Goldman Sachs has announced the launch of its onshore Private Wealth Management (PWM) business in Riyadh, Saudi Arabia, marking a significant milestone in the firm’s continued growth across the Middle East. This expansion represents the first stage of Goldman Sachs’ onshore wealth management offering in the Kingdom, complementing its established regional operations and longstanding commitment to serving Middle Eastern clients.
The new onshore presence will extend the capabilities of Goldman Sachs’ Riyadh office, initially established in 2008, and is designed to meet the needs of Saudi Arabia’s growing base of sophisticated investors. The move aligns with the firm’s strategy to expand its wealth management operations globally and strengthen its footprint in markets with accelerating economic development and private wealth growth.
Goldman Sachs’ Private Wealth Management business will offer a comprehensive range of investment solutions across public and private asset classes, catering to Ultra High Net Worth individuals, families, and select institutions. The firm aims to provide clients in Saudi Arabia with access to both local and global investment opportunities, supported by its extensive international resources and integrated “One Goldman Sachs” model.
The business will operate in close collaboration with the firm’s Asset Management and Global Banking and Markets divisions, ensuring clients benefit from Goldman Sachs’ full range of advisory, investment, and financial solutions.
To support the expansion, Goldman Sachs has transferred Yousef Alhozaimy and Khalid Soufi to Riyadh as Private Wealth Advisors. The firm also plans to further grow its presence in the Middle East by hiring additional Private Wealth Advisors and related professionals as it scales its regional operations.
Goldman Sachs currently supervises $1.8 trillion in client assets globally through its Private Wealth Management business, serving ultra-high-net-worth clients, families, and institutions, including foundations and endowments.
KEY QUOTES:
“We are delighted to expand our commitment to Saudi Arabia by launching an onshore presence in Riyadh. 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.”
Rob Mullane, Co-Head of Private Wealth Management for EMEA at Goldman Sachs
