Saudi Arabia achieves major win in its effort to attract financial giants

Northern Trust Corp has become one of the first major global financial institutions to establish its regional headquarters in Riyadh, reinforcing the Saudi government’s drive to get international companies to operate in the Middle East from the Kingdom.

The company, which manages $14 trillion in assets, recently obtained a license from the Saudi Ministry of Investment to establish its Middle East base in Riyadh.

The move is in anticipation of new rules requiring government entities to deal only with international companies with regional headquarters in the Kingdom by January 2024.

“Northern Trust continues to achieve significant growth across the region through its offices in Abu Dhabi and Saudi Arabia. The establishment of our regional headquarters for the Middle East and North Africa region in Saudi Arabia reflects the continued investment in infrastructure, capabilities, and expertise in the region,” a spokesperson said.

Similarly, Lazard Limited plans to make Riyadh its regional headquarters, with Sara Suhaimi, one of the Kingdom’s leading banking figures, appointed to lead its Middle East and North Africa advisory division.