08:47 AM EST, 11/25/2024 (MT Newswires) -- (Updates with Morgan Stanley's ( MS ) response in the second paragraph and latest stock movement in the last paragraph.)

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 of the growth and development of Saudi Arabia and is a natural progression of our long history in the region," a Morgan Stanley ( MS ) spokesperson told MT Newswires in an email Monday.

Shares of the company were up 1% in recent Monday premarket activity.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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