BNY Mellon Expands with New Regional HQ in Saudi Arabia

Published 9 hours agoBK

BNY Mellon Expands with New Regional HQ in Saudi Arabia

The Bank of New York Mellon (BNY Mellon) has secured a license to establish a regional headquarters in Saudi Arabia, enhancing its footprint in the Middle East. The new headquarters will be situated in Riyadh, marking a strategic move for the financial institution to bolster its services in asset management, custody, and advisory in the region, Reuters reported.

This development is in line with Saudi Arabia's ambitious strategy to diversify its economy away from oil and encourage foreign investment. As part of Crown Prince Mohammed bin Salman's vision, the kingdom has laid out incentives like tax breaks for foreign firms and has mandated that companies must establish regional headquarters in the country to engage in governmental contracts. BNY Mellon's move echoes a broader trend among financial giants; both Goldman Sachs and Citigroup have also received approval for their regional bases in the city.

As Saudi Arabia evolves into a significant financial hub, driven by its sovereign wealth fund activities and infrastructure projects, it presents a pivotal market for global financial institutions. The region's growing capital markets are attracting increasing attention, positioning it as a key area for development and investment. BNY Mellon's latest expansion reflects the ongoing shift towards the Middle East as an essential destination for financial services.

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