Based on a Bloomberg story referencing a memo, Citigroup (C, Financial) has been approved by Saudi Arabia to set up a regional headquarters in Riyadh.
The decision comes as Saudi Arabia tries to draw international financial corporations under new rules mandating companies to keep a regional presence involving at least 15 people in order to conduct business with government-related entities.
The plan of the kingdom seems to be producing outcomes. Goldman Sachs (GS) became the first Wall Street bank to get a license under the new regulations earlier this year; BlackRock (BLK) recently acquired a comparable license.
Citigroup's action emphasizes the growing attraction of Riyadh as a financial center since companies set themselves up to seize chances inside the Saudi market and regarding its wider regional significance. It's important to note that C stock is up more than 33% so far this year, beating the S&P 500's 25% gain over the same period.
