TLDR:
Fitch sets regional HQ in Riyadh
MISA backs Fitch’s expansion plans
Vision 2030 drives financial growth
RIYADH (The Thursday Times) — Fitch Group has secured its regional headquarters licence from Saudi Arabia’s Ministry of Investment (MISA), a key move that positions the financial services leader to deepen its Middle Eastern presence. With a strong foothold in Riyadh, this development allows Fitch to support Saudi Arabia’s economic evolution, expanding from its initial Riyadh office opened by Fitch Ratings in 2017 and later supplemented by Fitch Learning in 2023.
Fitch’s new RHQ
The approval of Fitch’s regional headquarters (RHQ) in Riyadh underscores Saudi Arabia’s vision to cultivate a robust financial sector as part of Vision 2030. MISA’s support aligns with the Kingdom’s mission to attract global firms that can contribute to economic diversification, creating an enabling environment for growth across capital markets. By establishing the RHQ, Fitch seeks to become a strategic partner in the financial landscape, lending expertise in credit ratings, analytics, and training to drive the Kingdom’s ambitious plans for market maturity.
Vision 2030
Saudi Arabia’s Vision 2030 aims to transform the economy and position the country as a financial hub, attracting foreign investments and strengthening local capital markets. Fitch’s RHQ approval aligns with these goals, as Fitch is set to provide strategic direction for Saudi operations and broader regional activities. The phased rollout of this RHQ, set over the next twelve months, will involve transferring key management and support functions to Riyadh, offering a foundation for Fitch to contribute to the Kingdom’s financial goals.
Local capital markets
The local presence of Fitch Group provides crucial support for Saudi Arabia’s capital markets by enhancing analytical and financial expertise within the region. As MISA endorses Fitch’s expansion, the RHQ aims to deliver strategic guidance, positioning Fitch as a trusted partner in the Middle Eastern financial sector. This initiative, driven by both Vision 2030 and regional economic diversification strategies, signifies the Kingdom’s commitment to fostering sustainable growth in finance.
