Barclays has opened the doors to a new office in the capital of Saudi Arabia despite ongoing government warnings of further attacks following hostilities in the region.
The UK-headquartered bank said on Monday it had opened its new hub in Riyadh’s financial district as it looks to build out business in the region.
But it comes despite warnings from the UK Foreign Office, which is advising against all but essential travel to parts of Saudi Arabia.
The government website warns that after King Khalid International airport was attacked last month, which sits 22 miles north of Riyadh, it continues “to be targeted and remains at risk of further attacks”.
Since early July, the Houthis, a military group in Yemen, have launched missiles and drones targeting several locations in Saudi Arabia.
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UK gov: Risk of sudden escalation in Middle East is high
Barclays boss CS Venkatakrishnan said the new office would strengthen the bank’s ability to support clients in the region and “reaffirm our commitment to Saudi Arabia’s future”.
A number of banking giants have been forced to evacuate operations since the US-Iran war began earlier this year.
London-headquartered Standard Chartered switched staff in its Dubai offices to remote working in March as hostilities spilled out across the region. US financial giant Citigroup also told staff to evacuate the area following the growing conflict.
HSBC boss Georges Elhedery shuttered branches in Qatar as strike action ramped up.
The conflict has eased over recent weeks with renewed diplomatic hopes after Americans handed Donald Trump’s governing party a crushing defeat in the US midterm elections.
Trump has since said further strikes were “highly unlikely” but analysts and investors have remained cautious. US Secretary of State Marco Rubio has said there was no breakthrough in talks.
The UK government’s advice warns: “The wider context in the Middle East remains deeply unpredictable and the risk of sudden escalation is high.”