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Japanese Mizuho Financial Group plans to set up its regional headquarters in Saudi Arabia, in line with the kingdom’s diktat for foreign companies to either set up their Middle East base in the country or run the risk of losing out on lucrative government contracts.
According to Bloomberg, the financial institution has already submitted its application with Saudi’s Ministry of Investment to set up its headquarters in Riyadh.
The firm already has a presence in the kingdom since 2009 through its subsidiary, Mizuho Saudi Arabia, which operates as an investment bank.
In recent months, several high-profile firms have set sights on Saudi, with last month, Goldman Sachs Group becoming the first Wall Street bank to take the step for its Middle Eastern base.
Under Saudi laws, which came into force this year, companies with state contracts must have a regional headquarters in the kingdom with a minimum of 15 employees.
A part of its Vision 2030 roadmap, Saudi Arabia’s goal is to get 480 companies to open regional headquarters in the kingdom by 2030.
(Writing by Bindu Rai, editing by Daniel Luiz)
