Goldman Sachs expands wealth management services in Saudi Arabia

Core Insights - Goldman Sachs is expanding its Private Wealth Management services in the Middle East by launching an onshore presence in Riyadh, Saudi Arabia, enhancing its existing office established in 2008 [1][2] - The firm aims to leverage its 'One Goldman Sachs' strategy, collaborating with various teams to provide comprehensive services to clients in the region [2] - Saudi Arabia is viewed as a significant market due to its dynamic economy and concentration of ultra-high net worth individuals, presenting substantial investment opportunities [3] Expansion Details - The new unit will focus on delivering access to Goldman Sachs' leading Private Wealth Management business, offering local and global investment opportunities [3] - To support this initiative, Goldman Sachs has appointed Yousef Alhozaimy and Khalid Soufi as private wealth advisors in Riyadh and is actively recruiting additional advisors [4] Market Position - As of September 30, 2025, Goldman Sachs had $1.8 trillion in client assets under supervision, indicating a strong market presence [5] - The firm is also streamlining operations through job cuts and the use of artificial intelligence, yet expects a net increase in its workforce by year-end [5]