Citigroup Bank establishes regional headquarters in Riyadh
27 November 2024 Saudi Arabia
Image: stock.adobe.com/Wasim Alnahlawi
Citigroup Bank has received approval to establish its regional headquarters in Saudi Arabia’s capital, Riyadh.
This comes amid new regulations introduced in Saudi Arabia that require firms to establish their regional base in the nation or risk losing access to lucrative government contracts – potentially worth billions.
More than 500 global companies have relocated to Riyadh since the regulation was introduced.
The regulations form part of a wider ambition by Mohammed bin Salman, Saudi Arabia’s crown prince, to move the economy away from oil dependency and to one that hosts major financial institutions, incentivised by tax exemptions.
This comes amid new regulations introduced in Saudi Arabia that require firms to establish their regional base in the nation or risk losing access to lucrative government contracts – potentially worth billions.
More than 500 global companies have relocated to Riyadh since the regulation was introduced.
The regulations form part of a wider ambition by Mohammed bin Salman, Saudi Arabia’s crown prince, to move the economy away from oil dependency and to one that hosts major financial institutions, incentivised by tax exemptions.
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