May 23 (Reuters) - 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 which 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. (Reporting by Seher Dareen, Niket Nishant in Bengaluru, and Hadeel Al Sayegh in Dubai; Editing by Shailesh Kuber)