Morgan Stanley has received regulatory approval to establish its Middle East headquarters in Saudi Arabia.
“Establishing a regional HQ in Riyadh reflects the growth and development of Saudi Arabia and is a natural progression of our long history in the region,” Abdulaziz Alajaji, the bank's CEO for Saudi Arabia and co-head of the Middle East and North Africa region, said in a statement.
Citigroup said it had received approval for a regional HQ licence from Saudi Arabia's Ministry of Investment.
Competition for investment banking fees has intensified between Saudi Arabia and the United Arab Emirates this year, as both countries seek to build the leading regional hub for capital markets activity.
