Goldman Sachs expands footprint to Saudi Arabia

Goldman Sachs is opening a new office in Riyadh’s King Abdullah Financial District (KAFD), strengthening its presence in Saudi Arabia as the kingdom pushes for foreign firms to establish regional bases.

Already operational in Saudi Arabia since 2008, the Wall Street bank joins other major institutions, including Rothschild & Co., in the 1.6-million-square-metre KAFD, revived in recent years under the management of the Saudi sovereign wealth fund.

The move aligns with Saudi Arabia’s Future Investment Initiative, drawing global finance leaders, including Goldman CEO David Solomon. Goldman earlier became the first major international bank to secure a regional headquarters license in Saudi Arabia, underscoring the government’s ambitions to make Riyadh a competitive financial hub alongside Abu Dhabi and Dubai.

Goldman’s co-CEOs for the Middle East, Fadi Abuali and Zaid Khaldi, highlighted the bank’s plans for growth in asset and wealth management in Saudi Arabia, where Goldman currently ranks as the region’s third-largest equity adviser, including deals like Saudi Aramco’s $12 billion secondary offering.

Attribution: Bloomberg

Subediting: M. S. Salama