Northern Trust Corp, a global financial powerhouse with a staggering $1.3 trillion worth of assets under management, has established its Middle East headquarters in Riyadh, Saudi Arabia.
This is in line with the January 2024 deadline that requires international companies to have their regional headquarters in Saudi Arabia to apply for government contracts.
Its decision to set up its Middle East headquarters in Riyadh is a clear endorsement of Saudi Arabia’s economic diversification efforts.
This significant shift supports Saudi Arabia’s recent regulatory changes, urging international corporations to establish local bases within the kingdom.
A License to Thrive
Saudi Arabia’s Ministry of Investment has granted Northern Trust a license, a pivotal development highlighting Riyadh’s growing influence as a financial epicenter in the region.
Northern Trust’s expansion into Riyadh is a strategic move and a testament to the city’s burgeoning status as a financial hub, attracting key institutions to establish a local presence.
Echoing the Shift
Lazard Ltd., a renowned investment banking giant, is strengthening its commitment to the region by inaugurating its MENA headquarters in Riyadh.
Sarah Al Suhaimi, a seasoned banker, has been appointed to lead Lazard’s advisory operations across the Middle East and North Africa. Her leadership is expected to fortify Lazard’s regional stronghold and enrich its advisory capabilities.
This move by Lazard Ltd. further underscores the international recognition of Saudi Arabia’s potential as a central business hub in the Middle East.
An Economic Transformation
The decisions by Northern Trust and Lazard Ltd. are a significant endorsement of Saudi Arabia’s efforts to diversify its economy and establish itself as an influential financial hub.
As the deadline of January 2024 approaches, it is anticipated that more global firms will establish their regional bases in compliance with the new Saudi business engagement rules.
This trend signifies Riyadh’s growing role as a financial nucleus in the region, attracting high-profile institutions to establish a local presence, which aims to be among the world’s top ten cities by 2030.
Authorities in the Kingdom of Saudi Arabia have backed plans for significant infrastructure projects in the city, with an investment of $1 trillion over the next seven years.
Embracing the Future
The strategic relocations by Northern Trust and Lazard Ltd. represent a significant shift in the global financial landscape.
Moreover, the international Real Estate Consultancy Firm JLL has established its regional headquarters in Riyadh’s King Abdullah Financial District (KAFD). JLL aims to elevate the standards of real estate in the kingdom, focusing on technology and sustainability.
Lastly, Knight Frank recently opened their Saudi office in Laysen Valley in Riyadh following an announcement of an agreement with the Saudi Ministry of Municipal and Rural Affairs and Housing to drive investment opportunities in the kingdom’s public parks and urban spaces.
These decisions highlight the growing trend of international firms recognizing the potential of Saudi Arabia as an influential business hub in the Middle East, further strengthening the country’s position on the global stage.
Global Financial Hub
The strategic move by Northern Trust Corp and Lazard Ltd to set up their Middle East headquarters in Riyadh represents a significant endorsement of Saudi Arabia’s diversification efforts and its potential as a global financial hub.
The future looks promising, with the potential for significant growth and development in the region. The decisions by Northern Trust and Lazard Ltd. are just the beginning of what is expected to be a transformative era for Saudi Arabia and the wider Middle East region.