Citi Opens Riyadh HQ as Wall Street CEOs Forge Deeper Saudi Ties

Core Insights - Citigroup Inc. has opened its regional headquarters in Riyadh, marking a significant move to strengthen its presence in Saudi Arabia and engage more with the government and its nearly $1 trillion sovereign wealth fund [1][5]. Group 1: Headquarters Establishment - The bank has chosen the Kingdom Tower for its headquarters instead of the new financial district, following the receipt of a license last year [2]. - The new site will provide strategic direction and management functions for branches across the Middle East and North Africa, although specific headcount details were not disclosed [2]. Group 2: Leadership and Relations - The announcement comes shortly after Citigroup's CEO Jane Fraser was appointed co-chair of the US-Saudi Business Council, indicating strengthening ties between the U.S. and Saudi Arabia [3]. - The timing coincides with major finance leaders, including JPMorgan Chase's Jamie Dimon and Goldman Sachs' David Solomon, preparing to speak at the annual Saudi investment conference [4]. Group 3: Competitive Landscape - Citigroup joins other international financial institutions like JPMorgan, Morgan Stanley, and Blackrock in establishing a local headquarters, which is now a requirement for securing government contracts in Saudi Arabia [5]. - The establishment of a regional headquarters reflects Citigroup's confidence in Saudi Arabia's economic momentum and its commitment to being close to influential clients [6].