Barclays eyes Saudi re-entry amid capital markets boom – sources tell Reuters

The bank gave up its Saudi licenses in 2014 amid a global retreat of its investment banking operations under then-CEO Antony Jenkins (Shutterstock)
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Updated 15 December 2022
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Barclays eyes Saudi re-entry amid capital markets boom – sources tell Reuters

LONDON: Barclays is exploring a return to Saudi Arabia in a bid to capture a slice of the country's burgeoning capital markets, two people close to the matter told Reuters.

The British bank is looking at securing a license in the Kingdom to be able to manage deals including initial public offerings, the people said, speaking on the condition of anonymity.

They added the deliberations were at an early stage and no final decision has been made.

Barclays declined to comment while a representative for Saudi Arabia's Capital Markets Authority did not respond to a request for comment.

The bank gave up its Saudi licenses in 2014 amid a global retreat of its investment banking operations under then-CEO Antony Jenkins.

The bank is authorized to operate in the Dubai Financial Centre and Qatar, but in its latest annual strategic report it said it aimed to "selectively expand" its investment banking presence in the Middle East.

Barclays earned about 70 percent of 2021 pre-tax profit from corporate and investment banking activities, including trading, advisory and transaction banking.

The Middle East has been a bright spot of activity in an otherwise gloomy year for equity capital markets. Companies have raised some $21.9 billion through IPOs in the area in 2022, more than half the total for the wider EMEA region, which also includes Europe and Africa, according to Dealogic data.

In particular, Saudi Arabia has witnessed a string of IPOs amid a government-led privatization programme that has also seen state entities shed some of their holdings in listed firms, encouraging local companies and family businesses to go public.

On Dec. 11, oil refiner Luberef priced its $1.3 billion share offer at the top of the initial price range on the back of strong investor demand.

The following day, restaurant operator Americana began trading on the Riyadh and Abu Dhabi bourses after a successful $1.8 billion dual listing.

In 2021, Barclays ranked among the top 10 bookrunners of share sales worldwide, according to Dealogic data compiled by the Wall Street Journal.

Its latest quarterly report showed a more than 80 percent drop in equity capital markets income in the first nine months of 2022 from the same period last year amid a global drop in IPO issuance.


Saudi Arabia launches skills framework to support mining, industrial growth 

Updated 6 sec ago
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Saudi Arabia launches skills framework to support mining, industrial growth 

JEDDAH: Saudi Arabia has launched a new skills framework for the mining and industrial sectors to standardize job roles and support workforce development. 

The initiative was unveiled by Minister of Industry and Mineral Resources Bandar Alkhorayef on the sidelines of the Global Labor Market Conference 2026, according to Al-Eqtisadiah. 

The framework is intended to help employers, job seekers and training providers better navigate labor demand in mining and industry, as Saudi Arabia accelerates investment in manufacturing, minerals processing and related value chains under Vision 2030. 

“This is, in fact, a tool which ensures clear definitions of occupations and their required skills. It will cover more than 500 job roles, detailing the necessary skills, responsibilities, and titles,” Alkhorayef said during a discussion panel at the event. 

The Ministry of Industry and Mineral Resources said the initiative — known as the Industry & Mining Occupations & Skills Framework — will serve as a national reference for occupations and skills in mining and industry. 

The framework is designed to achieve a set of strategic objectives that support human capital development in the industrial and mining sectors. It aims to strengthen workforce planning, training programs, and career pathways, while supporting informed decision-making. 

Covering more than 500 industrial occupations, over 300 professional specialties, 600 skills, and 900 professional certifications, the framework sets standardized job titles, descriptions, and skill requirements to support recruitment, performance, and competitiveness. 

For each occupation, a profile is developed, outlining the code, job titles, and descriptions, as well as other information such as key tasks, educational qualifications, and required skills.

These profiles give employees clarity on roles, career pathways, and accredited credentials, while helping job seekers match their qualifications with suitable roles and focus on targeted skill development. 

The framework, published by the ministry, runs to nearly 3,200 pages and was developed through collaboration with the General Authority for Statistics, alongside government bodies, private sector organizations and academic institutions. 

The launch comes as Saudi Arabia’s mining push gains momentum after new surveys of the Arabian Shield showed the Kingdom’s mineral resources are larger than previously estimated. 

Official estimates have jumped by about 90 percent to roughly SR9.37 trillion ($2.5 trillion), up from around SR5 trillion in 2016, strengthening the case for further mining investment and skills development.