Barclays will recruit 100 people in the Middle East this year

Barclays is sticking its head above the parapet and making a bullish statement about its growth prospects in the Middle East by unveiling plans to hire 100 people in 2012.

Such expansion plans in the GCC are, of course, rare currently and international banks in particular have largely been reducing their presence in the region in line with global job cuts. Barclays, however, has now said that it plans to recruit 100 people this year, taking its MENA headcount to around 1,000, according to Bloomberg.

The intention is to increase revenues in the MENA region by 25% annually over the next five years, suggests John Vitalo, chief executive officer for the Middle East and North Africa.

Investment bankers shouldn’t expect many new opportunities, however. Barclays is aiming to recruit for its wealth, investment management and trade finance divisions, which it believes will drive profits in the region.

There is potential for growth in its debt capital markets team, though. Banks in Europe are squeezing their lending to Middle Eastern companies, which means that the traditional reliance on bank loans is likely to diminish and that regional firms will instead turn to bond sales in the coming years, said Vitalo.