Citi’s Saudi Power Move: Regional HQ Launch Signals Major Middle East Expansion

Wall Street giant plants flag in Riyadh as global finance shifts eastward

The Desert Gold Rush

Citi just dropped its regional headquarters right in the heart of Saudi Arabia's financial district—because apparently traditional banking still thinks physical presence matters. The move positions the century-old institution at the center of the Kingdom's economic transformation, betting big on oil money while crypto eats their lunch elsewhere.

Strategic Chess or Desperate Play?

While decentralized finance protocols process billions without leaving their bedrooms, Citi's spending millions on marble lobbies and corner offices. They're chasing sovereign wealth funds and petrodollars—the last bastion of old-money finance trying to pretend blockchain doesn't exist.

The Real Story Behind the Headlines

This isn't just about geographic expansion—it's about legacy finance clinging to relevance in regions where regulatory capture still works. Meanwhile, Bitcoin's mining rewards get halved every four years whether Citi opens new offices or not.

Another day, another traditional bank building castles in the sand while digital assets reshape the entire financial landscape.

• New Regional Headquarters: Citi officially opened its new Regional Headquarters (RHQ) Office at Kingdom Tower in Riyadh, Saudi Arabia, on October 25, 2025.
• Regional Headquarters Licence: This move follows Citi receiving its RHQ license in November 2024 and aligns with Saudi Arabia’s initiative encouraging companies to establish a regional headquarters.
• Youth Employment Program: The Citi Foundation also announced a $500,000 grant to NGO Education for Employment to extend its “Future-Ready Youth Employment and Skills Program” across the MENA region.

Citi announced the official opening of its new Regional Headquarters in Riyadh, Saudi Arabia, located at Kingdom Tower.

Citi formally received its license for the Regional Headquarters from the Ministry of Investment and the Ministry of Commerce in November 2024, aligning with Saudi Arabia’s initiative encouraging multinational companies to establish a regional headquarters in the Kingdom.

The ribbon-cutting ceremony was attended by His Excellency Eng. Khalid A. Al-Falih, Minister of Investment, and H.E. Eng. Ibrahim Al-Mubarak, Assistant Minister of Investment in Saudi Arabia, alongside top Citi officials, including Jane Fraser, Chair of the Board and Chief Executive Officer of Citi, Naveed Kamal, CEO Citicorp Regional HQ, and Fahad Aldeweesh, Citi Country Officer and Banking Head of Saudi Arabia.

“The Middle East is one of the most dynamic regions in the world, and Saudi Arabia sits at the heart of that transformation,” said  “Establishing a regional headquarters here in Riyadh reflects both our confidence in the Kingdom’s momentum and our commitment to being close to the clients driving that change.”

The new RHQ will provide strategic direction and management functions to Citi’s branches and subsidiaries across the Middle East and North Africa (MENA) region.

In January 2025, Citi announced the appointment of Naveed Kamal as the Chief Executive Officer (CEO) of Citi’s new legal entity in the Kingdom of Saudi Arabia.

At the opening ceremony, the Citi Foundation also announced a $500,000 grant to Education for Employment (EFE), a leading youth employment organization in MENA. Citi Foundation funding will support EFE’s work to scale specialized employability training with a focus on digital and green skills expected to serve more than 700 youth across five MENA countries. At least 280 youth are anticipated to be directly connected to jobs placements following completion of training.

“The new Citi Foundation grant to support EFE’s programming is a testament to over a decade of collaboration and commitment to close the skills gap across MENA for low-income youth. This grant, part of the Citi Foundation’s Global Innovation Challenge, directly addresses the urgent demand for future-proof talent by empowering youth with the digital and green skills critical for navigating the region’s economic and environmental transitions,” said 

“For the participants, including those in Saudi Arabia and their peers across Algeria, Morocco, Tunisia, and the UAE, EFE’s market-driven training cultivates not just job readiness, but the resilience and innovative mindset needed to drive sustainable growth and build impactful careers. This strategic $500,000 grant from the Citi Foundation helps ensure these youth become catalysts for a more competitive, green, and equitable future.”

“At EFE, we are deeply committed to addressing the profound challenge of youth unemployment in the MENA region, and Citi Foundation’s enduring support is critical to this mission. This grant, under the banner of the Global Innovation Challenge, allows us to expand our proven model equipping low-income youth with the very digital and green skills that are defining the future of work,” said 

“We’re not just providing training; we’re fostering environmental awareness, promoting sustainable practices, and creating direct pathways to employment in sectors vital for the region’s economic resilience and green growth. This funding from the Citi Foundation truly empowers these young people to become active participants and leaders in shaping a more sustainable and prosperous future.”

Source: Citi