Barclays opens new office in Saudi Arabia despite Houthi attacks

Barclays has established a new office in Riyadh, the capital of Saudi Arabia, despite ongoing government travel warnings and threats of further attacks. The UK-headquartered bank opened its new hub in the city's financial district to expand its business presence in the region. However, this move is in direct contrast to the UK Foreign Office's advisory, which cautions against all but essential travel to certain parts of Saudi Arabia.

The government has warned that the country, especially near King Khalid International airport - located 22 miles north of Riyadh - continues to be a target and remains at risk of additional attacks. Since early July, the Houthi military group from Yemen has been launching missiles and drones, targeting several areas within Saudi Arabia, with the threat of further attacks, disruption, and cancellations persisting.

Barclays CEO CS Venkatakrishnan emphasized that the new office would bolster the bank's capacity to assist clients in the region and reaffirm their commitment to Saudi Arabia's future. Many other major banks, such as Standard Chartered, Citigroup, and HSBC, have had to evacuate their operations following the US-Iran war's inception earlier this year.

The conflict has somewhat subsided in recent weeks, with diplomatic hopes rekindled after the US midterm elections, which saw the defeat of President Donald Trump's governing party. However, US Secretary of State Marco Rubio stated that there was no breakthrough in ongoing talks, and the UK government continues to warn of a high risk of sudden escalation in the Middle East due to the unpredictable context.