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Goldman Sachs gets license for regional headquarters in Saudi Arabia, source says

Published 05/23/2024, 05:28 PM
Updated 05/23/2024, 05:32 PM
© Reuters. FILE PHOTO: The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo/File Photo
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(Reuters) - Wall Street titan Goldman Sachs has received a license to set up its regional headquarters in Saudi Arabia's Riyadh, according to a person familiar with the matter.

The move comes months after the kingdom's cabinet approved a new set of rules under which companies without a regional headquarters in Saudi Arabia risk losing lucrative government contracts.

On the other hand, firms which set up a regional base in the kingdom would get tax incentives.

The move was first reported by Bloomberg News.

© Reuters. FILE PHOTO: The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo/File Photo

Goldman declined a request for comment from Reuters.

Crown Prince Mohammed bin Salman has been looking to attract foreign investment in the kingdom to reduce the economy's reliance on oil.

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