment Banking for the Middle East. CS Venkatakrishnan, group chief executive of Barclays, said the Riyadh office "marks an important step in our growth in Saudi Arabia and across the Middle East." Barclays has also named Abdulaziz Abdulrahman A Alshenaifi as Head of Markets, Abdullah AlToukhi as Head of Institutional Coverage, Susheel Jain as Chief Financial Officer, and Abdulrahman Alanazi as Head of Compliance and Money Laundering Reporting Officer. These follow the earlier selection of Mohammed Al Sarhan as independent non-executive chairman of the Saudi board.
The move comes as international banks compete for business generated by Vision 2030, the Kingdom's economic diversification programme, which is driving demand for M&A advisory, debt and equity financing, capital markets transactions and institutional investment. Riyadh is also positioning itself as a regional financial centre through the regional headquarters programme, under which the government has linked eligibility for certain public-sector contracts to having a regional headquarters in the Kingdom. Citigroup, JPMorgan, Goldman Sachs and Morgan Stanley have also expanded their presence in the country.
The Saudi expansion forms part of a broader Middle East strategy. Khaled El Dabag and Walid Mezher were appointed co-chief executives for the region in July 2025. In October, Asia-Pacific chief executive Jaideep Khanna told Bloomberg that Barclays was a strong believer in the Middle East's growth prospects and was looking to expand in Turkey. The bank has also strengthened its Gulf private banking business and moved equity capital markets banker Nikita Turkin from London to Dubai.
The expansion comes against a challenging regional backdrop, with Houthi attacks and wider geopolitical tensions raising concerns about security, business continuity and investor confidence in the Gulf. Despite these risks, international banks continue to see opportunities in Saudi Arabia's capital markets and pipeline of government-backed and private-sector investment. The success of the Riyadh office will depend on how effectively Barclays converts its local presence and senior hires into financing, advisory and capital markets mandates.
The office opening follows an operational licence from the Capital Market Authority (CMA) permitting investment banking and global markets activities, building on the regional headquarters (RHQ) licence Barclays secured in 2025. Al Hassoun will report to Khaled El Dabag, CEO of Barclays' regional headquarters and co-CEO and Head of Investment Banking for the Middle East. CS Venkatakrishnan, group chief executive of Barclays, said the Riyadh office "marks an important step in our growth in Saudi Arabia and across the Middle East." Barclays has also named Abdulaziz Abdulrahman A Alshenaifi as Head of Markets, Abdullah AlToukhi as Head of Institutional Coverage, Susheel Jain as Chief Financial Officer, and Abdulrahman Alanazi as Head of Compliance and Money Laundering Reporting Officer. These follow the earlier selection of Mohammed Al Sarhan as independent non-executive chairman of the Saudi board.
The move comes as international banks compete for business generated by Vision 2030, the Kingdom's economic diversification programme, which is driving demand for M&A advisory, debt and equity financing, capital markets transactions and institutional investment. Riyadh is also positioning itself as a regional financial centre through the regional headquarters programme, under which the government has linked eligibility for certain public-sector contracts to having a regional headquarters in the Kingdom. Citigroup, JPMorgan, Goldman Sachs and Morgan Stanley have also expanded their presence in the country.
The Saudi expansion forms part of a broader Middle East strategy. Khaled El Dabag and Walid Mezher were appointed co-chief executives for the region in July 2025. In October, Asia-Pacific chief executive Jaideep Khanna told Bloomberg that Barclays was a strong believer in the Middle East's growth prospects and was looking to expand in Turkey. The bank has also strengthened its Gulf private banking business and moved equity capital markets banker Nikita Turkin from London to Dubai.
The expansion comes against a challenging regional backdrop, with Houthi attacks and wider geopolitical tensions raising concerns about security, business continuity and investor confidence in the Gulf. Despite these risks, international banks continue to see opportunities in Saudi Arabia's capital markets and pipeline of government-backed and private-sector investment. The success of the Riyadh office will depend on how effectively Barclays converts its local presence and senior hires into financing, advisory and capital markets mandates.
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