Barclays Opens Riyadh Office Amid Houthi Attacks
The British bank's new office in the King Abdullah Financial District follows a regional headquarters license granted in 2025.
Updated on Nov. 9, 2026 in Economic Indicators
Barclays opened an office in Riyadh's King Abdullah Financial District, a day after Houthi militants targeted the same district. The bank appointed Majed Al Hassoun as chief executive officer and head of investment banking for Barclays Capital Saudi.
Why it matters
Saudi Arabia pressures international firms to establish Middle East headquarters in Riyadh or risk losing business with state entities. The move comes as the kingdom faces attacks and a widening fiscal deficit.
Saudi Arabia's fiscal deficit more than doubled to 84 billion riyals ($22.4 billion) in the third quarter, while the economy contracted 3.8% over the period. The source does not detail how the deficit compares against a prior-year baseline.
The players
Barclays
A British multinational bank headquartered in London with a large global investment banking and private banking business.
Majed Al Hassoun
Named chief executive officer and head of investment banking for Barclays Capital Saudi in the Riyadh expansion.
The details
Barclays received a regional headquarters license in Saudi Arabia in 2025 and obtained a license to conduct investment banking and global market activities. The bank also hired Pritash Mathur, Belal Mohammed and Murtaza Gilani to bolster its Gulf private bank, and relocated equity capital markets banker Nikita Turkin from London to Dubai.
Timeline
2025: Barclays received its regional headquarters license in Saudi Arabia.
Last month: Strikes on Riyadh's airport killed more than a dozen people and disrupted flights.
November 8, 2026: Houthi militants targeted the King Abdullah Financial District.
November 9, 2026: Barclays announced its Riyadh office opening.
Economic Indicators Context
Barclays' Riyadh office follows the Saudi regional headquarters requirement that pushes foreign firms to base Middle East operations in the kingdom. The move unfolds as the Saudi fiscal deficit doubled in the third quarter and the economy contracted 3.8%.
Foreign firms working with Saudi state entities may need to establish Riyadh headquarters to keep that business. Professionals in banking and finance across the Gulf may see hiring and relocation shifts as firms expand in the kingdom.
The takeaway
Foreign banks expanding into Saudi Arabia are being steered toward Riyadh, so firms tracking Gulf banking opportunities should watch how the kingdom's headquarters rules shape where capital and talent settle.
Further reading
For broader context on the kingdom's fiscal picture, see Economic Indicators.
