Goldman Sachs (GS, Financial) has opened a new office in Riyadh's King Abdullah Financial District (KAFD) to strengthen its influence in Saudi Arabia, the largest economy in the Middle East. Operating in Saudi Arabia since 2008, the bank joins other prominent institutions like Rothschild in establishing a presence in this 1.6 million square meter center.
This expansion aligns with Saudi Arabia's launch of the flagship Future Investment Initiative, often dubbed the "Davos in the Desert," which attracts key financial figures including Goldman Sachs CEO David Solomon. The KAFD, previously dormant, has seen revitalization since the Public Investment Fund (PIF) took over in 2018. Numerous government and foreign entities now occupy offices there.
KAFD's Chief Operating Officer, Sultan Alobaida, stated that Goldman Sachs' presence enhances growth potential and sustains the transformation momentum of Saudi Arabia's financial landscape. Data shows Goldman Sachs is the third-largest equity advisor in the Middle East this year, participating in major deals like Saudi Aramco's $12 billion secondary offering.
Fadi Abuali and Zaid Khaldi, Co-CEOs of Goldman Sachs Middle East and North Africa, noted significant business opportunities in Saudi Arabia with ambitions to grow in asset and wealth management, as well as banking and markets sectors.
