Citi gets license for regional headquarters in Saudi Arabia, memo shows [Yahoo! Finance Canada]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Yahoo! Finance Canada
Saudi Arabia's new rules also mandate foreign firms to have regional headquarters in the kingdom or risk losing hundreds of billions of dollars in lucrative government contracts. The Wall Street giant received the approval from the Ministry of Investment Saudi Arabia (MISA), according to the memo. "This marks a significant leap forward for our franchise in Saudi Arabia and we look forward to our continued growth in the kingdom," Citi Saudi Arabia CEO Fahad Aldeweesh said in the memo. Bloomberg News reported the development earlier in the day. Wall Street titan Goldman Sachs also received a license in May to set up its regional headquarters in Saudi Arabia's Riyadh. (Reporting by Arasu Kannagi Basil in Bengaluru and Tatiana Bautzer; Editing by Devika Syamnath) Recommended Stories
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