BNY Mellon has secured a license to establish a regional headquarters in Riyadh, Saudi Arabia, aligning with the kingdom’s Vision 2030 initiative to diversify its economy beyond oil.

The new headquarters will provide strategic, administrative, and corporate support across the Middle East, enhancing BNY Mellon’s ability to offer services in asset management, custody, and advisory.

Saudi Arabia is incentivizing foreign firms with tax breaks and has mandated that companies must have a regional headquarters in the country to qualify for government contracts.

Other major financial institutions, such as Goldman Sachs and Citigroup, have also secured approvals for their regional bases in Riyadh, indicating a growing confidence in the region’s economic prospects.

The Middle East, particularly Saudi Arabia, is becoming an essential market for global financial services due to increased sovereign wealth fund activity, infrastructure investments, and evolving capital markets.

BNY Mellon’s expansion is expected to create job opportunities and contribute to the local economy, strengthening financial ties between the U.S. and Saudi Arabia.

This strategic move underscores BNY Mellon’s commitment to global growth and positions the bank to better serve clients in the Middle East.