Business news and discussion on TalkFuse.
Barclays opens Saudi office despite government travel warning
Barclays has opened a new office in Riyadh as it seeks to expand its business in the region, saying the hub will help it support clients and reaffirm its commitment to Saudi Arabia. The move comes as the UK Foreign Office warns of a continuing risk of attacks and advises against all but essential travel to parts of the country.
The warning follows an attack on King Khalid International airport, 22 miles north of Riyadh, and missile and drone launches by Yemen’s Houthi group since early July. Barclays’ expansion contrasts with steps by other banks during the wider US-Iran conflict: Standard Chartered moved Dubai staff to remote working, Citigroup told staff to evacuate the area and HSBC closed branches in Qatar. Although tensions have eased and diplomatic efforts have renewed, the UK government says the regional situation remains unpredictable.
In short
- Barclays has opened a new office in Riyadh despite UK travel warnings.
- The warnings cite airport attack risks and possible further disruption.
- Other banks have reduced or closed regional operations during the conflict.
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
Opening a Riyadh office can help Barclays serve clients in a major regional market and maintain a long-term presence as diplomatic efforts resume. The travel warning is aimed at individual travellers and does not necessarily mean that a carefully managed business operation is untenable; Barclays may judge that security measures can address the risks to its staff.
The case against
The warning reflects a continuing, unpredictable threat, including an attack near Riyadh and missile and drone launches, so establishing a new office could expose staff to serious danger. Barclays could defer the expansion or limit its presence until conditions improve, as other banks have taken precautionary steps in the region.
Business Culture Government Middle East Politics Travel UK World