CMA grants Barclays temporary license to expand in Saudi Arabia

Barclays plans to open its Riyadh office in 2026

Saudi Arabia’s Capital Market Authority (CMA) granted Barclays PLC a provisional license, paving the way for the bank to commence investment banking and global markets activities in the Kingdom, once the license is fully active.

Mohammed Al-Sarhan will join Barclays in Saudi Arabia as Chairman of the board (independent non-executive), the bank said in a statement.

Al-Sarhan brings extensive experience and strong client relationships in the Kingdom, having previously held senior positions at Al Safi Danone Co., Al Faisaliah Group (AFG), IKEA, and National Shipping Company of Saudi Arabia (Bahri).

C.S. Venkatakrishnan, Group CEO, said that Saudi Arabia serves as a key hub in Barclays’ growth strategy for the Middle East. As a global bank with long-standing regional relationships, Barclays is well-positioned to support its clients in accessing capital, driving transformation, and achieving growth in this dynamic market.

The group added that it had obtained a regional headquarters license earlier this year, with plans to open its Riyadh office in 2026.