RIYADH - Northern Trust Corp (NASDAQ: )., a global financial services firm with $1.3 trillion in assets under management, has announced the establishment of its Middle East headquarters in Riyadh. The firm's decision aligns with Saudi Arabia's impending regulatory change, which mandates international companies to have regional bases within the kingdom by January 2024 to partake in government contracts. The strategic move by Northern Trust follows its successful acquisition of a license from Saudi Arabia's Ministry of Investment. Al Suhaimi's leadership is expected to strengthen Lazard's regional foothold and enhance its advisory capabilities. Both Northern Trust's and Lazard's expansions into Riyadh represent a significant endorsement of Saudi Arabia's efforts to diversify its economy and bolster its status as an influential financial hub.

Source: The North Africa Journal December 09, 2023 01:56 UTC