BRICS+ Series: Goldman Sachs Deepens Its Saudi Footprint with New Wealth Management Division

Global investment giant Goldman Sachs is intensifying its presence in the Middle East by establishing a private wealth management team in Saudi Arabia, marking a significant step in its strategy to capture a growing segment of high-net-worth investors across the Gulf region.

The move comes as Saudi Arabia accelerates efforts to diversify its economy beyond oil and transform itself into a regional financial powerhouse. With the kingdom’s rapid modernisation and influx of private capital, the timing of Goldman Sachs’ expansion could not be more strategic.

Building on a Longstanding Presence

Goldman Sachs’ connection to the Saudi market stretches back to 2008, when the bank first opened its Riyadh office. Over the past decade and a half, the firm has steadily expanded its activities in investment banking, asset management, and securities trading. In May 2023, Goldman Sachs received a regional headquarters licence from Saudi authorities, an important regulatory milestone that cleared the way for a broader suite of operations in the kingdom.

Now, the launch of a dedicated private wealth management division in Riyadh marks the next phase of that growth. The team will work closely with the bank’s existing advisory and trading units, enabling Saudi and regional clients to access both local and global investment opportunities through Goldman Sachs’ extensive international network.

In a statement announcing the expansion, Rob Mullane, Co-Head of Private Wealth Management for Europe, the Middle East, and Africa (EMEA), described Saudi Arabia as “an exceptionally dynamic economy with a highly sophisticated investor base.” He added that the new unit aims to provide the kingdom’s wealthy investors with world-class financial planning, portfolio management, and access to diverse markets.

Tapping into a Surge of Private Wealth

Saudi Arabia is currently experiencing one of the most remarkable transformations of private wealth anywhere in the world. The kingdom’s ongoing investment in infrastructure, tourism, and technology has created a new generation of affluent entrepreneurs and family offices seeking to diversify their holdings beyond the energy sector.

According to global wealth reports, the number of high-net-worth individuals (those with investable assets of over $1 million) in Saudi Arabia has grown steadily over the past five years, fueled by the success of domestic industries and government-led economic reforms. This emerging class of investors is increasingly interested in sophisticated wealth management services, from global portfolio diversification to succession planning.

For Goldman Sachs, this environment represents both opportunity and alignment with its global strategy. The bank’s private wealth management arm focuses on clients who require customised investment solutions, global market access, and cross-border advisory services, areas that are becoming increasingly relevant to Saudi investors with international ambitions.

Aligning with Vision 2030

Goldman Sachs’ expansion dovetails neatly with the objectives of Saudi Vision 2030, the kingdom’s long-term economic transformation plan launched by Crown Prince Mohammed bin Salman. Vision 2030 aims to reduce Saudi Arabia’s dependence on oil revenues by fostering innovation, entrepreneurship, and foreign investment across sectors such as finance, renewable energy, entertainment, and tourism.

As part of this initiative, the Saudi government has actively encouraged global financial institutions to establish regional headquarters in Riyadh, turning the capital into a competitive hub for banking and investment services. Goldman Sachs’ decision to deepen its footprint through wealth management underscores its confidence in the kingdom’s market reforms and its potential as a long-term financial center.

“Saudi Arabia has made remarkable progress in developing its financial ecosystem,” Mullane noted. “We see enormous potential to support clients who are not only growing their wealth but also contributing to the country’s broader economic transformation.”

Competing in a Crowded Financial Landscape

The entry of Goldman Sachs into private wealth management in Saudi Arabia places it in competition with other global and regional players who are similarly seeking to capitalize on the Gulf’s rising prosperity. Firms such as J.P. Morgan, UBS, and Credit Suisse have all expanded their operations in the region in recent years, drawn by the same combination of government reform, infrastructure spending, and demographic growth.

However, Goldman Sachs’ advantage lies in its ability to integrate investment banking, asset management, and private wealth services under one global platform. This integrated approach allows clients to leverage institutional-level expertise, diversified products, and global market insights—a key differentiator in an increasingly sophisticated market.

The bank is currently in the process of hiring local and international talent to strengthen its Riyadh-based team, with roles in financial advisory, portfolio management, and client relations. The recruitment drive is part of a broader strategy to ensure that the bank’s Middle Eastern clients have access to localized expertise backed by global scale.

A Broader Commitment to the Middle East

Goldman Sachs’ growing involvement in Saudi Arabia is part of a wider regional strategy that spans the United Arab Emirates, Qatar, and Bahrain. The bank has been steadily expanding its presence across the Gulf, advising sovereign wealth funds, corporations, and institutional investors while also deepening its engagement with the private sector.

In recent years, the Middle East has become a significant contributor to global investment flows, both as a source of capital and as a destination for diversification. By expanding its wealth management arm, Goldman Sachs is positioning itself at the center of this evolving landscape—serving as a bridge between regional investors and international markets.

Looking Ahead

As Saudi Arabia’s financial sector continues to evolve, the establishment of Goldman Sachs’ private wealth management team represents more than just a business expansion, it’s a signal of confidence in the kingdom’s economic transformation and a commitment to long-term partnership.

With the foundations of Vision 2030 taking shape, and global firms increasingly embedding themselves within the Saudi market, Goldman Sachs’ move may well mark the beginning of a new era of financial sophistication and cross-border connectivity in the region.

Written By: 

*Dr Iqbal Survé

Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN

*Chloe Maluleke

Associate at BRICS+ Consulting Group 

Russian & Middle Eastern Specialist

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