Riyadh: Saudi Arabia is set to formally recognize Barclays’ regional headquarters in Riyadh within the coming days, marking a key milestone in the kingdom’s efforts to position itself as a leading financial hub in the Middle East. Investment Minister Khaled al-Falih announced the development during the Fortune Global Forum in Riyadh on Sunday.
Addressing Barclays CEO C.S. Venkatakrishnan on stage, Minister al-Falih said, “If I may break that news, we will be recognizing Barclays for the regional headquarters in a couple of days, and I’d like to thank you for that word of confidence into the kingdom as a platform.” The announcement underscores Saudi Arabia’s continued drive to attract global financial institutions and diversify its economy beyond oil, in line with its Vision 2030 agenda.
Barclays’ decision to establish a regional headquarters in Riyadh reflects the growing importance of the Middle East as a strategic financial and investment center. The recognition is expected to streamline the bank’s operations in the region, facilitate stronger regional engagement, and contribute to the expansion of the kingdom’s banking and financial services sector.
This development also aligns with broader trends in Saudi Arabia, where multiple international banks and financial institutions have expanded their footprint to tap into the country’s growing economic opportunities. The recognition ceremony, anticipated in the next few days, is likely to further cement Riyadh’s standing as an emerging hub for international finance and investment in the region.
Analysts say the formal establishment of Barclays’ regional headquarters may also encourage other global financial institutions to consider similar expansions in the kingdom, reinforcing Saudi Arabia’s ambition to become a major center for financial services in the Middle East.