Wall Street titan Goldman Sachs has received a license to set up its regional headquarters in Saudi Arabia's Riyadh, according to a person familiar with the matter.
The move comes months after the kingdom's cabinet approved a new set of rules under which companies without a regional headquarters in Saudi Arabia risk losing lucrative government contracts.
On the other hand, firms that set up a regional base in the kingdom would get tax incentives.
The move was first reported by Bloomberg News.
Goldman declined a request for comment from Reuters.
Crown Prince Mohammed bin Salman has been looking to attract foreign investment in the kingdom to reduce the economy's reliance on oil.