Reuters - Goldman receives approval to trade equities in Saudi Arabia

Lloyd Fonzie Blankfein

Goldman Sachs received approval on Sunday to trade equities in Saudi Arabia, joining the growing band of western investment banks and fund managers expanding in the kingdom.

Reuters reports that 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.

Goldman, which has been operating in the kingdom since 2009 as an agent and underwriter, applied to the Saudi Capital Market Authority (CMA) for a license to trade equities, sources told Reuters in June.

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Goldman Sachs gets approval for Saudi equities trading license

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