Goldman Sachs considers trading own Saudi stocks

22/07/2015 06:15 AST

Goldman Sachs Group Inc., which advises clients on more than $1 trillion of investments, applied to own and trade Saudi Arabian stocks directly after rules were changed last month, two people with knowledge of the plan said.

The New York-based bank is seeking a qualified institutional investor permit from the Capital Markets Authority in the biggest Arab economy, the people said, asking not to be identified because the information is private.

Institutions outside the six-nation Gulf Cooperation Council that manage at least $5 billion of assets and have five years of experience were allowed to own stocks directly in Saudi Arabia as from June 15, rather than only through equity swaps and exchange traded funds previously. HSBC Holdings Plc became one of the first qualified foreign investors to trade Saudi Arabian shares last month after the country relaxed trading restrictions on overseas money managers.

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

Saudi stocks, which have a market value of about $554 billion, are up 12 percent this year. That compares with an increase of 6.1 percent for the Bloomberg GCC 200 Index and a 1.8 percent loss for the MSCI Emerging Markets Index.

The kingdom opened its stock market as part of moves to diversify its $752 billion economy from oil.


Agencies

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