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
Day 3, Dubai Test: At a glance
Moment of the day Lahiru Gamage, the Sri Lanka pace bowler, has had to play a lot of cricket to earn a shot at the top level. The 29-year-old debutant first played a first-class game 11 years ago. His first Test wicket was one to savour, bowling Pakistan opener Shan Masood through the gate. It set the rot in motion for Pakistan’s batting.
Stat of the day – 73 Haris Sohail took 73 balls to hit a boundary. Which is a peculiar quirk, given the aggressive intent he showed from the off. Pakistan’s batsmen were implored to attack Rangana Herath after their implosion against his left-arm spin in Abu Dhabi. Haris did his best to oblige, smacking the second ball he faced for a huge straight six.
The verdict One year ago, when Pakistan played their first day-night Test at this ground, they held a 222-run lead over West Indies on first innings. The away side still pushed their hosts relatively close on the final night. With the opposite almost exactly the case this time around, Pakistan still have to hope they can salvage a win from somewhere.
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In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
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Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
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Picture of Joumblatt and Hariri breaking bread sets Twitter alight
Mr Joumblatt’s pessimism regarding the Lebanese political situation didn’t stop him from enjoying a cheerful dinner on Tuesday with several politicians including Mr Hariri.
Caretaker Culture Minister Ghattas Khoury tweeted a picture of the group sitting around a table at a discrete fish restaurant in Beirut’s upscale Sodeco area.
Mr Joumblatt told The National that the fish served at Kelly’s Fish lounge had been very good.
“They really enjoyed their time”, remembers the restaurant owner. “Mr Hariri was taking selfies with everybody”.
Mr Hariri and Mr Joumblatt often have dinner together to discuss recent political developments.
Mr Joumblatt was a close ally of Mr Hariri’s assassinated father, former prime minister Rafik Hariri. The pair were leading figures in the political grouping against the 15-year Syrian occupation of Lebanon that ended after mass protests in 2005 in the wake of Rafik Hariri’s murder. After the younger Hariri took over his father’s mantle in 2004, the relationship with Mr Joumblatt endured.
However, the pair have not always been so close. In the run-up to the election last year, Messrs Hariri and Joumblatt went months without speaking over an argument regarding the new proportional electoral law to be used for the first time. Mr Joumblatt worried that a proportional system, which Mr Hariri backed, would see the influence of his small sect diminished.
With so much of Lebanese politics agreed in late-night meetings behind closed doors, the media and pundits put significant weight on how regularly, where and with who senior politicians meet.
In the picture, alongside Messrs Khoury and Hariri were Mr Joumbatt and his wife Nora, PSP politician Wael Abou Faour and Egyptian ambassador to Lebanon Nazih el Nagari.
The picture of the dinner led to a flurry of excitement on Twitter that it signified an imminent government formation. “God willing, white smoke will rise soon and Walid Beik [a nickname for Walid Joumblatt] will accept to give up the minister of industry”, one user replied to the tweet. “Blessings to you…We would like you to form a cabinet”, wrote another.
The next few days will be crucial in determining whether these wishes come true.
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7.10pm: UAE 2000 Guineas – Group 3 (TB) $150,000 (D) 1,600m
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7.45pm: Business Bay Challenge – Listed (TB) $100,000 (T) 1,400m
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20.20pm: Curlin Stakes – Listed (TB) $100,000 (D) 2,000m
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9.30pm: Al Shindagha Sprint – Group 3 (TB) $150,000 (D) 1,200m
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