New York-based Goldman Sachs Group has reportedly obtained a license and is set to become the first Wall Street bank to establish its regional headquarters in Saudi Arabia.
Bloomberg has reported that Goldman Sachs has the go-ahead from the Ministry of Investment, but the company has not officially commented on it as yet.
Riyadh-based newspaper Arab News could not get a confirmation from the Ministry of Investment last night.
Saudi Arabia’s cabinet recently approved a new set of rules under which companies without a regional headquarters in Saudi Arabia risk losing lucrative government contracts.
Companies with state contracts must have a regional headquarters in KSA with a minimum of 15 employees.
On the other hand, firms that set up a regional base in the Kingdom get significant tax benefits.
Goldman Sachs offices
This includes a 30-year exemption for corporate income tax. Goldman Sachs has offices in Doha, Riyadh and Dubai.
The bank recently opened a new office in Abu Dhabi Global Market (ADGM).
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