Kuwait
Kuwait finance minister resigns, state news agency says
Kuwait Finance Minister Nora Al-Fassam has resigned from her position, state news agency Kuna reported on Monday, without giving reasons for her resignation.
Citi expands presence in Saudi Arabia with regional HQ license
1 min 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.
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
Related
United Arab Emirates
Dubai sets new tourism benchmark in first half of 2025
Dubai’s global tourism momentum remains strong, with the city welcoming 9.88 million international overnight visitors between January and June 2025 — a 6% rise compared to the same period in 2024.
Egypt
IMF raises Egypt’s 2025 growth forecast to 4%, citing sector resilience
The International Monetary Fund (IMF) has slightly revised Egypt’s economic growth forecast for the fiscal year ending in June 2025, raising it to 4 percent, up from its previous estimate of 3.8 percent, according to the July 2025 update of its World Economic Outlook (WEO) report.
Subscribe to our newsletter
