Riyadh – Sharikat Mubashe: Goldman Sachs announced the formation of a private wealth management team in Saudi Arabia, strengthening its presence in the Middle East to cater to the region’s growing base of high-net-worth individuals.

As reported by Reuters, the move follows the U.S. bank’s regional headquarters license in Riyadh, obtained in May 2024. The new team will expand the capabilities of Goldman Sachs’ existing Riyadh office, which has been operational since 2008.

The firm is among a number of global financial institutions increasing their footprint in Saudi Arabia as the Kingdom diversifies its economy and expands its financial services sector under Vision 2030.

Rob Mullane, Co-Head of Private Wealth Management for EMEA, said Saudi Arabia’s “dynamic economy and sophisticated investor base” make it a key market for expansion. He added that the bank aims to offer clients access to a broad range of local and global investment opportunities.