The bank, already a prominent player in Saudi Arabia's financial sector, has deepened its ties with the Kingdom since acquiring a full banking license in 2018. The latest development reinforces Citi's commitment to expanding its footprint in the region. Riyadh will now serve as a pivotal center for Citi's operations, handling a range of services including investment banking, capital markets, and advisory roles for government and corporate entities.
The establishment of the regional headquarters coincides with Saudi Arabia’s push to attract foreign direct investment and diversify its economy away from oil dependency. Citi's relocation reflects the Kingdom's growing appeal to multinational firms as it offers incentives and infrastructure support to businesses willing to move their headquarters to Riyadh. This effort also places the city in direct competition with neighboring Gulf financial hubs like Dubai and Abu Dhabi.
Citi’s decision highlights its confidence in the Saudi market, supported by increased demand for financial services as the Kingdom undertakes massive infrastructure and technology projects. With Riyadh set to host Citi’s regional leadership, the bank is expected to bolster its involvement in financing projects tied to Saudi Vision 2030 and deepen collaborations with local and global investors.