Reported 4 months ago
Saudi Arabia's wealth fund is increasingly pressuring international financial firms to establish regional headquarters in Riyadh, with the Public Investment Fund now including the license as part of their procurement process. This move aims to boost the local presence of banks like JPMorgan Chase & Co. and Citigroup Inc. in the kingdom, as seen with Goldman Sachs Group Inc. obtaining a license. However, the lack of clarity surrounding the rules and the challenges faced by banks in meeting the requirements, such as having a minimum number of employees in the country, pose additional hurdles.
Source: YAHOO