Barclays’ MENA expansion plan is kicking off

Barclays is expanding in the Middle East and has plans to hire as many as 100 people over the next six months. This already appears to be kicking off.

The bank has named Alexander Harrison as head of debt finance, UAE and GCC, and this is expected to be an area of expansion for the bank.

Rezwan Mirza, managing director, head of Corporate Coverage, UAE and GCC, said: “This expansion has been realised in response to the increasing demand for debt financing in the region, with the backdrop of economic recovery and regional government expenditure on infrastructure and industry.”

This the second recent senior appointment in Barclays’ regional corporate banking team, having named Kersi Patel as head of trade and working capital in January.

Expect roles to start appearing within the lower ranks soon – Barclays is planning to increase headcount to 1,000 in the Middle East, or around 100 hires, as it looks to increase revenues by 25% annually over the next five years.