BlackRock gets nod to open regional HQ in Riyadh: Report

BlackRock Inc. received approval from Saudi Arabia to set up its regional headquarters in Riyadh, Bloomberg reported.
 

With the move, BlackRock will be able to expand its operations across the Middle East, according to a statement.
 

The company established BlackRock Saudi Arabia Company six years ago and is regulated by the Capital Market Authority.
 

Saudi Arabia’s Minister of Investment Khalid Al-Falih said earlier that the number of international companies that launched regional headquarters in Saudi Arabia exceeded the target of having 500 companies by 2030, with 540 so far setting up their regional offices in the Kingdom.
 

According to Argaam’s data, in January, Saudi Arabia decided that government entities will no longer contract with any foreign company or commercial party with regional HQs outside the Kingdom. This includes bodies, institutions and funds affiliated with the Saudi government or any of its agencies.