What will it take for banks as well as financial and professional services firms to set up HQs in Saudi? That’s at the heart of the Financial Times spotlight on the regional headquarters program, noting that some 350 corporates have set up their Mideast bases here.

Banks and professional services firms are more wary than some corporates, the salmon-colored paper writes, diving into the topic with more finesses than did the NYT’s DealBook, which recently indulged its inner Orientalist in looking at the Kingdom.

The issue for financial services firms: “It’s what the regulatory framework is going to be … [Saudi is] not a financial centre set-up,” said a senior exec at an international bank.

The ask: For King Abdullah Financial District to have its own financial regulator along the same lines as Dubai’s DIFC.

For professional services: It’s about moving revenue-generating partners into a setup that “is not intended to generate revenue,” the FT writes. “The regional headquarter rules ‘were drafted more with the mindset of companies that sell products rather than those who sell services,’ said Michael Bessey, a director at consultancy Albright Stonebridge Group’s Middle East and north Africa practice.”

First up- American performer Alicia Keys (pictured, above, at this year’s US Super Bowl) and rapper Pharrell Williams were took flack from the Guardian for performing in Saudi on International Women’s Day at the F1 Grand Prix.

Keys’ on-point retort: “I am thrilled to be back on stage, this time in Jeddah, performing in a place I have never performed in before, and in a way I never have in this region,” she said. “I’m also so inspired to connect in a meaningful way with the amazing women there to discuss cultural, creative and boundary-pushing narratives we are collectively and individually leading. In light of International Women’s Day, it’s the perfect time to discuss important issues affecting us,” she added.

MEANWHILE-

ALSO- Bloomberg ’s Fahad Abuljadayel and Christine Burke took a deep dive into the PIF’s sports investments, what it means for the local industry and how it aligns with the Kingdom’s strategy to diversify away from oil. The BBC gave some digital ink to Aramco’s latest results.

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