Capital Market Authority expands Goldman Sachs license in Saudi Arabia

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Saudi Arabia’s financial regulator, Capital Market Authority (CMA), has approved the request by Goldman Sachs to amend its business profile by adding “dealing as Principle, an Agent, an Underwriter, Custody.”

A statement issued by CMA on Sunday said: “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.”

According to Reuters, Goldman has been operating in the kingdom since 2009 as an agent and underwriter and as per Sunday’s resolution by the regulator, the bank was “now authorized for principal dealing, fund and portfolio management and advisory and custody activities.”

It was reported early this month that Goldman had reportedly bought a portion of Saudi Aramco's $10 billion revolving credit facility in the secondary market in a move to seek a role in the listing of the company.

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