Saudi Arabia Scores Win in Drive to Lure Financial Giants
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Northern Trust Corp. has become one of the first major global financial institutions to set up its regional headquarters in Riyadh, bolstering the Saudi government’s drive to get international firms to run their Middle Eastern operations from the kingdom.
The firm, which has about $14 trillion of assets under custody or administration, recently received a license from the Ministry of Investment of Saudi Arabia to set up its Middle East base in Riyadh. That comes ahead of a January 2024 deadline, when new rules kick in to restrict state entities from doing business with international companies that don’t have regional headquarters in the kingdom.