Riyadh: Citigroup, one of the leading financial institutions in the US, has received approval to establish its regional headquarters in Riyadh, Saudi Arabia, marking a significant milestone in its expansion strategy within the Kingdom.
According to an internal memo obtained by Reuters, the Wall Street giant secured the authorization from the Ministry of Investment Saudi Arabia (MISA).
“This marks a significant leap forward for our franchise in Saudi Arabia, and we look forward to our continued growth in the Kingdom,” Fahad Aldeweesh, CEO of Citi Saudi Arabia, stated in the memo.
The approval comes as part of Saudi Arabia’s broader initiative to attract global financial institutions to the Kingdom, aligning with the goals of Vision 2030 to transform Riyadh into a major financial hub.
Earlier this year, Goldman Sachs, another Wall Street powerhouse, also received a license to establish its regional headquarters in Riyadh, further underscoring the growing importance of the Saudi market to global financial players.
Bloomberg News initially reported the development.
