Citigroup has received approval from Saudi Arabia to establish its regional headquarters in Riyadh, a move that highlights the kingdom’s ongoing efforts to attract leading global financial institutions. The announcement was made after the Saudi Ministry of Investment granted the necessary approval.

In a staff memo seen by The National, Fahad Aldeweesh, CEO of Citi Saudi Arabia, emphasized the importance of this milestone, stating that it reflects the bank’s commitment to supporting the kingdom’s economic growth and transformation. He expressed optimism about the bank’s continued expansion in Saudi Arabia.

Citigroup, the third-largest US bank by assets, has been focusing on the Middle East as part of its global growth strategy. Despite global economic challenges, the bank sees the region—especially Saudi Arabia and the UAE—as a hub for rising foreign direct investment. According to an earlier report by *The National*, Citi’s CEO Jane Fraser noted the Middle East as a key growth area, with the bank recording double-digit revenue growth in the region over the past three years.

The approval for the Riyadh headquarters comes amid Saudi Arabia’s push to position itself as a regional business hub. Earlier this year, new regulations were introduced requiring foreign companies to establish regional headquarters in the kingdom to maintain access to government contracts.

Saudi Arabia has been proactive in creating a business-friendly environment by introducing updated laws, including changes to labour, investment, and company regulations. These efforts are part of the Vision 2030 programme, which aims to reduce the kingdom’s reliance on oil, grow the private sector, and attract $100 billion annually in foreign direct investment by the end of the decade.

The move also follows similar actions by other global financial players. In May, Goldman Sachs became the first Wall Street bank to secure a licence for a regional headquarters in Riyadh. Additionally, BlackRock, the world’s largest asset manager, partnered with Saudi Arabia’s Public Investment Fund to boost capital markets through a new Riyadh-based investment platform.

Citigroup’s expansion underscores the growing appeal of Saudi Arabia as a destination for foreign businesses, further advancing the kingdom’s economic diversification goals.