Goldman Sachs (GS) - Get Report on Sunday received approval to trade equities in Saudi Arabia, joining the growing group of investment banks and fund managers looking to the kingdom to expand business.

Goldman has been operating in Saudi Arabia as an agent and underwriter since 2009 and applied to the Saudi Capital Market Authority for a license to trade equities in June. The bank is now authorized for principal dealing, fund and portfolio management and advisory and custody activities.

Reuters first reported the news.

Citigroup (C) - Get Report won approval for Saudi trading in April after 13 years away from the kingdom. Credit Suisse (CS) - Get Report is seeking approval to build a full-fledged onshore private banking business there. BlackRock (BLK) - Get Report and HSBC (HSBC) - Get Report directly trade in the Saudi stock exchange.

Goldman stock traded up 1% midday Tuesday to $223.05.

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