Goldman Sachs gets licence for Saudi HQ

US investment bank Goldman Sachs is set to be the first Wall Street firm to set up a regional headquarters in Saudi Arabia.

The Saudi Ministry of Investment has granted a licence for the new business in Riyadh, according to a Bloomberg report.

The move is in accordance with a new law introduced this year which mandates that any overseas company with state contracts must have a regional headquarters in Saudi Arabia with a minimum of 15 employees.

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Goldman currently has offices in Dubai, Doha and Riyadh but it is not yet clear what activity will be moved to the Saudi office or how many staff will be employed there.

The law, first introduced in 2021, is part of a broader strategy among Saudi lawmakers to strengthen its financial sector amid stiff regional competition for foreign investment, especially Dubai which still enjoys prime status as the regional hub for international financial firms.

The deadline for firms to meet this requirement was January 1. According to Saudi investment minister Khalid Al-Falih, more than 400 international companies have been awarded licences for their new headquarters.

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