In good news for Saudi Arabia’s financial landscape, American multinational investment giant Goldman Sachs is setting up a private wealth management team in the Kingdom. The goal is to boost its offerings and services in the Middle East to serve the region’s growing stratum of high-net-worth individuals.
In May 2024, the financial venture obtained a licence to establish its regional headquarters in Riyadh, where it has had an office since 2008. The wealth management team will extend the office’s capabilities.
“Saudi Arabia has an exceptionally dynamic economy and a highly sophisticated investor base. The bank plans to open up local and global investment opportunities for regional clients,” said Rob Mullane, Goldman Sachs’ co-head of private wealth management for the EMEA (Europe, Middle East and Africa) region.
The firm has transferred Yousef Alhozaimy and Khalid Soufi as private wealth advisors to be based in Riyadh. While making public its plans about increasing its Gulf presence, Goldman Sachs informed the media about actively hiring for private wealth advisors and other positions. The new unit will employ its ‘One Goldman Sachs’ strategy by collaborating with asset management, global banking and markets teams in the region.
Goldman Sachs Private Wealth Management division is primarily focused on creating customised personalised management strategies for ultra-high net worth individuals, families, and select institutions, including foundations and endowments. As of 30th September 2025, the venture had USD 1.8 trillion worth of client assets under supervision.
The bank is among global firms expanding their footprint in the Kingdom as the Gulf major seeks to reduce its dependence on oil revenue by investing in sectors such as financial services, under the ambitious economic diversification agenda called the “Vision 2030.”
As per the S&P Kingdom’s asset management industry, the sector grew by an average of around 12% per year between 2015 and 2024, with assets under management (AUM) reaching around 295 billion dollars as of March 31, 2025.
In the words of Timucin Engin, Head of Research and Strategy at S&P in Riyadh, the Gulf major has remained the largest player in the region when it comes to asset and fund management. As per the official, “We expect that assets under management (AUM) will continue to grow at a healthy pace and could exceed half a trillion US dollars by the end of 2030 — subject to market conditions. This is due to ongoing regulatory efforts, as well as the continued growth of debt and equity markets, and the increasing availability of exchange-traded funds (ETFs), real estate investment trusts (REITs), and other retail and institutional products.”