BNP Paribas receives Saudi regional headquarters licence

BNP ​Paribas has received a ‌regional headquarters ​licence in Saudi Arabia, Saudi state news agency SPA ‌reported on Tuesday, as France's biggest bank joins other international companies expanding their presence in the ‌kingdom.

Saudi Arabia has pushed multinational companies to ‌relocate their regional headquarters to Riyadh in recent years as part of efforts to position the capital ⁠as ​a leading ⁠financial hub in the Gulf along with Dubai and ⁠Abu Dhabi in neighbouring United Arab Emirates (UAE). The government has ​said companies without a Riyadh headquarters risk losing ⁠access to state contracts.

The licence was announced ⁠during ​a Paris meeting between Saudi Arabia's investment minister, Fahd bin Abduljalil al Saif, and ⁠BNP Chairman Jean Lemierre, SPA added. BNP's presence in ⁠the ⁠Middle East includes offices in Saudi Arabia, the UAE, Qatar, Kuwait and ‌Bahrain.