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Eye of Dubai
Business & Money | Monday 19 February, 2024 8:38 am |

Rothschild opens new office in Riyadh’s KAFD

Rothschild & Co. opened today, Feb. 18, a new office in Riyadh-based King Abdullah Financial District (KAFD), as part of its strategic expansion in Saudi Arabia, boosting its Middle East presence.




The company said this reflects its commitment to Saudi Arabia's growth potential. The Riyadh office will enable its provision of comprehensive advisory services, including mergers and acquisitions, debt restructuring, and equity solutions.




In a statement today, Feb. 18, Rothschild said Nasser Al Issa, Managing Director and Head of Saudi Arabia, will lead the new KAFD office with a team of expert bankers relocating to the Kingdom.




“Saudi Arabia is a key economic pillar of the Middle East region and Riyadh city is rapidly becoming a key financial and economic hub in the Middle East. The Riyadh office represents a key hub for our Middle East business,” Al Issa was quoted as saying.




KAFD, one of the largest projects in Riyadh, is being built north of the Saudi capital, covering 1.6 million square meters. It includes over 2,900 residential properties and 6,100 luxury five-star hotel keys, according to data compiled by Argaam.




Saudi Vision 2030 plans to transform KAFD into a special zone with competitive regulations and rules, including visa exemptions and a direct train linking the project to King Khalid International Airport.




Saudi Arabia required global firms to move their regional headquarters (HQs) to Riyadh by Jan. 1, 2024, for government contracts. In December 2023, it introduced a 30-year tax incentive package to ease global companies' HQs opening in the Kingdom.


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