RIYADH: US-based investment bank Morgan Stanley has been granted approval to establish its regional headquarters in 海角直播, as the Kingdom continues to attract international investment.
This move aligns with 海角直播鈥檚 regional headquarters program, which offers businesses various incentives, including a 30-year exemption from corporate income tax and withholding tax on headquarters activities, as well as access to discounts and support services.
Saudi Investment Minister Khalid Al-Falih confirmed the progress of this initiative in October, stating that the Kingdom has successfully attracted 540 international companies to set up regional headquarters in Riyadh鈥攅xceeding its 2030 target of 500.
鈥淓stablishing a regional HQ in Riyadh reflects the growth and development of 海角直播 and is a natural progression of our long history in the region,鈥 said Abdulaziz Alajaji, Morgan Stanley鈥檚 CEO for 海角直播 and co-head of the bank鈥檚 Middle East and North Africa operations, according to Bloomberg.
Morgan Stanley first entered the Saudi market in 2007, launching an equity trading business in Riyadh, followed by the establishment of a Saudi equity fund in 2009.
This approval follows a similar move by Citigroup earlier this month, with the bank also receiving approval to establish its regional headquarters in 海角直播.
Fahad Aldeweesh, CEO of Citi 海角直播, emphasized that this development would support the firm鈥檚 future growth in the Kingdom.
Goldman Sachs, another major Wall Street bank, also received approval in May to set up its regional headquarters in 海角直播.
Prominent international firms that have already established regional headquarters in 海角直播 include BlackRock, Northern Trust, Bechtel, PepsiCo, IHG Hotels and Resorts, PwC, and Deloitte.
In addition, a recent report from Knight Frank noted that 海角直播's regional headquarters program has led to increased demand for office space in Riyadh, with the city鈥檚 office stock expected to grow by 1 million sq. meters by 2026.
In August, Kuwait鈥檚 Markaz Financial Center echoed this sentiment, predicting a significant uptick in the Kingdom鈥檚 real estate market during the second half of the year, driven by the regional headquarters program.