US-based investment bank Morgan Stanley has acquired regulatory approval to move its regional headquarters to Riyadh as the Kingdom increasingly attracts global companies.
"Establishing a regional HQ in Riyadh reflects the growth and development of Saudi Arabia and is a natural progression of our long history in the region," said Abdulaziz Alajaji, the chief executive officer for Saudi Arabia and the bank's co-head of the Middle East and North Africa region.
Morgan Stanley has been present in Saudi Arabia since 2007, when it set up an equity trading business in Riyadh, and became one of the first international asset managers to launch a Saudi equity fund two years later.
The decision follows competitors Citigroup and Goldman Sachs Group, gaining approval to move their regional HQ to Riyadh this month and last May, respectively.
Other major international companies have also established their regional HQs in the Gulf country, including BlackRock, PepsiCo, IHG Hotels and Resorts, PwC, and Deloitte.
Under new rules that came into force this year, firms must have a regional base in Saudi Arabia with at least 15 employees, including executives overseeing other countries, or risk losing business with the country's vast network of government entities.
Saudi Arabia established a regional headquarters programme to attract international companies. It includes a 30-year exemption from corporate income tax and withholding tax on headquarters activities, as well as access to discounts and support services.
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