JPMorgan’s Saudi License: Global Finance Meets Vision 2030

Riyadh, Saudi Arabia (Oct 2025) – JPMorgan Chase & Co. has become the latest Wall Street bank to obtain a Regional Headquarters (RHQ) license in Saudi Arabia, a significant milestone in the Kingdom’s efforts to establish itself as the Middle East’s financial epicenter. The RHQ license, approved by Saudi Arabia’s Ministry of Investment, will allow JPMorgan to substantially expand its operations in Riyadh, overseeing key regional business lines from the Saudi capital.

For context, Saudi Arabia announced a policy effective 2024 that multinational companies must set up regional headquarters in the country to be eligible for government contracts. This is a pillar of Crown Prince Mohammed bin Salman’s Vision 2030 economic diversification plan, which seeks to attract foreign investment and talent. JPMorgan’s move indicates it doesn’t want to miss out on the deal flow in the Arab world’s largest economy. It also joins peers like Goldman Sachs, Citigroup, Morgan Stanley, and asset manager BlackRock, which have all either moved or are in the process of moving senior people to Riyadh under the RHQ program. The competitive landscape among global banks in the Gulf is therefore intensifying, with Riyadh emerging as a complementary hub to the well-established Dubai.

According to a Bloomberg report (cited by local financial newsletters), JPMorgan’s operations in Saudi Arabia (and the UAE) will continue to report to its EMEA headquarters in London for now. This means that while Riyadh becomes a significant base, strategic and balance-sheet decisions might still go through London. However, the very presence of a beefed-up JPMorgan Riyadh office carries symbolic and practical weight. The bank can hire more local staff, engage more directly with Saudi clients, and potentially even relocate some senior management to Riyadh to comply with local requirements and to be closer to key Saudi entities.

JPMorgan is no stranger to Saudi Arabia. It has been active in the Kingdom for decades, advising on major transactions and financing projects. In September 2025, JPMorgan was one of the lead underwriters of a $20 billion loan facility that helped investors (including Saudi Arabia’s Public Investment Fund) in a $55 billion deal to take gaming company Electronic Arts private. The bank has also been involved in Saudi Aramco’s record IPO (2019) and various sovereign wealth fund initiatives. CEO Jamie Dimon’s regular appearances at the Future Investment Initiative (FII), Saudi’s annual high-profile investment conference, have not gone unnoticed. He’s often spoken positively about the Kingdom’s potential and the changes underway.

Saudi officials have welcomed JPMorgan’s expanded presence. They argue that having top global banks on the ground will spur the development of local capital markets, introduce advanced financial products, and create jobs for Saudis in finance. It also serves as a vote of confidence in the Kingdom’s regulatory environment. The Saudi Central Bank and Capital Market Authority have been upgrading regulations (for example, allowing 100% foreign ownership of financial institutions and launching initiatives to deepen debt and equity markets) – all to make the ecosystem more attractive.

From JPMorgan’s perspective, an RHQ in Riyadh positions it favorably for upcoming opportunities: be it privatisations of state assets, giga-project financings, or managing the wealth that’s accumulating in Saudi’s economic boom. The Middle East and North Africa region contributed a growing share to JPMorgan’s international earnings, and that trend is likely to continue as regional economies grow faster than the West.

It’s worth noting that this trend of RHQ licenses isn’t just about finance. Global firms across sectors such as consultancies, tech companies, manufacturers, have also been responding to Saudi’s call. Over 80 companies reportedly received RHQ licenses in Riyadh as of late 2025, a number expected to rise. The Saudi government set a target of creating tens of thousands of new jobs through this program by 2030.

In conclusion, JPMorgan’s Saudi license underscores the shifting center of gravity in the Gulf’s financial landscape. Riyadh is asserting itself as a major hub, and the world’s biggest financial players are adapting their strategies accordingly. For investors and businesses in the region, this could mean greater access to services and capital, as banks like JPMorgan bring their full suite of offerings closer to clients. As one market strategist put it, “Dubai remains the fintech and markets hub, but Riyadh is rising as the deal-making and banking powerhouse – having JPMorgan there in force proves that point.” Expect this Eastward momentum of Wall Street to continue as Saudi Arabia rolls out more opportunities under its ambitious transformation plan.

Source:

Zawya/Kingdom Pulse