Goldman Sachs to Set Up Regional Headquarters in Saudi Arabia
In a groundbreaking move, Goldman Sachs Group is on track to become the first Wall Street bank to establish its regional headquarters in Saudi Arabia. According to reports by Bloomberg, the bank has obtained a license from the Ministry of Investment for this purpose.
Under recently approved laws in Saudi Arabia, companies with state contracts are required to have a regional headquarters in the Kingdom with a minimum of 15 employees.
Despite efforts to confirm the news, Arab News reached out to the Investment Ministry, but officials declined to comment on the matter.
Currently, Goldman Sachs has offices in Doha, Riyadh, and Dubai, but the establishment of a regional headquarters in Saudi Arabia marks a significant milestone.
Saudi Arabia has exceeded expectations in attracting regional headquarters, with over 180 companies now operating in the Kingdom. This number surpasses the initial target of securing 160 HQs by the end of 2023.
Foreign companies relocating their regional headquarters to Saudi Arabia are eligible for tax incentives, including a 30-year exemption from corporate income tax. Additionally, foreign entities moving their regional headquarters to the Kingdom can benefit from zero income tax, starting from the date of issuance of the headquarters license, as stated by the Ministry of Investment.