- Wealth fund adds fine print asking about regional headquarters
- Many financial firms ‘looking carefully’ at rules, lawyer says
Saudi Arabia’s wealth fund is starting to add some new fine print to the documents it sends to bankers hoping to do business with the $925 billion investor. It wants to know whether their firms have obtained a regional headquarters license in the kingdom.
The move shows the government is doubling down on efforts to get international financial firms to boost their local presence. Those that don’t display sufficient commitment to the country could soon find it harder to win big business.
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