The Saudi Ministry of Investment granted licenses to 450 international investors to open regional headquarters in Saudi Arabia.
The Saudi Ministry of Investment granted Goldman Sachs a license to establish its regional headquarters in Riyadh, making it the first Wall Street bank to obtain a license from the Kingdom, as revealed. Bloomberg Agency Today, citing informed sources.
It was not immediately clear how many employees would move to Saudi Arabia and how much of Goldman Sachs’ regional operations would eventually be based in the kingdom.
A Goldman Sachs spokesman declined to comment.
Saudi Arabia announced new regulations for government contracts in 2021, saying it wants to limit “economic leakage” – a term the government uses for government spending that can benefit companies that do not have a significant presence in the country.
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Under rules that took effect this year, companies must have a regional base in Saudi Arabia with at least 15 employees, including executives who oversee operations in other countries, or they risk losing business with the vast network of government agencies in the country. The kingdom.
The Kingdom has achieved success in attracting contracting, manufacturing and technology companies to establish their regional headquarters in the country.
It has been revealed Saudi Minister of Investment Engineer Khalid bin Abdulaziz Al-Falih last February that The Ministry of Investment Recently, licenses were granted to 450 international investors to open regional headquarters in the Kingdom of Saudi Arabia.
