Fitch Group-Riyadh/London: Fitch Group, a leading global financial information services provider, has announced today the approval of its regional headquarters (RHQ) license from the Ministry of Investment of Saudi Arabia (MISA).

This RHQ will expand Fitch Group’s long-standing presence in the Middle East, which includes having opened offices in Riyadh by Fitch Ratings in 2017 and by Fitch Learning in 2023.

“Fitch’s RHQ will be the next exciting chapter in our Middle East story. We want to bring our heritage of excellence to support the evolution of Saudi Arabia’s financial markets and broader economic goals,” said Paul Taylor, President and CEO of Fitch Group.

“Against the backdrop of Vision 2030 and similar regional initiatives, local capital markets and financial services have a pivotal role to play in helping deliver the economic and business transformation that will future proof the region for many years to come,” added Nejoud Al Mulaik, General Manager, Fitch Ratings, Saudi Arabia.

Having received approval for its MISA RHQ license as of 14 November 2024, Fitch will now phase in the provision of strategic direction and management functions for the RHQ over the next six months, with related support services becoming operational during the following six months.

“This next exciting step underlines our commitment to being the partner of choice in Middle East capital markets,” Al Mulaik concluded.

Highlights from The Fitch Group include:

  • Fitch Learning: Launched International Banker Associate Programme in KSA with Banque Saudi Fransi during 2019.
  • Fitch Learning: Launched strategic alliance with The Saudi Industrial Development Fund to deliver a Certified Investment Financing Professional training program, since 2021.
  • Fitch Ratings: First international CRA to establish a KSA National Rating Scale in 2020 to reflect differences in the relative creditworthiness of local Saudi Arabian issuers.
  • Fitch Ratings: First and only international CRA to sign a Memorandum of Understanding with KSA’s Ministry of Municipal and Rural Affairs to provide credit opinions as part of the ministry’s classification system, since 2021.
  • Fitch Ratings: Global Islamic Finance practice formed in 2015. now covers more Islamic finance-based issuers than any other international CRA, as well as over 210 outstanding Islamic Finance instruments worldwide. The practice has also received numerous industry awards at the Global Islamic Finance Awards, Global Takaful Awards and from The Asset magazine.
  • Fitch Ratings: First and only international credit ratings agency (CRA) to be granted a license by the UAE Securities & Commodities Authority (SCA), allowing Fitch to provide credit ratings to "onshore" entities listed in the UAE SCA-controlled stock exchanges, since 2021.
  • Fitch Ratings: Portfolio includes over 160 issuers in 10 Middle Eastern countries across a diverse range of sectors, with a leading market share in Banks, Non-Bank Financial Institutions, Infrastructure/Project Finance as well as Public Finance.

About Fitch Group

As a leading global financial information services provider, Fitch Group delivers vital credit and risk insights, robust data, and dynamic tools to champion more efficient, transparent financial markets. With employees in over 30 countries, Fitch Group’s culture of credibility, independence, and transparency is embedded throughout its structure, which includes Fitch Ratings, one of the world’s top three credit ratings agencies, and Fitch Solutions, a leading provider of insights, data and analytics. With dual headquarters in London and New York, Fitch Group is owned by Hearst.