BlackRock receives Saudi approval to establish a regional headquarters in Riyadh.

Bloomberg News reported on Thursday that the world's largest asset management company has received approval from the Kingdom of Saudi Arabia to establish its regional headquarters in Riyadh, marking another success for Saudi Arabia in attracting global financial institutions to set up offices within the kingdom.

With this move, BlackRock will be able to expand its operations and activities across the Middle East, according to a statement issued by BlackRock today. The global asset manager established BlackRock Saudi Arabia six years ago, which is regulated by the Capital Market Authority in the kingdom.

The senior advisor to the Saudi Minister of Investment stated in the announcement that BlackRock plays an important role in the asset management landscape in Saudi Arabia, expressing optimism about the continued growth of BlackRock within the kingdom and the region.

Bloomberg reported that under new rules that came into effect this year, companies must have a regional base in Saudi Arabia with at least 15 employees, including executives overseeing other countries, or risk losing their business with the kingdom's extensive network of government entities.