Goldman Sachs announced a key milestone in its continued growth in the Middle East by launching the first stage of an onshore Private Wealth Management presence in Riyadh, Saudi Arabia, complementing the firm’s longstanding capabilities to serve Middle East wealth management clients. The offering extends the capabilities of Goldman Sachs’ Riyadh office, which was established in 2008.

“We are delighted to expand our commitment to Saudi Arabia by launching an onshore presence in Riyadh,” said Rob Mullane, co-Head of Private Wealth Management for EMEA at Goldman Sachs.  “Saudi Arabia has an exceptionally dynamic economy and a highly sophisticated investor base. Our aim is to deliver access for regional clients to Goldman Sachs’ leading Private Wealth Management business, opening up local and global investment opportunities, and contributing to the local financial industry.”

Private Wealth Management is a strategic focus for Goldman Sachs and the firm has ambitions to significantly scale its offering to clients in the Middle East and globally, continuing to provide a leading level of service and investment performance.

The business will leverage the firm’s “One Goldman Sachs” approach, working in partnership with Asset Management and Global Banking and Markets colleagues in the region to bring the best of Goldman Sachs to clients in an integrated manner.

Goldman Sachs sees exciting opportunities to partner with clients in Saudi Arabia, where it will offer a range of investment choices across public and private asset classes. The region benefits from a unique concentration of Ultra High Net Worth individuals and growing diversification of the economy.

Supporting the expansion, the firm has transferred Yousef Alhozaimy and Khalid Soufi as Private Wealth Advisors to be based in Riyadh. The firm plans to continue increasing its presence in the Middle East and is actively hiring for Private Wealth Advisors and other positions.

Source: Goldman Sachs