The Bank of New York Mellon Corporation announced it has been granted a regional headquarters (RHQ) license by the Ministry of Investments in Saudi Arabia.
The RHQ in Riyadh will provide strategic, administrative and corporate services for BNY in the Middle East. BNY’s existing Asset Servicing solutions delivered for clients in the Kingdom of Saudi Arabia include Global Custody Services, Global Risk Solutions, Custody FX, and Institutional Accounting under a Capital Markets Authority license.
“The Kingdom of Saudi Arabia is delivering on its Vision 2030, and we will continue to bring BNY’s expertise across the financial lifecycle to help the KSA achieve its ambitions,” said Hani Kablawi, Head of International at BNY. “Today’s announcement underscores the strategic importance of the Middle East in BNY’s international growth plans and our commitment to being an enduring partner to our clients across the region.”
BNY has a decades-long presence working with clients in Saudi Arabia, UAE, Kuwait, Qatar, Bahrain and Oman, providing access to global markets, building and delivering local markets infrastructure capabilities and supporting the development of the Gulf Cooperation Council’s capital markets landscape.
The RHQ programme, launched in 2021 as part of Vision 2030, is designed to transform the Kingdom into a regional hub for business, foster job creation, and stimulate economic diversification. Under the initiative, companies with RHQ licenses receive a range of incentives, including relaxed regulatory conditions, tax exemptions, and preferential treatment in government contracting from 2024 onward.
