Under new rules that came into force this year, firms must have a regional base in Saudi Arabia with at least 15 employees, including executives overseeing other countries, or risk losing business with the kingdom’s vast network of government entities.
Morgan Stanley got regulatory approval to locate its Middle East headquarters in Saudi Arabia, joining Wall Street rivals including Citigroup and Goldman Sachs Group in expanding their presence in the kingdom.
“Establishing a regional HQ in Riyadh reflects the growth and development of Saudi Arabia and is a natural progression of our long history in the region,” said Abdulaziz Alajaji, CEO for Saudi Arabia and the bank’s co-head of the Middle East and North Africa region, in a statement on Sunday.
