Barclays Opens Riyadh Office, Appoints Al-Hassoon to Lead Saudi Investment Banking Operations
Key Facts
Barclays has opened a new office in Riyadh and appointed Majed Al-Hassoon chief executive and head of investment banking at Barclays Capital Saudi, to lead the local entity from the capital. The bank announced the appointment in a statement, saying the office supports the growth of its business in Saudi Arabia and the Middle East. The arrangement gives Al-Hassoon responsibility for the Saudi entity’s investment banking operations, while he will work with corporate, government and institutional clients. Group Chief Executive C.S. Venkatakrishnan said the office “enhances our ability to support clients in the Kingdom.” He added that the bank’s presence in Riyadh enables it to connect clients with Barclays’ global capabilities. The opening follows completion of the required licenses, expanding the bank’s operational presence in the Saudi market.
Barclays said the office received an operating license from the Saudi Capital Market Authority to conduct investment banking and global markets activities. This license adds to the regional headquarters license the bank received in 2025. In the Authority’s list published in November 2026, Barclays Capital Saudi was included among licensed institutions, with a note that it “has not yet commenced dealing activity.” This shows that the company’s inclusion on the list of licensed institutions preceded the start of dealing activity, according to the note accompanying the listing. The office opening and appointment of local leadership are part of building the bank’s presence in the Kingdom after it obtained the licenses. The bank’s statement did not specify when dealing activity would begin.
Al-Hassoon will work with corporate, government and institutional clients, reporting to Khalid Al-Dabbagh, chief executive of the regional headquarters and co-head of investment banking in the Middle East. Al-Hassoon joins Barclays from State Street Saudi Arabia, where he served as chief executive. The bank said he has two decades of experience in financial services and investment banking in Saudi Arabia. His career has included roles at Citigroup and Saudi Fransi Capital. His appointment to lead the local entity places responsibility for serving these client groups within a regional structure led by Al-Dabbagh. Barclays’ statement named no other appointments in the available information.
Barclays described Saudi Arabia as a key market in its Middle East strategy, linking this to the Kingdom’s economic transformation and the development of its capital markets under Vision 2030. The bank said the office enhances its ability to support clients in the Kingdom and draw on its global network, while its statement did not specify a separate growth target for the Riyadh financial center. In the context of regional expansion, Jaideep Khanna, Barclays’ chief executive for Asia-Pacific, said in an interview published on October 22 that the bank believes in the Middle East’s opportunities and continues to invest and expand in the region. Khanna said the bank “strongly believes” in the region’s opportunities and “is growing and investing in its overall presence in the Middle East.” These remarks reflect a broader regional direction consistent with the bank’s description of Saudi Arabia as a key market, while the opening statement focuses on serving clients and connecting them with Barclays’ capabilities.
Barclays shares, listed in New York under the ticker BCS, closed at $22.33 on November 6, 2026. That price was from a session before the office opening was announced on November 9, and does not include a figure for the announcement session or any share movement linked to the news. The bank’s statement gave no expected financial impact from the office or estimate of the scale of business it is targeting in Saudi Arabia. It also announced no details of investments or revenue associated with the new operations. The available closing price therefore remains a market snapshot from before the opening news, while the announcement focuses on the licenses, leadership and services the local entity will provide.
Barclays had set October 25, 2026, for a reception and ribbon-cutting ceremony at the office before announcing that both were postponed because of logistical challenges and office closures in the region. The bank said at the time it would inform invitees of a later date, without specifying a new date in the announcement. This means the office opening was announced after the planned celebration had been postponed, while the bank provided no replacement date for the ceremony. The current step includes the announcement of the office opening and appointment, along with confirmation of the licenses underpinning the Saudi entity’s operations. No date has yet been announced for any subsequent opening events.