Morgan Stanley has received approval to establish its regional headquarters in Saudi Arabia, joining a growing list of global companies attracted by the Kingdom’s ambitious regional headquarters program.
This initiative offers businesses substantial benefits, including a 30-year exemption from corporate income and withholding taxes on headquarters activities, alongside various discounts and support services. The program, a key part of Vision 2030, aims to position Riyadh as a hub for international operations.
Saudi Investment Minister Khalid Al-Falih recently announced that 540 companies have already committed to setting up regional headquarters in Riyadh, surpassing the 2030 target of 500. Among them is Morgan Stanley, which first entered the Saudi market in 2007.
“Establishing a regional HQ in Riyadh reflects the growth and development of Saudi Arabia and is a natural progression of our long history in the region,” said Abdulaziz Alajaji, CEO of Morgan Stanley Saudi Arabia.
Other global financial giants are also expanding their presence in Saudi Arabia. Citigroup and Goldman Sachs received similar approvals earlier this year, with both institutions emphasizing the importance of the Kingdom’s market for their growth.
Notable firms such as BlackRock, Deloitte, PepsiCo, and IHG Hotels have already established regional bases in Riyadh. Meanwhile, rising demand for office space in the city reflects the program’s success. Knight Frank predicts Riyadh’s office stock will grow by 1 million square meters by 2026, a testament to Saudi Arabia’s growing allure as a business hub.