BNP Paribas Receives Saudi Regional Headquarters Licence, Expands in Riyadh
BNP Paribas Expands Regional Operations in Saudi Arabia
Regional Headquarters Licence Granted
DUBAI, Aug 25 (Reuters) - BNP Paribas has received a regional headquarters licence in Saudi Arabia, Saudi state news agency SPA reported on Tuesday, as France's biggest bank joins other international companies expanding their presence in the kingdom.
Saudi Arabia's Push for Multinational Headquarters
Positioning Riyadh as a Financial Hub
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 neighbouring United Arab Emirates (UAE).
Impact on State Contracts
The government has said companies without a Riyadh headquarters risk losing access to state contracts.
Key Meeting and Announcement Details
Paris Meeting Between Officials
The licence was announced during a Paris meeting between Saudi Arabia's investment minister, Fahd bin Abduljalil al Saif, and BNP Chairman Jean Lemierre, SPA added.
BNP Paribas in the Middle East
Regional Presence
BNP's presence in the Middle East includes offices in Saudi Arabia, the UAE, Qatar, Kuwait and Bahrain.
Reporting Credits
(Reporting by Federico MaccioniEditing by David Goodman)
