Morgan Stanley has been granted regulatory approval to establish its Middle East headquarters in Riyadh, Saudi Arabia. This move brings the firm in line with other major Wall Street players, such as Citigroup and Goldman Sachs, who have also expanded their operations in the kingdom.

Abdulaziz Alajaji, CEO for Saudi Arabia and co-head of the Middle East and North Africa region, emphasized that the decision to set up a regional headquarters in Riyadh reflects the growth and development of Saudi Arabia, marking a significant step in the bank's longstanding presence in the region.