Northern Trust gets license to set up regional HQ in Riyadh

Logo of Northern Trust Corp.

US-based Northern Trust Corp., which manages $14 trillion worth of assets, obtained a license from Saudi Arabia’s Ministry of Investment to establish its regional headquarters in Riyadh.

Northern Trust will become one of the first major global financial institutions to move its regional headquarters to Riyadh, Bloomberg reported.

The company’s spokesperson said that Northern Trust’s decision to establish its regional headquarters for the Middle East and North Africa (MENA) in Saudi Arabia reflects the continued investment in infrastructure, capabilities and expertise in the region.

Saudi Arabia set the deadline for international companies to move their regional HQ to Riyadh by January 2024, otherwise they will lose their agreements with the government, Argaam earlier reported.