RBC is applying for Banking Licences in the Middle East as part of a broader effort

Royal Bank of Canada has applied for banking licences in the Middle East as part of a broader international expansion, positioning itself to operate more directly in key Gulf financial centres. The move reflects a shift toward regions with rising capital activity and aligns with Canada’s efforts to broaden economic engagement beyond North America, while enabling the bank to scale corporate, investment, and wealth services for globally active clients.

Key Highlights

Licence application in the Middle East: The bank is seeking regulatory approval to operate as a licensed banking entity in select Gulf markets, moving beyond a representative or advisory presence.
Alignment with Canada’s diversification agenda: The expansion mirrors a national push to deepen trade and financial ties with non-U.S. markets amid evolving global economic conditions.
Emphasis on institutional and wealth services: The planned presence is focused on capital markets, corporate banking, and wealth management rather than retail operations.
Direct support for cross-border clients: A local licence would allow closer servicing of Canadian and international firms with operations, investments, or capital requirements in the region.
Exposure to growing financial hubs: Establishing operations in the Middle East provides access to expanding pools of capital and deal activity across energy, infrastructure, and private markets.

Adding to this trend, National Bank of Canada has also recently established an office in the Dubai International Financial Centre, United Arab Emirates. The office is intended to serve as a regional base for supporting Canadian companies pursuing opportunities across the Gulf, while facilitating investment flows between Canada and the UAE. Opened alongside a broader Canada–UAE economic mission, the move reflects strengthening bilateral commercial ties and is supported by a dedicated capital markets lead relocated to the region to build client relationships and deliver cross-border banking and advisory services.

! What this Trend Indicates

Taken together, these developments point to a deliberate shift by Canadian banks toward embedding themselves more deeply in high-growth international financial centres rather than operating solely through correspondent or advisory models. The Middle East is increasingly being treated as a strategic capital and client hub - particularly for institutional, investment, and wealth activities - reflecting both changing global capital flows and Canada’s broader push to diversify economic and financial linkages beyond traditional North American markets.

RBC is applying for Banking Licences in the Middle East