Northern Trust Corp. has become one of the first major global financial institutions to set up its regional headquarters in Riyadh, bolstering the Saudi government’s drive to get international firms to run their Middle Eastern operations from the kingdom.
The firm, which has $1.3 trillion in assets under management, recently received a license from the Ministry of Investment of Saudi Arabia to set up its Middle East base in Riyadh. That comes ahead of a January 2024 deadline, when new rules kick in to restrict state entities from doing…
