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02/05/2025 09:11 AST
Bank of New York Mellon has received a license to set up a regional headquarters in Saudi Arabia, it said on Thursday, joining others lured by incentives as the Kingdom seeks to boost its appeal as a financial hub.
Riyadh has been looking to attract more companies to set up their regional headquarters 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 mandate foreign firms to have regional headquarters in the Kingdom before they can access lucrative government contracts.
In May 2024, Goldman Sachs received a license to set up its regional headquarters in Riyadh. US lender Citigroup secured a similar approval late last year.
The Middle East has emerged as a crucial growth market for global banks like BNY, driven by a surge in sovereign wealth fund activity, large-scale infrastructure investments, and deepening capital markets across the Gulf.
As regional economies diversify beyond oil and attract foreign capital through reforms and regulatory upgrades, international financial institutions are ramping up their presence to tap into new business opportunities in asset servicing, custody, and advisory.
The new regional headquarters in Riyadh will offer strategic, administrative and corporate support for BNY's operations across the Middle East, the custodian bank said.
Arab News
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15/12/2025
Saudi Arabia's private credit market is set to expand rapidly as the Kingdom seeks to bridge the funding gap created by the Vision 2030 transformation agenda, according to S&P Global Ratings.
Arab News
15/12/2025
Saudi Arabia's National Development Fund (NDF) and its affiliated sector funds and banks have signed 45 MoUs and agreements worth a total value of SAR6 billion ($1.6 billion) with leading local, regi
Trade Arabia
15/12/2025
Saudi Arabia is preparing to enter a new phase of economic openness in the real estate sector, with the updated law regulating property ownership by non-Saudis set to take effect in January.
Saudi Gazette
15/12/2025
Jeddah Tower is surging ahead in a rapid construction push, blasting through construction like a rocket, nearing 80 in a blistering push aligned with Vision 2030.
This 1-km megatower, paused
Gulfnews
15/12/2025
Qatar has positioned itself as a regional and global hub for artificial intelligence (AI) technologies. The country's commitment to advance in diversified digital economy is driven by innovation and
The Peninsula
Financial Information Co.
Saudi Arabia