Riyadh - Sharikat Mubasher: Citigroup, the American multinational investment bank, is gearing up to open its regional headquarters in Riyadh, driven by Saudi Arabia’s efforts to attract more financial firms to build their bases in the Kingdom under the Regional Headquarters (RHQ) Program.

The Wall Street behemoth recently received a license from the Saudi Ministry of Investment (MISA) to open its Riyadh headquarters, as reported by Bloomberg.

In October, the Minister of Investment Khalid Al Falih revealed that the Kingdom granted RHQ licenses to over 500 foreign firms, exceeding the 2030 target of 500 companies.

The RHQ Program, which entered into force in January, mandates foreign firms to establish a regional headquarters in Saudi Arabia to start or expand their businesses in the country.

During the third quarter (Q3) of 2024, MISA issued 65 regional headquarters licenses, marking a 14% increase from 57 licenses in Q2-24.