Goldman Sachs to apply for licence to trade Saudi stocks?

Goldman Sachs Group has reportedly applied to own and trade Saudi Arabian stocks directly after rules were changed last month.

The US bank, which advises clients on more than $1 trillion of investments, is seeking a qualified institutional investor permit from the Capital Markets Authority, Bloomberg reported, citing people with knowledge of the matter.

Last month, HSBC Holdings became one of the first qualified foreign investors to trade Saudi Arabian shares after the country relaxed trading restrictions on overseas money managers.

A spokesman for Goldman Sachs Group in London and the regulator declined to comment, Bloomberg reported.

The chief executive of Saudi Arabia’s stock exchange Adel Al Ghamdi said last month that he expects the first flurry of licences allowing foreign investors to buy shares there in the next few weeks.

Saudi stocks are up 12 percent this year. The kingdom opened its stock market as part of moves to diversify its $752 billion economy from oil. Arabian Business