Citi Establishes Regional HQ in Riyadh as Wall Street Deepens Saudi Ties
Citigroup Inc. has opened its Middle East and North Africa headquarters in Riyadh’s Kingdom Tower, bypassing the more conspicuous King Abdullah Financial District favored by competitors. The MOVE signals Citi’s strategic alignment with Saudi Arabia’s economic transformation under Vision 2030. CEO Jane Fraser framed the decision as a bet on the kingdom’s accelerating reform momentum and proximity to key clients driving change.
The launch precedes Fraser’s appearance at Saudi Arabia’s flagship Future Investment Initiative conference, where JPMorgan’s Jamie Dimon and Goldman Sachs’ David Solomon will also participate. Wall Street’s scramble for regional licenses follows Saudi regulations mandating local HQs for government contract eligibility—including access to the $700 billion Public Investment Fund. JPMorgan secured its regional license earlier this month, while Morgan Stanley and BlackRock had previously obtained approvals.
