07:36 AM EDT, 05/24/2024 (MT Newswires) -- (Updates with Goldman Sachs' ( GS ) comment in the final paragraph.)

Goldman Sachs Group ( GS ) became the first Wall Street bank to receive a license from Saudi Arabia to set up its regional headquarters in Riyadh, Bloomberg reported Thursday, citing people familiar with the matter.

Under state contract rules issued in 2021 that went into effect this year, firms must have a regional base in Saudi Arabia with at least 15 employees, including executives overseeing other countries, or risk losing business with Saudi government entities, according to the report.

A Goldman Sachs ( GS ) spokesperson declined an MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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