RBC plans Middle East expansion with offices in Abu Dhabi and Riyadh

Royal Bank of Canada (RBC) is exploring new international growth opportunities, including plans to establish offices in the Middle East, as Canada steps up efforts to diversify its global trade relationships.

Chief Executive Officer Dave McKay recently returned from the World Economic Forum in Davos, where he held discussions with U.S. and Middle Eastern officials focused on deepening economic ties and attracting cross-border investment.

McKay underscored the strategic need for Canada to reduce its reliance on any single market, echoing Prime Minister Mark Carney’s warning that the traditional rules-based international order is unlikely to re-emerge. Expanding into regions such as the Middle East, he said, is critical to managing geopolitical and economic risk.

The Middle East has emerged as a key area of interest for RBC, driven by its role as a major exporter of capital and its accelerating investments in technology, artificial intelligence, and energy. The bank is preparing to open offices in Abu Dhabi and Riyadh and has applied for licences to offer capital markets and wealth management services in the region.

Currently, RBC serves Middle East clients through its European operations. Establishing a local presence would strengthen the bank’s ambition to act as a global capital intermediary, connecting sources of investment with growth opportunities worldwide.

In the United States, where RBC employs more than 16,000 people and generates roughly a quarter of its revenue, McKay said the bank continues to maintain strong relationships with regulators and business leaders despite recent trade tensions. He highlighted the importance of the United States-Mexico-Canada Agreement (USMCA), noting that while changes may be needed over time, its core framework remains valuable.

RBC has no immediate plans to expand in China, though McKay said the bank is closely watching developments as Canada and China work to stabilise relations, particularly around agricultural trade.

The bank’s broader global strategy reflects a proactive response to shifting geopolitical and economic dynamics, with RBC positioning itself for long-term growth through market diversification and stronger international partnerships.