Oct 22, 2025 (MarketLine via COMTEX) --
Goldman Sachs has announced an expansion in the Middle East, with the launch of its onshore Private Wealth Management services in Riyadh, Saudi Arabia.
The launch enhances the capabilities of the US-based companyaEUR(TM)s Riyadh office, which has been operational since 2008.A
Goldman Sachs said that private wealth management is part of its strategic focus and plans to scale its services for clients both in the Middle East and worldwide.A
The new unit will employ its aEUR~One Goldman SachsaEUR(TM) strategy by collaborating with asset management, global banking and markets teams in the region.A
Goldman Sachs EMEA private wealth management co-head Rob Mullane said: aEURoeWe are delighted to expand our commitment to Saudi Arabia by launching an onshore presence in Riyadh.A
aEURoeSaudi Arabia has an exceptionally dynamic economy and a highly sophisticated investor base.A
aEURoeOur aim is to deliver access for regional clients to Goldman SachsaEUR(TM) leading Private Wealth Management business, opening up local and global investment opportunities, and contributing to the local financial industry.aEURA
Goldman Sachs said that Saudi Arabia presents substantial opportunities, given its concentration of ultra high net worth individuals and economic diversification.A
The firm will offer a range of investment options across public and private asset classes to meet client needs.A
To support this expansion, Goldman Sachs has appointed Yousef Alhozaimy and Khalid Soufi as private wealth advisors based in Riyadh.A
The firm is also recruiting additional private wealth advisors and other roles to strengthen its regional presence.A
Goldman Sachs Private Wealth Management is focused on creating customised personalised management strategies for ultra-high net worth individuals, families, and select institutions, including foundations and endowments.A
As of 30 September 2025, it had $1.8tn of client assets under supervision.A
Last week, Bloomberg reported that Goldman Sachs announced further job cuts to streamline operations and enhance efficiency using artificial intelligence (AI).A
Despite these reductions, the firm expects to end the year with a net increase in its workforce.A
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COMTEX_469712926/2227/2025-10-22T09:38:55
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