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  • SAUDI ARABIA BREAKING NEWS

Goldman Sachs Secures License for Regional Headquarters in Saudi Arabia




In a strategic maneuver poised to bolster its Middle Eastern presence, Goldman Sachs has obtained a license to establish its regional headquarters in Riyadh, Saudi Arabia, an insider revealed.

 

This development follows a series of regulatory changes approved by the Saudi Cabinet, designed to incentivize global corporations to set up regional offices within the kingdom. Companies that comply stand to benefit from substantial tax breaks, while those that do not may find themselves excluded from lucrative government contracts.

 

The move underscores Saudi Arabia’s ambitious efforts to diversify its economy away from oil dependency, a vision spearheaded by Crown Prince Mohammed bin Salman. The initiative is part of the kingdom’s broader Vision 2030 plan, which aims to transform Saudi Arabia into a global investment hub.

 

Goldman Sachs, a Wall Street heavyweight, has been expanding its footprint in the Middle East over recent years. The establishment of regional headquarters in Riyadh marks a significant step in solidifying its operations in the region.

 

This news was initially reported by Bloomberg News. When approached for comment, Goldman Sachs declined, as reported by Reuters.

 

As the kingdom continues to enact reforms and attract foreign investment, the presence of leading financial institutions like Goldman Sachs will be crucial in driving economic growth and achieving the objectives laid out in Vision 2030.

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