Goldman Becomes First Wall Street Bank to Get Saudi HQ License
- Goldman recently got a license to set up regional HQ in Saudi
- Firms not based in Saudi Arabia risk losing out on business
Photographer: Daniel Acker/Bloomberg
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Goldman Sachs Group Inc. has become the first Wall Street bank to take a step toward complying with Saudi Arabia’s ultimatum for foreign firms to set up their Middle Eastern base there.
The investment bank received a license recently from the kingdom’s Ministry of Investment to set up its regional headquarters in Riyadh, according to people familiar with the matter. It wasn’t immediately clear how many staffers will move to Saudi Arabia and how much of Goldman’s regional operations will ultimately be based in the kingdom.