Mizuho Financial Group, a global banking firm based in Tokyo, is embarking on an exciting journey by applying to establish its regional headquarters in Riyadh, Saudi Arabia. The company’s decision aligns with the Kingdom’s efforts to attract international companies through its Regional Headquarters Program. As part of this initiative, Mizuho aims to enhance its presence in the region and contribute to the economic diversification goals of Saudi Arabia.
Riyadh: A Hub for International Companies
Riyadh, the capital of Saudi Arabia, has become a focal point for global firms seeking strategic expansion. The state’s attractive incentives, including tax exemptions and support services, have enticed companies like EY, Goldman Sachs, and PayerMax to relocate their Middle East bases to Riyadh. Mizuho’s move underscores the city’s growing prominence as a business hub.
Mizuho’s Existing Presence
Mizuho has been operating in Saudi Arabia since 2009 through its subsidiary, Mizuho Saudi Arabia Co. (MSAR). Licensed and regulated by the Capital Market Authority, MSAR provides investment banking services in Riyadh. Now, with the application for a regional headquarters, Mizuho aims to strengthen its commitment to the Kingdom and explore new opportunities in the region.
A Catalyst for Economic Growth
Saudi Arabia’s vision for attracting regional headquarters aligns with its broader economic goals. By offering tax incentives and creating a favorable business environment, the Kingdom encourages companies to establish a presence in Riyadh. The recent surge in RHQ licenses—more than 120 international firms during Q1 2024—reflects the success of this strategy. Boeing Co., Amazon.com Inc., and other major players are among those benefiting from the program.
As Mizuho takes this bold step, Riyadh’s economic landscape continues to evolve. The establishment of its regional headquarters signifies not only business growth but also a deeper partnership between Japan and Saudi Arabia. The gloves are off, and Riyadh awaits a new era of financial collaboration.
