BNP Paribas has been granted a Regional Headquarters licence in Saudi Arabia, adding the largest French bank to the growing list of international financial institutions formally anchoring their Middle East Headquarters in Riyadh.
The licence was announced by Saudi Arabia's Investment Minister, Fahad bin Abduljalil Al-Saif, with Jean Lemierre, Chairman of BNP Paribas, present. It places the bank's regional strategic, administrative and corporate functions in the Kingdom.
BNP Paribas is not a new arrival. The group describes itself as having been the leading international bank in the Kingdom for almost two decades, and it operates there under two regulators: a commercial banking branch licensed by the Saudi Central Bank and BNP Paribas Investment Company, licensed by the Capital Market Authority. Both entities relocated to Riyadh's King Abdullah Financial District under an announcement made in February 2025. Reema Alasmari serves as Head of Territory for Saudi Arabia and Ammar Pharaon as Chief Executive of the investment company. Regionally the bank also operates in the UAE, Qatar, Kuwait and Bahrain.
The Regional Headquarters programme, launched in 2021, requires multinationals to base their regional management in Riyadh or forgo eligibility for Saudi government contracts, offering tax and regulatory incentives in return. More than 750 companies have now joined, well past the original target of 500 by 2030.
The move is more pointed when set against what BNP Paribas is doing elsewhere in the region. In April the bank agreed to sell its 67% controlling stake in Banque Marocaine pour le Commerce et l'Industrie to Holmarcom Finance Company, exiting Moroccan retail banking while retaining its investment banking activities there. The completion is expected in the fourth quarter. Within a single year, then, the same institution has stepped back from North African retail and formalised its management presence in Gulf wholesale, which is the clearest illustration yet of where international banks now see the returns.
The timing tracks the market. Riyadh climbed fifteen places to 46th in the latest Global Financial Centres Index published this month, among the largest gains of any centre in the 117-strong index. Saudi Arabia recorded 74 transactions in the first half of 2026 according to PwC's TransAct report, with Saudi Arabia and the UAE together accounting for roughly 65% of regional deal volume.
