BNP Paribas Lands Regional HQ Licence in Saudi Arabia Amidst Gulf Competition

BNP Paribas has secured a regional headquarters licence in Saudi Arabia, allowing it to maintain a formal presence in the kingdom as Riyadh seeks to attract international firms and develop its financial centre.

The licence was announced during a meeting between Saudi investment minister Khalid Al-Saif and BNP Paribas chairman Jean Lemierre in Paris, where Al-Saif stated that Riyadh is aiming to increase foreign investment and make the capital a leading financial hub in the Gulf.

Banks like Goldman Sachs, Morgan Stanley, and Deutsche Bank have already received similar licences as Saudi Arabia competes with Dubai and Abu Dhabi for financial and investment business. The expansion comes as part of wider economic reforms designed to attract foreign capital and diversify the Saudi economy beyond its reliance on oil.