Northern Trust Chooses Riyadh as Its Main Office in the Middle East

Northern Trust has joined a growing number of financial institutions looking to enhance their presence in Saudi Arabia, announcing on Friday that it has chosen the oil-rich kingdom to be its main office in the Middle East. This move follows Riyadh's efforts to become the financial hub of the Middle East by implementing measures that require foreign companies to establish regional headquarters in the kingdom or risk losing their business. Northern Trust is one of the largest companies acting as a custodian worldwide. A spokesperson for Northern Trust stated, "Establishing our regional headquarters for the Middle East and North Africa in Saudi Arabia reflects our continued investment in infrastructure, capabilities, and expertise in the region." The company protects assets for its clients valued at over $14 trillion globally and manages investments exceeding $1 trillion. Currently, the company has offices in Saudi Arabia and the UAE and has been operating in the region for decades. In October, a senior official from the Public Investment Fund, the sovereign wealth fund of Saudi Arabia with assets exceeding $700 billion, indicated that asset management firms would soon be required to have employees within the kingdom if they wish to manage Public Investment Fund’s money. Foreign companies have used the UAE as a launchpad for their operations in the region, including Saudi Arabia. The kingdom has invested hundreds of billions of dollars under Vision 2030, a broad strategy led by the Public Investment Fund aimed at reducing the country’s dependence on hydrocarbons.