#1- Barclays is returning to the Kingdom after more than a decade, receiving a provisional license from the Capital Market Authority (CMA), it said in a press release yesterday. The UK bank plans to open its regional headquarters in Riyadh’s King Abdullah Financial District next year, CEO C.S. Venkatakrishnan told Bloomberg TV (watch, runtime: 13:06) on the sidelines of FII9.

The people: The bank tapped Bahri Chairman Mohammed Al Sarhan to help lead its Saudi expansion, Bloomberg reported, citing sources it said are in the know. Dubai-based executives Khaled El Dabag and Walid Mezher were hired back in July as co-CEOs overseeing the Middle East.

Barclays has been active in local agreements over the past decade, including advising the Public Investment Fund on its debut EUR green bond earlier this month. The bank does not intend to compete for retail services, Venkatakrishnan said, noting that the climate in Saudi is vastly different from when the bank’s investment banking license was cancelled in 2014.

#2- US-based investment firm State Street officially opened its Mena RHQ in Riyadh, following approval from the Investment Ministry, according to a press release. The company — which began local operations in 2020 and has served Saudi clients for over 25 years — currently has USD 60 bn in assets under management in the Kingdom, and is participating in FII9.

The firm appointed George Hanna as head of its Saudi business last year, ahead of its application for a RHQ license — spurred by projections that regional financial assets will rise to USD 9 tn by 2027 from USD 6 tn today.

IN CONTEXT- Barclays and State Street join other major financial institutions including Citigroup, JPMorgan Chase, Goldman Sachs, Morgan Stanley, and BlackRock, in establishing RHQs in Riyadh — raising the number of licensed international companies to 675, Investment Minister Khalid Al Falih said earlier this week.

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