Barclays - growing with the UAE for 50 years and beyond
This year marks 50 years since Barclays opened its first branch in the United Arab Emirates, on the Corniche in Abu Dhabi. Since those early days, only four years after the formation of the UAE, Barclays' history in the country has been intertwined with the development of the Emirates into a vibrant hub for trade, tourism and a flourishing financial centre.
The UAE is now the key hub for Barclays in the Middle East, serving Investment Bank and Private Bank and Wealth Management clients.
'Fifty years in the UAE is a testament to the trust our clients continue to place in us,' said Khaled El Dabag, chief executive for the Middle East and North Africa at Barclays. 'Through economic shifts and evolving market dynamics, Barclays has remained a constant banking partner, helping clients navigate complexity and capitalise on opportunities.'
A legacy of service
Barclays' journey in the Middle East began in 1975 with a comprehensive portfolio of financial services, including corporate banking, retail banking, credit card services, and business banking. After Abu Dhabi, branches in Sharjah, Dubai and Ras Al Khaimah followed in the next four years, creating the foundations for further growth.
In the 1980s and 1990s, as trade through Dubai blossomed, Barclays stepped up its investment. Using the UAE as the regional hub for the Middle East, Barclays built a reputation for excellence in financial services in the region, earning multiple awards from Euromoney, EMEA Finance and other leading publications.
Barclays launched the Investment Bank and Wealth and Premier offerings in the Dubai International Financial Centre in 2005 and 2007 respectively, stepping up its commitment to institutional and high-net-worth clients and capturing opportunities in emerging wealth corridors from the Middle East to Asia, Africa, Europe and the UK.
In 2011, Barclays raised the bar for corporate bond issuance from the UAE as joint bookrunner on a US$3.75 billion triple-tranche offering for a petroleum company, the biggest deal of its kind at the time.
Since 2014, Barclays International Corporate Bank has focused on its core strengths – serving large corporate and institutional clients. This focused approach has allowed the bank to meet the growing needs of the UAE's expanding business community with online banking, trade finance and green loans, adding to a full suite of products and solutions.
Towards a bright future
As Barclays enters its sixth decade in the country, it continues to invest in its UAE capabilities by upgrading, for example, the International Corporate Bank's technology platform with best-in-class capabilities. Barclays has also continuously improved the breadth of its product offering to support global and regional multinational clients, financial institutions and fintechs as they grow within the region. These investments leave the bank well-positioned to support the UAE's continued growth as a hub for trade and investment.
As the leading non-US investment bank, Barclays continues to help its corporate and sovereign wealth fund clients access new opportunities, pairing global capabilities with local relationships to deliver high-value financial solutions, advisory, capital markets and investment services.
Barclays has acted as one of the joint bookrunners on the US$2 billion initial public offering of Talabat, the largest tech IPO in the world in 2024 and Barclays' first mandate for a listing on the Dubai Financial Market. The continued growth in depth and sophistication of the UAE capital markets is a win-win for the bank and its clients.
A wealth of opportunity
Barclays Private Bank and International Banking are also strengthening their international proposition to support the UAE's rapid growth as a global wealth management hub.
As the UAE strengthens its position as a global financial hub, ultra-high-net-worth individuals and family office clients are seizing opportunities across key wealth corridors linking the Middle East to the UK, Europe, Asia and the rest of the world.
With bespoke solutions, deep regional knowledge and global markets insights, Barclays strives to help its clients, their families and the next generation in preserving their wealth and driving long term growth.
Supporting our communities
Barclays is also helping to uplift communities and create a supportive culture where everyone can thrive.
Through the bank's ongoing Citizenship initiatives and with a vibrant group of employee volunteers, Barclays continues to make a positive impact in the UAE by engaging with and providing support and resources where it is most needed in the country. In line with the bank's global employability initiative, the Ebda ('Start') UAE Graduate Employability Programme was launched in 2023 in partnership with Injaz UAE, a non-profit organisation that drives youth education and training in the region.
The programme has empowered 60 underprivileged and people of determination Emirati youths with the skills and resources they need to enter the job market. Since 2020, Barclays has also led an ongoing mentoring programme in partnership with international universities, NYU Abu Dhabi and Birmingham University Dubai.
To support the UAE's economic growth and strengthening trade relations with the UK, Barclays is partnering with UK Export Finance, the UK government's export credit agency, to provide financial support to UAE-based companies. This synergy will allow UAE companies to grow and scale, while also providing UK businesses opportunities to export to the UAE.
Barclays is also a long-standing partner to the British Chamber of Commerce in Dubai and Abu Dhabi, helping to connect and promote UK businesses in the UAE and supporting flagship events.
Moving forward together
This milestone anniversary is a testament to the strength of the relationships Barclays has developed with its clients, partners, and the community over the past 50 years.
These relationships are established on trust, dedication, and a shared commitment to the UAE's continued development. With those foundations firmly in place, the bank remains committed to building on its long-lasting partnerships in the coming decades.
Here's to the next 50 years of excellence in the UAE!
Milestones:
1975: Barclays first branch in Abu Dhabi
1977-1979: Branch network expansion
2011: Joint bookrunner on the largest corporate bond issue in the region
2013: First major Investment Bank award in the region
2017: Sponsors of UK/UAE cultural initiative
2021: First major Private Bank award for the region
2022: Major cross-border payments award for International Corporate Bank
2023: Sponsors of Cop28 Start-Up Village
2024: Joint bookrunner on the world's largest tech IPO
2025: Celebrating 50 years in the UAE
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