Franklin Templeton opens Riyadh office

US asset manager Franklin Templeton has launched in Saudi Arabia after opening an office in Riyadh.

The move comes after the firm received licences from the Capital Market Authority.

“The Middle East is a key region for Franklin Templeton,” said Jenny Johnson, president and CEO, Franklin Templeton.

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“We are delighted that Saudi Arabian investors now have local access to the firm’s global strength through its robust global platform and public and private market offerings.”

Franklin Templeton is one of a number of overseas firms that have established their regional headquarters in the kingdom in recent months including Rothschild & Co and Northern Trust,

The Saudi government had set a deadline of January 1, 2024 for firms to establish their regional headquarters in the kingdom or miss out on government contracts. This offer was then bolstered in December with the offer of tax incentives, including a 30-year exemption from corporate tax.

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“Saudi Arabia is transforming its economy at a rapid pace, and we are looking forward to contributing to the development of its local asset management industry through innovative investment solutions and training of local talent,” said Muneera AlDossary, the CEO of Franklin Templeton, Saudi Arabia.

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