Goldman Sachs to trade stocks in Saudi Arabia

Goldman Sachs has gained the approval of the local regulator to trade equities in Saudi Arabia.

The Capital Market Authority said the firm was authorised to add dealing to its business profile. The firm has operated in Saudi Arabia since 2009 and was already authorised for managing investment funds and discretionary portfolio management, among other activities.

Goldman Sachs is one of many global investment banks that are trying to expand their operations in Saudi Arabia. The immediate prize is the chance to take part in a wave of privatisation planned in the kingdom, notably an initial public offering of Aramco, which is planned for 2018 and may create the world’s largest listed company.

The Saudi government is exploring the option of dual-listing 5% of Aramco’s shares on the country’s national stock exchange, the Tadawul, and on another major exchange, for instance in London or New York.

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