BNP Paribas has received a regional headquarters license in Saudi Arabia, the Saudi Press Agency (SPA) reported on Tuesday, as France’s biggest bank joins other international companies expanding their presence in the Kingdom.
Saudi Arabia has pushed multinational companies to relocate their regional headquarters to Riyadh in recent years as part of efforts to position the capital as a leading financial hub in the Gulf along with Dubai and Abu Dhabi in neighboring United Arab Emirates (UAE).
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The government has said companies without a Riyadh headquarters risk losing access to state contracts.
The license was announced during a Paris meeting between Saudi Arabia’s investment minister, Fahd bin Abduljalil al Saif, and BNP Chairman Jean Lemierre, SPA added.
