Northern Trust Corp. has become one of the first major global financial institutions to set up its regional headquarters in Riyadh, bolstering the Saudi government’s drive to attract international firms to operate their Middle Eastern operations from the kingdom.
The firm, which manages approximately $14 trillion in assets, has recently obtained a license from the Ministry of Investment of Saudi Arabia to establish its Middle East base in Riyadh. This move comes ahead of the January 2024 deadline, when new regulations will require state entities to conduct business exclusively with international companies that have regional headquarters in Saudi Arabia.
Northern Trust is experiencing significant growth in the region, with offices in Abu Dhabi and Saudi Arabia. A spokesperson for the firm stated, “The establishment of our MENA regional headquarters in Saudi Arabia reflects continued investment in infrastructure, capabilities, and expertise in the region.”
Lazard Ltd. also plans to make Riyadh its regional base and appointed Sarah Al Suhaimi, one of the kingdom’s most experienced female bankers, to lead its Middle East and North Africa advisory business from the capital.
Dubai has traditionally been the primary choice for businesses to establish their headquarters in the Middle East. However, Saudi Arabia has introduced several initiatives to make Riyadh a more appealing destination, although challenges still exist.