Goldman Sachs, a leading global investment banking, securities and investment management firm, has applied to Saudi Arabia’s capital markets regulator for a license to trade equities in the kingdom, a Reuters report said.

Goldman has made the application to the Capital Market Authority (CMA) and a successful outcome could lead to a further expansion of its business in Saudi Arabia, the news agency said quoting two sources.

Goldman has been operating in Saudi Arabia since 2009 as an agent and underwriter. In 2014, the CMA approved a change in the bank’s profile and it has been authorised to arrange, advise and manage investment funds and portfolios.