Barclays is expanding, and other reasons for optimism about Gulf investment banking recruitment

Barclays is set to recruit around 30 people as it formally kick-starts its Saudi operation by offering investment banking and wealth management services in the kingdom. It's also looking to hire elsewhere in the Middle East.

Barclays Saudi Arabia was unveiled yesterday, as the bank looks to gain access to a market described by Benoit de Vitry, managing director at Barclays Capital, as "massive".

The new office will initially be staffed by around 30 executives and junior recruits. The bank also plans to hire Saudi nationals through its new graduate scheme - a strategy being adopted by a number of international investment banks in the kingdom, including JP Morgan and Deutsche Bank.

Let's not forget that BarCap has been one of the few international investment banks to unveil some senior hires in the region this year, having recruited Michael Helou as its head of financial institutions group for MENA and Makram Azar as head of investment banking for the region.

Sources tell us that BarCap is currently looking to hire for a VP role within its FIG division to support Helou, as well as a number of roles at analyst and associate level. The positions will be based in Dubai, however.

Barclays move also suggests a tentative return to growth in the Middle East among international investment banks.

Yesterday, Perella Weinburg, the boutique investment bank, revealed that it opened its first office in the Middle East in Abu Dhabi. It hired two senior bankers from Nomura - Jameel Akhrass and Nabil Lahham - to head the operation.

Similarly, Royal Bank of Scotland this week said it intended to grow its investment banking operation in the Gulf, while Deutsche Bank's appointment of Ashok Aram as its new MENA CEO hints at possible expansion in the region.