Goldman Sachs receives license to establish regional headquarters in Riyadh

According to a person acquainted with the situation, Wall Street powerhouse Goldman Sachs has secured a license to locate its regional headquarters in Saudi Arabia's capital, Riyadh.

The strategic move by Goldman Sachs follows the Saudi cabinet's recent ratification of new legislation aimed at increasing foreign investment in the kingdom. Under the new regulations, organizations that do not establish a regional headquarters in Saudi Arabia risk losing access to lucrative government contracts. Firms that set up shop in the kingdom, on the other hand, qualify for tax breaks.

The decision is consistent with Crown Prince Mohammed bin Salman's ambitious Vision 2030 strategy, which aims to diversify the Saudi economy away from its reliance on oil. Attracting big financial firms such as Goldman Sachs is an important part of this approach.

Add WION as a Preferred Source

The move taken by Goldman Sachs highlights Riyadh's growing importance as a financial hub in the Middle East. Goldman Sachs is preparing to capitalise on the kingdom's economic changes and increasing investment prospects by establishing a regional headquarters in Saudi Arabia.

(With inputs from Reuters)