Goldman Sachs to Open Regional HQ in Saudi Arabia

Goldman Sachs Group is set to make history as the first Wall Street bank to open its regional headquarters in Saudi Arabia. This milestone comes after the bank secured a license from the Ministry of Investment, in compliance with the new regulations requiring companies with state contracts to have a regional base in the Kingdom with at least 15 employees.

Currently, Goldman Sachs operates offices in Doha, Riyadh, and Dubai. While the Ministry of Investment has not officially confirmed this news, the Kingdom has surpassed its target of attracting regional headquarters, with over 180 companies now established in Saudi Arabia, exceeding the initial goal of 160 by the end of 2023.

Foreign companies relocating their regional headquarters to Saudi Arabia can enjoy tax incentives, including a 30-year exemption from corporate income tax. Moreover, these entities are eligible for zero income tax from the issuance of the regional headquarters license, as per the Ministry of Investment guidelines.

Goldman Sachs' decision to establish its regional headquarters in Saudi Arabia marks a significant step in the Kingdom's efforts to attract foreign investment and promote economic growth. With tax incentives and a supportive business environment, Saudi Arabia continues to position itself as an attractive destination for multinational corporations looking to expand their presence in the region.