DUBAI: Deutsche Bank has secured a regional headquarters license in Saudi Arabia, giving the German lender access to major government and state-linked contracts as the Kingdom pushes multinational companies to expand their presence in Riyadh.
The new regional headquarters will be based in Riyadh and will oversee Deutsche Bank’s regional management, strategic decision-making and corporate functions across the Middle East, the bank said in a statement on Wednesday.
Deutsche Bank joins several financial institutions that have already secured the license, including JPMorgan, Goldman Sachs and Morgan Stanley.
Saudi Arabia has encouraged multinational companies to relocate their regional headquarters to Riyadh in recent years, as part of an effort to position the capital as a leading financial hub.
The RHQ program is central to Crown Prince Mohammed bin Salman’s Vision 2030 plan to diversify the Kingdom’s economy away from oil.
