JobXDubai

In a historic move, Goldman Sachs has obtained a license to establish its regional headquarters in Saudi Arabia, becoming the first Wall Street bank to do so.

This development marks a significant milestone in the kingdom’s economic growth, as the country continues to attract foreign investment and diversify its economy. The Ministry of Investment has granted the license, although Goldman Sachs has not officially commented on the matter.

The move is seen as a strategic decision, given the Saudi government’s recent implementation of new rules requiring companies without a regional headquarters in the kingdom to risk losing lucrative government contracts. To comply, companies must establish a regional headquarters in Saudi Arabia with a minimum of 15 employees.

In return, firms that set up a regional base in the kingdom will enjoy significant tax benefits, including a 30-year exemption from corporate income tax. Goldman Sachs, which already has offices in Doha, Riyadh, and Dubai, has recently expanded its presence in the region by opening a new office in Abu Dhabi Global Market (ADGM).

This development is expected to have far-reaching implications for the region’s economic landscape, solidifying Saudi Arabia’s position as a hub for investment and growth.