Deutsche Bank has secured a license to establish a regional headquarters in Riyadh, becoming the latest in a growing line of global financial institutions to anchor Middle East operations in the Saudi capital.
The RHQ will serve as the central platform for regional management, decision-making and corporate functions, and represents the bank's third legal entity in the kingdom following two decades of in-country presence.
The move is part of a broader push to expand Deutsche Bank's footprint across corporate banking, investment banking and wealth management in Saudi Arabia and the wider region, while also channelling foreign direct investment into the kingdom and connecting regional clients to opportunities across Europe, Asia, the Americas and Africa.
The bank joins Goldman Sachs, Citigroup, HSBC and BNY in having secured Riyadh RHQ licenses, a trend driven in large part by the Saudi government's requirement for multinationals to base regional operations in the kingdom in order to access state contracts.
Gulf Economist Staff Writer