Deutsche Bank gains new Saudi licence in push to expand 

By Hadeel Al Sayegh

DUBAI, July 8 - Deutsche Bank has secured a regional headquarters licence in Saudi Arabia, giving the German lender access to major government and state-linked contracts as the kingdom pushes multinational companies to expand their presence in Riyadh.

The new regional headquarters will be based in Riyadh and will oversee Deutsche Bank's regional management, strategic decision making and corporate functions across the Middle East, the bank said in a statement on Wednesday. 

Deutsche Bank joins several financial institutions that have already secured the licence, including JPMorgan, Goldman Sachs and Morgan Stanley. 

Saudi Arabia has pushed multinational companies to relocate their regional headquarters to Riyadh in recent years, part of an effort to position the capital as a leading financial hub. The government has said companies without a Riyadh headquarters risk losing access to state contracts.

The RHQ program is central to Crown Prince Mohammed bin Salman's Vision 2030 plan to diversify the kingdom's economy away from oil.

It will be Deutsche Bank's third legal entity in Saudi Arabia, joining its Riyadh branch, established in 2006 and regulated by the Saudi Central Bank, and Deutsche Securities Saudi Arabia, established in 2007 and regulated by the Capital Market Authority, the firm said.

Jamal Al Kishi, Deutsche Bank's chief executive for the Middle East and Africa, said the licence would support the bank's expansion targets in the region and its ability to connect Saudi and regional clients to opportunities in Europe, Asia, the Americas and Africa.

He added that the move would help attract foreign direct investment into Saudi Arabia and other markets across the region.  

(Reporting by Hadeel Al Sayegh)