Goldman Sachs Expands Middle East Presence with New Saudi Wealth Management Division

Strategic Move into Saudi Arabia’s Growing Financial Sector

Goldman Sachs has announced the establishment of a dedicated private wealth management team in Saudi Arabia, marking a significant expansion of the investment bank’s Middle Eastern operations. This strategic initiative aims to serve the region’s rapidly growing population of high-net-worth individuals and capitalize on Saudi Arabia’s economic diversification efforts., according to industry experts

The new wealth management division will operate from Goldman Sachs’ Riyadh office, which has been active since 2008. The bank secured its regional headquarters license in May 2022, positioning itself to better serve the kingdom’s evolving financial landscape. This expansion represents one of the most significant moves by a global financial institution into Saudi Arabia’s burgeoning wealth management sector., according to related news

Economic Transformation Creates New Opportunities

Saudi Arabia’s ambitious Vision 2030 program, designed to reduce the kingdom’s dependence on oil revenue, has created substantial opportunities in financial services and other non-oil sectors. The country’s economic transformation has generated new wealth and increased demand for sophisticated financial services among local investors., according to recent innovations

“Saudi Arabia has an exceptionally dynamic economy and a highly sophisticated investor base,” stated Rob Mullane, Goldman Sachs’ co-head of private wealth management for the EMEA region. “We’re positioned to open up local and global investment opportunities for our regional clients.”, according to additional coverage

Building Local Expertise and Global Connectivity

The new wealth management team will combine local market knowledge with Goldman Sachs’ global investment expertise. The bank has confirmed it is actively hiring staff in the region to build a team capable of serving the unique needs of Saudi investors while maintaining the firm’s global standards of service.

This expansion reflects a broader trend of international financial institutions increasing their presence in the Middle East. The region’s wealth management sector has experienced significant growth, driven by economic diversification programs, generational wealth transfer, and increasing financial sophistication among local investors.

Comprehensive Service Offering for Regional Clients

The new Saudi-based team will provide clients with access to:, as detailed analysis

• Customized investment portfolios tailored to regional preferences and risk profiles
• Global market access through Goldman Sachs’ international network
• Specialized advisory services for wealth preservation and growth
• Alternative investment opportunities across multiple asset classes
• Strategic planning for intergenerational wealth transfer

This move strengthens Goldman Sachs’ competitive position in a region where other global banks have also been expanding their wealth management operations. The timing appears strategic, coinciding with increased investor activity in Saudi Arabia’s capital markets and growing interest in international investment opportunities among local high-net-worth individuals.

Long-term Commitment to Middle Eastern Markets

Goldman Sachs’ expanded presence in Saudi Arabia represents more than just a business expansion—it signals a long-term commitment to the region’s economic development. The bank’s increased investment in local talent and infrastructure demonstrates confidence in Saudi Arabia’s economic transformation and the growing sophistication of its investor community.

As Saudi Arabia continues to implement its Vision 2030 economic diversification plan, the presence of global financial institutions like Goldman Sachs will play a crucial role in connecting local investors with global opportunities while bringing international best practices to the region’s financial services sector.

References & Further Reading

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• https://www.reutersagency.com/en/licensereuterscontent/?utm_medium=rcom-article-media&utm_campaign=rcom-rcp-lead

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