Goldman (GS) Gets Consent For Equity Trading In Saudi Arabia
Zacks Investment Research | Aug 20, 2017 10:51PM ET
The Goldman Sachs Group, Inc. (NYSE:GS) requested an amendment of its business profile and got approval from Saudi Arabia's Capital Market Authority. The company has been conducting business in Saudi Arabia since 2009 as an agent and underwriter.
The bank is now authorized to conduct dealing as principal, an agent, an underwriter, investment funds manager and discretionary portfolio manager in the kingdom. It also has the permission for arranging, advising and conducting custody activities in Saudi Arabia.
Saudi Arabia is trying to diversify its economy and decrease its dependence on oil through restructuring of public-sectors and investment in infrastructure. The government thus announced plans of Saudi Aramco's $100 billion initial public offering (IPO).
This is going to be a mega IPO, and financial institutions worldwide are trying to take advantage of this scope. Further, in order to attract investment by foreign institutions, Saudi’s government also eased limitations on ownership in its stock market last year.
Shares of Goldman have gained 33.6% in a year compared with the Zacks Investment Research
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