Goldman Sachs Establishes Private Wealth Management Team in Saudi Arabia
- SAUDI ARABIA BREAKING NEWS
- 3 days ago
- 1 min read
Riyadh, October 23 (Saudi Arabia Breaking News) – Goldman Sachs has announced the establishment of a private wealth management team in Saudi Arabia, as the U.S. investment bank strengthens its presence in the Middle East to cater to the region’s growing base of high-net-worth clients.
In a statement issued on Tuesday, the bank said the move expands its regional capabilities in Riyadh, where Goldman Sachs has maintained an office since 2008. The initiative follows the firm’s May 2024 approval to set up its regional headquarters in the Saudi capital.
The new wealth management team will extend Goldman Sachs’ offerings to local and regional investors, reflecting the company’s long-term commitment to Saudi Arabia’s financial sector, which is rapidly expanding as part of the Kingdom’s Vision 2030 economic diversification program.
“Saudi Arabia has an exceptional dynamic economy and a highly sophisticated investor base,” said Rob Mullane, Goldman Sachs’ Co-Head of Private Wealth Management for EMEA. “Our goal is to open both local and global investment opportunities for regional clients.”
The bank confirmed it is currently hiring staff in the Kingdom to support the expansion of its operations.
Goldman Sachs joins a growing number of international financial institutions increasing their footprint in Saudi Arabia, as the Kingdom positions itself as a regional financial hub and reduces its dependence on oil revenue through investment in financial services, technology, and private capital markets.
