Citigroup Approved for Regional HQ in Riyadh

Citigroup has received approval to establish a regional headquarters in Riyadh, Saudi Arabia, as part of the kingdom's initiative to diversify its economy away from oil dependency. The approval, granted by the Ministry of Investment Saudi Arabia, aligns with Saudi Arabia's Vision 2030, which seeks to attract foreign investment through tax incentives and mandates for regional presence among international firms. This move follows similar approvals for Goldman Sachs and other financial giants, indicating a growing trend of global banks expanding into the Gulf region. Citigroup's CEO, Fahad Aldeweesh, expressed optimism about the firm's growth prospects in Saudi Arabia. The establishment of regional offices is seen as crucial for accessing lucrative government contracts, enhancing the kingdom's appeal as a financial hub. Overall, this development signifies a notable shift in the geopolitical landscape of global finance toward the Middle East.