Banking Giants Race to Riyadh as MBS Steps Up Pressure Campaign

When Deutsche Bank AG last month brought back its former CEO for the Middle East and Africa, the reappointment came with a twist: Unlike his prior stint at the German lender, Jamal Al Kishi will no longer be based in Dubai, the region’s traditional business hub known for swanky villas and expat comforts. Instead, he will be based in a far less glamorous Middle Eastern city — Riyadh.

Germany’s largest lender is also ramping up headcount in the Saudi Arabian capital, one of the few places it is doing so globally. The changes reflect how the conservative city — where alcohol ...