Goldman Sachs has been authorised to perform activities such as principal dealing, underwriting, managing investment funds and custody activities in Saudi Arabia.

A statement from the Saudi Capital Markets Authority (CMA) said the company had requested the approval to amend its business profile by adding dealing as principal, an agent, underwriter and custody activities.
 
It said: "The CMA Board of Commissioners issued a resolution approving the amendment of the business profile of  Goldman Sachs Saudi Arabia. Goldman Sachs Saudi Arabia Company is now authorised to conduct dealing as principal, an agent, an underwriter, managing investment funds, discretionary portfolio managemnet, arranging, advising, and custody activities."

Western financial institutions have been looking to tap new opportunities in Saudi Arabia since the government unveiled plans for oil giant Saudi Aramco's $100 billion initial public offering and introduced reforms to attract foreign capital as part of moves to reduce the economy's dependence on oil, said a Reuters report. - TradeArabia News Service