Wall Street Boutique Firms Resist Saudi Headquarters Mandates

Several prominent Wall Street advisory firms, including Moelis & Company, Rothschild, PJT Partners, and Evercore, are resisting Saudi Arabia's regional headquarters (RHQ) requirements. The program, implemented in 2024, mandates that companies employ at least 15 full-time senior executives in managerial roles within Riyadh to remain eligible for government contracts, including business from the $900 billion Public Investment Fund.

Boutique firms argue these staffing mandates conflict with their lean business models and increase operational costs. While Lazard has established Riyadh as its regional base, other boutiques continue to use Dubai as their primary hub.

The Ministry of Investment of Saudi Arabia reports that over 700 companies have registered for the program, exceeding its 2030 target of 500. As of July, 19 financial institutions have been licensed under the program.