BNP Paribas establishes regional headquarters in Saudi Arabia

BNP Paribas, France’s largest banking group, has been granted a regional headquarters licence in Saudi Arabia. The decision follows discussions in Paris between Saudi Investment Minister Fahd bin Abduljalil al Saif and BNP Chairman Jean Lemierre.

The move is part of Saudi Arabia’s Regional Headquarters Programme, which requires multinational firms to establish a presence in the kingdom to qualify for government contracts. This regulatory shift aims to support the Vision 2030 economic-diversification strategy and position Riyadh as a primary financial hub in the Middle East. By establishing this hub, BNP Paribas joins over 750 multinational corporations currently based in the kingdom, surpassing the government’s initial target of 500 companies.

For BNP Paribas, the relocation follows a reorganization of its Middle East and Africa operations. The bank is already active in the region, including involvement in a $3 billion financing framework for Saudi electricity grid expansion projects.