Morgan Stanley to Open Middle East HQ in Riyadh to Expand Operations

Morgan Stanley has received regulatory approval to establish its Middle East regional headquarters in Riyadh, making it the latest Western bank to expand its operations in the kingdom. The move is supported by the government's Regional Headquarters Programme, which offers incentives such as Saudisation exemptions, tax benefits, and accelerated visa processing for foreign firms.

Morgan Stanley has been in the Kingdom for over a decade. The investment bank first entered the Saudi market in 2007, before it became one of the first international asset managers  to launch a Saudi equity fund in 2009.

Saudi Arabia has been increasingly pressuring major international banks and firms to relocate their regional headquarters to Riyadh, with sources suggesting that such a move is often necessary to win business in the country. The kingdom is in direct competition with the UAE to establish itself as the leading financial hub in the Middle East, with both countries vying for dominance in capital markets activity.