The Bank of New York Mellon Corporation has received a license to establish a regional headquarters (RHQ) in Riyadh, Saudi Arabia. This strategic move positions BNY Mellon to provide strategic, administrative, and corporate services across the Middle East from its new base.
The license aligns with Saudi Arabia's broader economic initiatives to attract foreign companies and diversify its economy away from oil, offering incentives such as tax breaks. Establishing an RHQ is increasingly becoming a prerequisite for foreign firms to access lucrative government contracts in the kingdom.
This expansion underscores BNY Mellon's commitment to growing its presence in key global financial hubs. The new regional headquarters is expected to enhance BNY Mellon's ability to serve clients and capitalize on emerging opportunities in the rapidly developing Saudi Arabian market.
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