06:34 AM EST, 11/25/2024 (MT Newswires) -- Morgan Stanley ( MS ) has received regulatory approval to set up its Middle East headquarters in Riyadh, Saudi Arabia, Bloomberg reported Sunday, citing Abdulaziz Alajaji, the bank's chief executive for Saudi Arabia as saying in a statement.

"Establishing a regional HQ in Riyadh reflects the growth and development of Saudi Arabia and is a natural progression of our long history in the region," the report quoted Alajaji as saying.

Morgan Stanley ( MS ) did not immediately respond to MT Newswires' request for comment.

Shares of the company were up 1.2% in recent Monday premarket activity.

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