Intoduction

Several major financial institutions are opening or have recently opened regional headquarters in Saudi Arabia, particularly in the capital city of Riyadh. This trend is driven by Saudi Arabia’s efforts to attract foreign investment and diversify its economy. Here are the key financial institutions:

Citigroup

Citigroup has received approval to establish its regional headquarters in Riyadh, Saudi Arabia.

The approval was granted by the Ministry of Investment Saudi Arabia (MISA).

Citi Saudi Arabia CEO Fahad Aldeweesh stated that this marks a significant advancement for their franchise in Saudi Arabia.

Goldman Sachs

Goldman Sachs became the first Wall Street bank to obtain a license to open a regional headquarters in Saudi Arabia.

The license was received from the Saudi Ministry of Investment to set up its regional headquarters in Riyadh.

This move was made in May 2024, making Goldman Sachs a pioneer among Wall Street banks in complying with Saudi Arabia’s Regional Headquarters (RHQ) program.

BlackRock

BlackRock, the world’s largest asset manager, set up an investment firm in Riyadh in April 2024.

The firm is anchored by $5 billion in capital from Saudi Arabia’s Public Investment Fund (PIF).

BlackRock’s presence is expected to play a crucial role in financing Saudi Arabia’s Vision 2030 ambitions.

Conclusion

These moves by major financial institutions are part of a broader trend, with over 400 international companies obtaining regional HQ licenses for Saudi Arabia. The kingdom’s new regulations, which require foreign firms to have regional headquarters in the country to access lucrative government contracts, have been a significant driver of this trend.