Riyadh - Sharikat Mubasher: Morgan Stanley, the US-based investment bank and financial services company, is set to establish a regional headquarters in Riyadh under Saudi Arabia’s Regional Headquarters (RHQ) Program, joining its peers Citigroup and Goldman Sachs Group in expanding their presence in the Kingdom.

The multinational bank recently obtained approval from the Saudi Ministry of Investment (MISA) to open its regional HQ, as reported by Bloomberg.

Abdulaziz Alajaji, CEO of Morgan Stanley Saudi Arabia and Regional Co-head for the Middle East and North Africa (MENA), said: “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.”

According to the RHQ Program, having a regional headquarters in Saudi Arabia is a prerequisite for foreign firms to start or expand their businesses in the Kingdom. It entered into effect in January with several exceptions to the rules, including contracts below SAR 1 million.

MISA added a 30-year tax relief incentive package to the program to streamline the process for multinational firms establishing their RHQ in Saudi Arabia.

It is worth noting that the Kingdom granted RHQ licenses to over 500 foreign firms, exceeding the 2030 target of 500 companies.