Goldman Forms Onshore Wealth Presence in Saudi Arabia
New York-based Goldman Sachs continues to expand in the Middle East with its latest decision to set up an onshore wealth management business in Saudi Arabia.
Goldman Sachs is launching an onshore private wealth management presence in Riyadh, Saudi Arabia, according to a statement.
To support business expansion, the bank has transferred Yousef Alhozaimy and Khalid Soufi as private wealth advisors to be based in Riyadh and all seek to actively hire more advisors and other positions.
One Bank Approach
According to the US lender, it will leverage its «One Goldman Sachs» approach to serve clients in Saudi Arabia in an integrated manner by leveraging the full capabilities of the group in partnership with asset management, global banking and markets colleagues.
«We are delighted to expand our commitment to Saudi Arabia by launching an onshore presence in Riyadh,» said Rob Mullane, Goldman Sachs' EMEA co-head of private wealth management.
«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.»
