BNP Paribas, France's largest bank, has obtained a regional headquarters licence in Saudi Arabia, the Saudi Press Agency reported on the 25th. The licence was announced during a Paris meeting between Saudi Investment Minister Khalid Al-Falih and BNP Paribas Chairman Jean Lemierre. Saudi Arabia is using its Vision 2030 economic reform programme to reduce dependence on oil and develop Riyadh into a leading business and financial centre for the Middle East and North Africa. Under the government's Regional Headquarters Program, companies without a Riyadh base risk losing access to government contracts. The policy is intensifying competition with Dubai and Abu Dhabi, while BNP Paribas's existing presence across Saudi Arabia, the UAE, Qatar, Kuwait and Bahrain positions it for potential expansion and government-related business in the kingdom.