Mohammed Al-Sarhan, who has recently joined as Independent Non-Executive Chairman of the Board for Barclays’ Saudi Arabia franchise, has said that the return of the prestigious British bank to the Saudi market \u201ccomes at the right moment for an economy experiencing exceptional momentum and in need of global financing channels.\u201d<\/p>\n\n\n\n
He revealed that Barclays Saudi Arabia has received preliminary approval from the Capital Market Authority to license an investment company and has secured headquarters in King Abdullah Financial District (KAFD) in preparation for an official launch \u201cby the end of the first or second quarter of next year.\u201d<\/p>\n\n\n\n
Al-Sarhan said that Barclays, which is over a century old, had a presence in Saudi Arabia about 14 years ago. \u201cHowever, its withdrawal at that time was linked to a regulatory environment that was not sufficiently clear,\u201d he explained.<\/p>\n\n\n\n
\u201cToday, everything has changed. The regulatory environment in our country has become exemplary.\u201d<\/p>\n\n\n\n
Project Financing and Liquidity Growth<\/strong> \u201cThe government has massive projects, and so does the private sector, which is putting pressure on local liquidity. Therefore, it is important to bring in additional liquidity from abroad,\u201d he said.<\/p>\n\n\n\n \u201cOver the past five or six years, we have seen abundant issuances of sukuk and bonds for this purpose,\u201d he said, adding \u201cBarclays is one of the largest lenders in the world, and it also lends to major global banks.\u201d<\/p>\n\n\n\n Board of Directors and Strategy<\/strong> \u201cI am keen for some of the independent members to be Saudis. We are also looking for an experienced CEO who understands the financial and investment environment in the country,\u201d he said.<\/p>\n\n\n\n He stressed that the regional office in Riyadh \u201cwill need clear authority and speed in decision-making to meet local needs.\u201d<\/p>\n\n\n\n Dual Listings and Cross-Continental Expertise<\/strong> \u201cHaving Barclays in Riyadh is extremely important; it is now the center of major developments. Projects such as NEOM, the Red Sea, Qiddiya, Diriyah, and others require significant financing, and the private sector also needs private credit instruments.\u201d<\/p>\n\n\n\n A Timely Return and a Mature Environment<\/strong> \u201cWithout this visionary leadership and these massive projects, the bank would not have considered returning,\u201d he stated.<\/p>\n","protected":false},"excerpt":{"rendered":" Mohammed Al-Sarhan, who has recently joined as Independent Non-Executive Chairman of the Board for Barclays’ Saudi Arabia franchise, has said that the return of the…<\/p>\n","protected":false},"author":2,"featured_media":3179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,62,16,4,7,366],"tags":[396,78,265,66],"class_list":["post-3178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-europe","category-finance","category-international","category-mena","category-saudi-arabia","tag-barclays-bank","tag-finance","tag-riyadh","tag-saudi-arabia"],"yoast_head":"\n
Al-Sarhan said there is a need \u201cto attract foreign liquidity through direct investments in Saudi infrastructure or through loans and debt instruments.\u201d<\/p>\n\n\n\n
Al-Sarhan revealed that the formation of the Board of Directors is currently underway, \u201cto include six members in accordance with the requirements of the Capital Market Authority, one-third of whom will be independent.\u201d<\/p>\n\n\n\n
Al-Sarhan highlighted a competitive advantage that Barclays offers to Saudi companies seeking public listings, saying: \u201cThe bank has the capability to arrange dual listings thanks to its high level of expertise and familiarity with these markets.\u201d<\/p>\n\n\n\n
Al-Sarhan believes that \u201cBarclays\u2019 return to the Kingdom is successful on two fronts: the Saudi financial and investment ecosystem needs a well-established bank with strong solvency, and in turn, Barclays should take part in this remarkable renaissance.\u201d<\/p>\n\n\n\n