Citigroup Inc. has opened a regional headquarters in Riyadh, focusing on business with the Saudi government and its $1 trillion sovereign wealth fund. The bank chose the iconic Kingdom Tower over the new financial district, receiving a license last year. CEO Jane Fraser’s appointment as co-chair of the US-Saudi Business Council signals warmer ties. Other financial heavyweights are set to speak at the annual Saudi investment confab, FII.

JPMorgan Chase recently secured a regional HQ license in Saudi Arabia, aligning with other international financial giants like Morgan Stanley and Blackrock Inc. The kingdom requires foreign companies to have a local HQ to secure government contracts, including with the Public Investment Fund. Citi’s move shows confidence in the kingdom’s growth and commitment to clients driving change in the region.

Read more at Yahoo Finance: Citi Opens Riyadh HQ as Wall Street CEOs Forge Deeper Saudi Ties