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- Saudi Awwal Bank launches a world class Innovation Centre to provide financial services
- Indian rupee firms up again - UAE, Saudi Arabia's NRIs delay money transfers
- Dubai's Tecom Group turns in another profit gain in Q1-2025
- BNY gets license for Saudi regional HQ as global banks grow presence
- Closing Bell: Saudi main index closes in red at 11,543
- TotalEnergies, OQEP break ground at Marsa LNG
- Riyadh Air enters key deals covering 125 countries
- 3 contracts signed for $1.6bn Marsa LNG Project in Sohar
- GIS reports net profit of QR222m in Q1, reflecting 38% year-on-year growth
- QAMCO posts record net profit of QR156m
02/05/2025 09:11 AST
Bank of New York Mellon has received a license to set up a regional headquarters in Saudi Arabia, it said on Thursday, joining others lured by incentives as the Kingdom seeks to boost its appeal as a financial hub.
Riyadh has been looking to attract more companies to set up their regional headquarters by offering tax breaks as Crown Prince Mohammed bin Salman looks to wean the economy off oil by attracting foreign investment.
Saudi Arabia's new rules mandate foreign firms to have regional headquarters in the Kingdom before they can access lucrative government contracts.
In May 2024, Goldman Sachs received a license to set up its regional headquarters in Riyadh. US lender Citigroup secured a similar approval late last year.
The Middle East has emerged as a crucial growth market for global banks like BNY, driven by a surge in sovereign wealth fund activity, large-scale infrastructure investments, and deepening capital markets across the Gulf.
As regional economies diversify beyond oil and attract foreign capital through reforms and regulatory upgrades, international financial institutions are ramping up their presence to tap into new business opportunities in asset servicing, custody, and advisory.
The new regional headquarters in Riyadh will offer strategic, administrative and corporate support for BNY's operations across the Middle East, the custodian bank said.
Arab News
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02/05/2025
TotalEnergies and OQ Exploration and Production on Thursday celebrated the ground-breaking of the Marsa LNG plant, in the port of Sohar, northern Oman.
This comes one year after the final i
Trade Arabia
02/05/2025
Riyadh Air, Saudi Arabia's new national airline, has signed 11 agreements with strategic partners to further innovate the air travel experience, at the Arabian Travel Market (ATM) in Dubai, UAE.
Trade Arabia
02/05/2025
Sohar Port and Freezone (SOHAR) has reached a key milestone in the Marsa LNG project, a $1.6bn investment joint venture between TotalEnergies and OQ Group, by signing three fundamental contracts that
Muscat Daily
02/05/2025
Qatar's fintech sector has seen remarkable growth over the past five years, driven by the government's Qatar National Vision 2030, which prioritizes digitalization and a cashless economy, Mohammed Al
The Peninsula
02/05/2025
Short-term gains in non-oil sectors are expected to help Gulf Cooperation Council countries offset the negative impact of prolonged OPEC+ crude production cuts, according to an International Monetary
Arab News
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