Fitch wins licence to set up regional HQ in Saudi Arabia

Monday, 18 November 2024 03:35 - - {{hitsCtrl.values.hits}}

RIYADH: Fitch Group, a leading global financial information services provider, has secured the approval from the Ministry of Investment of Saudi Arabia (MISA) for licence to set up its regional headquarters (RHQ) in the kingdom.

This RHQ will help expand Fitch Group’s long-standing presence in the Middle East, which includes having opened offices in the capital Riyadh by Fitch Ratings in 2017 and by Fitch Learning in 2023, said the ratings agency in a statement.

On the key licence win, Fitch Group President and CEO Paul Taylor said: “Fitch’s RHQ will be the next exciting chapter in our Middle East story. We want to bring our heritage of excellence to support the evolution of Saudi Arabia’s financial markets and broader economic goals.”

Fitch, he stated, will now phase in the provision of strategic direction and management functions for the RHQ over the next six months, with related support services becoming operational.

Fitch Ratings Saudi Arabia General Manager Nejoud Al Mulaik said: “Against the backdrop of Vision 2030 and similar regional initiatives, local capital markets and financial services have a pivotal role to play in helping deliver the economic and business transformation that will future proof the region for many years to come.”

“This next exciting step underlines our commitment to being the partner of choice in Middle East capital markets,” added Al Mulaik.

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