As some of Wall Street’s biggest financial companies target the wealth in Saudi Arabia and the Middle East, Goldman Sachs Group, the New York-headquartered bank, launched the first stage of rolling out its onshore private banking services in the Kingdom.
Goldman, founded in 1869, became the first major international bank to secure a regional headquarters license in Saudi Arabia last year. The onshore Private Wealth Management presence extends the capabilities of Goldman’s Riyadh office, which was established in 2008.
Goldman deepens wealth presence in Kingdom
Goldman Sachs Private Wealth Management specialises in creating comprehensive wealth management plans for ultra-high-net-worth individuals and families, as well as select institutions. The business has US$1.8 trillion of client assets under supervision (as of 30 September 2025).
The new 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.
Rob Mullane, co-Head of Private Wealth Management for EMEA at Goldman Sachs, commented: “We are delighted to expand our commitment to Saudi Arabia by launching an onshore presence in Riyadh.
“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.”
In a statement, Goldman Sachs said: “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 bank said it 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.
Bloomberg added that Goldman recently transferred wealth management executives Yousef Alhozaimy and Khalid Soufi from Dubai to the Saudi capital as part of the strategic move, and is now “actively hiring” other staff to expand its presence in the Middle East further.
Citigroup and Morgan Stanley followed in Goldman’s footsteps last year to secure a regional headquarters license for Saudi Arabia, and JPMorgan Chase joined that list this month.
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