09:25 AM EST, 11/22/2024 (MT Newswires) -- Citigroup ( C ) has been approved to establish regional headquarters in Riyadh, Saudi Arabia, according to a Bloomberg report Friday, which cited an internal memo to the bank's staff members.

Foreign companies seeking to set up a regional office in Saudi Arabia must have at least 15 employees, including executives overseeing other countries, under new rules that came into effect this year, according to the report.

Citigroup ( C ) and Saudi Arabia' Ministry of Investment did not immediately respond to requests for comment from MT Newswires.

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