New York-based Goldman Sachs Group is reported to have acquired a license and is poised to be the first Wall Street bank to set up its regional headquarters in Saudi Arabia.
Goldman Sachs has received approval from the Ministry of Investment, though the company has yet to make an official statement.
Riyadh-based newspaper Arab News was unable to obtain confirmation from the Ministry of Investment last night.
Saudi Arabia’s cabinet has recently passed new regulations stating that companies without a regional headquarters in Saudi Arabia may lose out on lucrative government contracts.
Companies holding state contracts are required to have a regional headquarters in Saudi Arabia with at least 15 employees.
Conversely, firms that establish a regional base in the Kingdom receive substantial tax incentives.
These incentives include a 30-year exemption from corporate income tax. Goldman Sachs has offices in Doha, Riyadh, and Dubai.
The bank has also recently opened a new office in Abu Dhabi Global Market (ADGM).
