Saudi regulator clears Goldman dealing licence

Dubai: Saudi Arabia’s Capital Market Authority said yesterday it had approved Goldman Sachs’ request to conduct dealing, underwriting and custody services in the kingdom.

The bank was “now authorised to conduct dealing as principal, an agent, an underwriter, managing investment funds, discretionary portfolio management, arranging, advising, and custody activities,” the regulator said. The kingdom is yet to see a pick-up in interest from foreign players in its bourses, after it was opened to them a couple of years ago.