Skip to main content

Citi expands presence in Saudi Arabia with regional HQ license

1 min

U.S. bank Citigroup has received approval to establish its regional headquarters in Saudi Arabia's Riyadh, according to an internal memo seen by Reuters on Friday.

The Wall Street giant received the approval from the Ministry of Investment Saudi Arabia (MISA) © Mena Today 

U.S. bank Citigroup has received approval to establish its regional headquarters in Saudi Arabia's Riyadh, according to an internal memo seen by Reuters on Friday.

Riyadh has been looking to attract more companies to set up their regional headquarters in the kingdom by offering tax breaks as Crown Prince Mohammed bin Salman looks to wean the economy off oil by attracting foreign investment.

Saudi Arabia's new rules also mandate foreign firms to have regional headquarters in the kingdom or risk losing hundreds of billions of dollars in lucrative government contracts.

The Wall Street giant received the approval from the Ministry of Investment Saudi Arabia (MISA), according to the memo.

"This marks a significant leap forward for our franchise in Saudi Arabia and we look forward to our continued growth in the kingdom," Citi Saudi Arabia CEO Fahad Aldeweesh said in the memo.

Bloomberg News reported the development earlier in the day.

Wall Street titan Goldman Sachs also received a license in May to set up its regional headquarters in Saudi Arabia's Riyadh.

Reporting by Arasu Kannagi Basil

Tags

Related

Saudi Arabia

Saudi executions rose sharply in 2024

Saudi Arabia executed 330 people this year, the highest number in decades, despite de facto ruler Mohammed bin Salman's 2022 assertion that the death penalty had been eliminated except for murder cases under his vision for a new open kingdom.

Subscribe to our newsletter

Mena banner 4

To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.

  • Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.