The new hub will oversee the bank’s strategic decision-making and corporate functions across the Middle East. By establishing this base, the firm joins a growing list of global financial heavyweights, including JPMorgan, Goldman Sachs, and Morgan Stanley, who have opted to comply with the kingdom’s mandate to maintain a physical presence in the capital.

This initiative serves as a cornerstone of Crown Prince Mohammed bin Salman’s Vision 2030, a sweeping plan designed to pivot the economy away from its long-standing reliance on oil revenue. Companies failing to relocate their regional operations risk being locked out of future state business, an ultimatum that has accelerated corporate migration to Riyadh.

Jamal Al Kishi, chief executive for the Middle East and Africa, noted that the licence supports the bank’s expansion targets while bridging local clients to opportunities across Europe, Asia, and the Americas. This entity becomes the bank’s third in the country, supplementing a branch operational since 2006 and a securities business established in 2007.