RIYADH: French banking group BNP Paribas has received investment registration for a regional headquarters in Saudi Arabia, adding France’s biggest bank to a growing list of global financial institutions expanding in the Kingdom.
The registration was announced after Saudi Investment Minister Fahad bin Abduljalil Al-Saif met BNP Paribas Chairman Jean Lemierre in Paris to discuss cooperation and investment opportunities in the financial sector and support the bank’s expansion in Saudi Arabia and the wider region, the Saudi Press Agency reported.
The move comes as Saudi Arabia’s Regional Headquarters Program continues to attract multinational companies. The initiative supports Vision 2030’s economic diversification goals by offering tax incentives, including a 30-year exemption from corporate income and withholding taxes, as well as discounts and support services to eligible companies relocating their regional headquarters to the Kingdom.
The Kingdom is seeking to build Riyadh into a regional financial hub as part of its Vision 2030 economic diversification plan. The Financial Sector Development Program targets SR4.55 trillion ($1.21 trillion) in total banking assets by 2030 and aims to increase the number of fintech companies to 525.
