Riyadh December 8 2023: Northern Trust Corp. has become one of the first major global financial institutions to set up its regional headquarters in Riyadh, bolstering the Saudi government’s drive to get international firms to run their Middle Eastern operations from the kingdom.
The firm, which has $1.3 trillion in assets under management, recently received a license from the Ministry of Investment of Saudi Arabia to set up its Middle East base in Riyadh. That comes ahead of a January 2024 deadline, when new rules kick in to restrict state entities from doing business with international companies that don’t have regional headquarters in the kingdom.
Northern Trust continues to experience “significant growth” across the region with offices in Abu Dhabi and Saudi Arabia, a spokesperson for the firm said. “The establishment of our MENA regional headquarters in Saudi Arabia reflects continued investment in infrastructure, capabilities, and expertise in the region.”
Lazard Ltd. also plans to make the Saudi capital its regional base and last year appointed Sarah Al Suhaimi — one of the kingdom’s most seasoned female bankers — to lead its Middle East and North Africa advisory business out of Riyadh.
Dubai, the Middle East’s main business and tourism hub, has long been the default option for businesses to set up their headquarters. While Saudi Arabia has announced a series of initiatives to make Riyadh a more attractive destination, challenges remain.
