Goldman Sachs has received an equities trading licence from Saudi Arabia’s Capital Market Authority (CMA).
The investment bank has been serving the region as an agent and underwriter since 2009.
The latest approval will allow the banking major to expand its activities in the kingdom further to carry out principal dealing, fund and portfolio management as well as advisory and custody activities.
“The CMA Board of Commissioners issued a resolution approving the amendment of the Business Profile of Goldman Sachs Saudi Arabia by Adding dealing as Principle, an Agent, an Underwriter and Custody activities. Goldman Sachs Saudi Arabia Company is now authorized to conduct Dealing as Principal, an Agent, an Underwriter, Managing Investment Funds, Discretionary Portfolio Management, Arranging, Advising, and Custody activities,” CMA said in a statement.
The news comes shortly after another US banking group Citigroup secured a capital markets licence from CMA, allowing it to offer investment banking, debt and equity capital markets, markets, and securities research capabilities to clients.