Goldman Sachs Group Inc could be the first Wall Street bank to set up a Middle Eastern headquarters in Saudi Arabia after receiving a licence from the Ministry of Investment (MISA), Bloomberg said.

Under Saudi laws, which came into force this year, companies with state contracts must have a regional headquarters in the kingdom with a minimum of 15 employees.

Bloomberg cited people familiar with the matter, who said the bank had recently received the licence from the MISA.

Goldman currently has offices in Doha, Riyadh and Dubai.

The kingdom first announced Project Regional Headquarters in 2021 and the country saw the arrival of foreign firms complying with the new rules ramping up last year.

(Writing by Imogen Lillywhite; editing by Brinda Darasha)