BNP Paribas has secured a regional headquarters license in Saudi Arabia, according to a Tuesday report by state news agency SPA, marking the latest expansion by a major international institution into the kingdom. The move aligns with Saudi Arabia’s broader push to establish Riyadh as a primary Gulf financial hub alongside regional centers like Dubai and Abu Dhabi. To incentivize relocations, the Saudi government requires foreign multinationals to set up regional bases in the capital to maintain eligibility for lucrative state contracts.

The license was officially granted during a Paris meeting between Saudi Investment Minister Fahd bin Abduljalil al Saif and BNP Paribas Chairman Jean Lemierre. The French banking group already maintains an established footprint across the Middle East, with existing operations in Saudi Arabia, the UAE, Qatar, Kuwait, and Bahrain.

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