BNP Paribas SA has secured a regional headquarters license in Saudi Arabia, boosting its presence in the kingdom as ties between Riyadh and Paris deepen. The French lender joins several international financial giants including Goldman Sachs Group Inc., Morgan Stanley and more recently Deutsche Bank AG in receiving a license, part of the kingdom's effort to attract foreign firms and make capital Riyadh a regional finance hub.

The move reflects strengthening economic relations between Saudi Arabia and France, with BNP Paribas expanding its regional footprint amid the kingdom's push to diversify its economy under Vision 2030. The license allows the bank to operate a regional hub from Riyadh, coordinating activities across the Middle East.

Saudi Arabia has been actively courting global financial institutions to establish regional headquarters in Riyadh, offering incentives and regulatory support. The kingdom aims to position itself as the premier financial center in the region, competing with established hubs like Dubai and Abu Dhabi.