Goldman Sachs is setting up a private wealth management team in Saudi Arabia, as it boosts its offer in the Middle East to serve a growing number of high net worth individuals in the region.
The private wealth management team will offer a range of investment options across both public and private asset classes. This includes creating customized wealth management strategies for ultra-high net worth individuals, families, and select institutions such as foundations and endowments.
The 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.
To support this expansion, Goldman Sachs has already transferred Yousef Alhozaimy and Khalid Soufi as Private Wealth Advisors from their Dubai office over the past 15 months.
The firm is actively hiring additional staff to strengthen its regional presence, reflecting its commitment to growing its operations in Saudi Arabia and the broader Middle East.
“We are delighted to expand our commitment to Saudi Arabia by launching an onshore presence in Riyadh,” said Rob Mullane, co-Head of Private Wealth Management for EMEA at Goldman Sachs. “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.”
