BNP Paribas, France's largest bank, has obtained approval for a regional headquarters in Saudi Arabia. According to the Saudi state news agency SPA on the 25th, the approval was announced during a meeting in Paris between Investment Minister Khalid Al-Falih and BNP Chairman Jean Lemierre. In recent years, Saudi Arabia has aimed to position Riyadh as a major financial hub in the Gulf region, encouraging multinational companies to move their regional headquarters to Riyadh. The government has stated that companies without a headquarters in Riyadh may lose opportunities for government contracts. Neighboring United Arab Emirates, including Dubai and Abu Dhabi, are also competing for financial hub status. BNP's Middle East operations include offices in Saudi Arabia, the UAE, Qatar, Kuwait, and Bahrain.
BNP Paribas SABNP Paribas obtains Saudi regional headquarters approval, enhancing its position for government contracts.
