Barclays re-enters Saudi Arabia 11 years after exit

Gulf ambitions: A pedestrian walks past a row of ATMs outside a Barclays branch in London. The bank continues working on investment banking deals in Saudi Arabia. — AFP

LONDON: Barclays Plc is re-entering Saudi Arabia, becoming the latest bank to beef up operations in the oil-rich kingdom that’s in the midst of a trillion-dollar economic transformation plan.

The London-based lender is in the process of securing a licence to conduct investment banking activities in the country, and plans to open an office in Riyadh next year as part of that push.