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One of the world's largest privatization programs is drawing foreign investment banks and private equity firms to Saudi Arabia, despite the prospect of low fees and an uncertain regulatory environment.Citigroup obtained a Saudi investment banking license last month and Goldman Sachs is looking into obtaining a Saudi equities license.For decades, many foreign financial companies kept a minimal presence in Riyadh or shunned it entirely. They chased business related to Saudi Arabia's investment of billions of petrodollars abroad, but saw few opportunities in the Saudi domestic economy.JPMorgan, which has around 70 bankers in Saudi Arabia, is adding about 10 across its investment banking, equities and custody businesses.QNB said this month it plans to apply for a Saudi license for its investment bank.
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