Citigroup received approval from Saudi Arabia to set up its regional headquarters in Riyadh, the latest sign that the kingdom is having some success in attracting more financial firms to set up bases in the country.
The Wall Street behemoth received the approval from the Ministry of Investment Saudi Arabia, according to a memo to staff seen by Bloomberg News.
Under new rules that came into force this year, firms must have a regional base in Saudi Arabia with at least 15 employees, including executives overseeing other countries or risk losing business with the kingdom’s vast network of government entities.
More than 500 companies have set up their regional headquarters in Riyadh since the launch of the kingdom’s programme, a senior adviser to the investment ministry said in October.
That includes Goldman Sachs Group, which earlier this year became the first Wall Street bank to receive a licence from the kingdom’s Ministry of Investment. BlackRock also recently received its licence in the kingdom.
