BNP Paribas Receives Saudi Regional Headquarters License

BNP Paribas has been awarded a regional headquarters license in Saudi Arabia, adding to the growing ranks of international financial institutions building a significant presence in the Kingdom.

The license was announced following a meeting in Paris between Saudi Arabia’s Investment Minister Fahad bin Abduljalil Al-Saif and BNP Paribas Chairman Jean Lemierre. The registration will provide France’s largest bank with a base from which to expand its business across Saudi Arabia and other regional markets.

BNP Paribas already operates across the Middle East, with offices in Saudi Arabia, the United Arab Emirates, Qatar, Kuwait and Bahrain. The new headquarters forms part of its plans to broaden its banking and financial services activity in the region.

The move to establish a license comes as Saudi Arabia continues to encourage multinational companies to establish regional headquarters in Riyadh, as part of its aim to develop the capital into a leading financial center alongside near-neighbours Dubai and Abu Dhabi.

Amid those efforts, which include incentives such as tax advantages and regulatory support, the Saudi government has taken a firm position that companies without a Riyadh headquarters can face restrictions on access to government contracts.

Saudi Arabia launched its Regional Headquarters Program in 2021, and reports that more than 750 companies have now joined, exceeding its original target of 500 by 2030. The program is intended to support the Kingdom’s wider economic diversification strategy under Vision 2030 and attract international investment and expertise.