- Goldman Sachs receives approval from the Ministry of Investment of Saudi Arabia to establish its regional headquarters in Riyadh.
- The move aligns with Saudi Arabia’s new regulations requiring multinational companies to have a regional base in the country.
Goldman Sachs has made a significant move by obtaining a license to establish its regional headquarters in Riyadh, Saudi Arabia.
This development, reported by Bloomberg, makes Goldman Sachs the first Wall Street bank to comply with Saudi Arabia’s new regulations, which mandate that multinational companies seeking government contracts must have a regional base in the country.
While the exact number of employees relocating to Saudi Arabia and the full scope of operations in the kingdom remain unclear, this move signifies a strategic step for Goldman Sachs in strengthening its presence in the region.
Saudi Arabia has been actively attracting regional headquarters of multinational companies, offering incentives such as tax exemptions to encourage foreign investment.
The country has already surpassed its target of securing 160 headquarters by the end of 2023, with over 180 companies now established in the kingdom.
