RIYADH: Goldman Sachs is expanding its wealth management division in Saudi Arabia, the bank said, as global financial firms increase their presence in the Middle East’s largest economy.
The New York-based banking giant has launched the first phase of its private banking services locally, Al-Eqtisadiah reported. The expansion will enhance operations from its Riyadh office, where the US lender has maintained a presence for over a decade.
The expansion comes after Goldman Sachs became the first major international investment bank to receive a regional headquarters license in Saudi Arabia last year.
In a statement, Rob Mullane, co-head of private wealth management for the EMEA region at Goldman Sachs, said: “Saudi Arabia has an exceptionally dynamic economy and a highly sophisticated investor base.”
He added that the bank plans to offer both “local and global investment opportunities” for regional clients.
The license aligns with Saudi authorities’ ongoing efforts to attract more foreign companies to establish regional hubs in the Kingdom, as part of the broader economic diversification plan under Vision 2030.
Goldman Sachs’ expansion is part of a wider trend of global financial firms scaling up operations across the Middle East. This growth is largely driven by the region’s vast concentration of capital, including sovereign wealth funds and wealthy families managing more than $1 trillion in assets.
While Saudi Arabia and the UAE remain the primary focus, other Gulf nations, such as Qatar, are also taking steps to attract international financial institutions.
The move positions Goldman Sachs to directly serve ultra-high-net-worth individuals and families in Saudi Arabia and across the Middle East, tapping into one of the world’s most significant pools of private capital.