As a few of Wall Avenue’s largest monetary corporations goal the wealth in Saudi Arabia and the Center East, Goldman Sachs Group, the New York-headquartered financial institution, launched the primary stage of rolling out its onshore non-public banking companies within the Kingdom.
Goldman, based in 1869, grew to become the primary main worldwide financial institution to safe a regional headquarters license in Saudi Arabia final yr. The onshore Personal Wealth Administration presence extends the capabilities of Goldman’s Riyadh workplace, which was established in 2008.
Goldman deepens wealth presence in Kingdom
Goldman Sachs Personal Wealth Administration specialises in creating complete wealth administration plans for ultra-high-net-worth people and households, in addition to choose establishments. The enterprise has US$1.8 trillion of shopper property underneath supervision (as of 30 September 2025).
The brand new enterprise will leverage the agency’s ‘One Goldman Sachs’ method, working in partnership with Asset Administration and World Banking and Markets colleagues within the area.
Rob Mullane, co-Head of Personal Wealth Administration for EMEA at Goldman Sachs, commented: “We’re delighted to increase our dedication to Saudi Arabia by launching an onshore presence in Riyadh.
“Saudi Arabia has an exceptionally dynamic financial system and a extremely subtle investor base. Our purpose is to ship entry for regional purchasers to Goldman Sachs’ main Personal Wealth Administration enterprise, opening up native and world funding alternatives, and contributing to the native monetary business.”
In a assertion, Goldman Sachs stated: “Personal Wealth Administration is a strategic focus for Goldman Sachs and the agency has ambitions to considerably scale its providing to purchasers within the Center East and globally, persevering with to supply a number one degree of service and funding efficiency.”
The financial institution stated it sees “thrilling alternatives” to accomplice with purchasers in Saudi Arabia, the place it’ll supply a spread of funding selections throughout private and non-private asset lessons. The area advantages from a singular focus of ultra-high internet price people and rising diversification of the financial system.
Bloomberg added that Goldman just lately transferred wealth administration executives Yousef Alhozaimy and Khalid Soufi from Dubai to the Saudi capital as a part of the strategic transfer, and is now “actively hiring” different workers to increase its presence within the Center East additional.
Citigroup and Morgan Stanley adopted in Goldman’s footsteps final yr to safe a regional headquarters license for Saudi Arabia, and JPMorgan Chase joined that record this month.
