Goldman Sachs, headquartered in New York, is extending its international presence with the establishment of an onshore wealth management operation in Saudi Arabia.
The banking giant is initiating an onshore private wealth management presence in Riyadh, Saudi Arabia, as per a recent announcement. To bolster this expansion, Goldman Sachs has appointed Yousef Alhozaimy and Khalid Soufi as private wealth advisors. The advisors will be based in Riyadh, and there is an active search to recruit more advisors and fill other roles.
The American bank plans to utilize its “One Goldman Sachs” approach to serve its clients in Saudi Arabia holistically. This method capitalizes on the broad capabilities of the group, in cooperation with asset management, global banking, and markets colleagues.
Rob Mullane, the co-head of private wealth management for EMEA at Goldman Sachs, expressed his delight over the expansion. He noted the dynamic nature of the Saudi Arabian economy and the sophistication of its investor base.
He elaborated, “Our goal is to offer regional clients access to Goldman Sachs’ premier Private Wealth Management business. This will open up local and global investment opportunities and contribute to the local financial industry.”
What is Goldman Sachs’ latest expansion move?
Goldman Sachs is establishing an onshore private wealth management business in Riyadh, Saudi Arabia.
Who are the appointed advisors for the new Saudi Arabian operation?
Yousef Alhozaimy and Khalid Soufi have been appointed as private wealth advisors for the Riyadh-based operation.
What is the aim of this expansion according to the EMEA co-head of private wealth management at Goldman Sachs?
Rob Mullane stated that the aim is to provide regional clients with access to Goldman Sachs’ leading Private Wealth Management business, thereby creating local and global investment opportunities and contributing to the local financial industry.
