The US bank, which is ebullient about the economic prospects for the country, said it has a "highly sophisticated investor base."

Goldman Sachs is establishing a private wealth management team in Saudi Arabia, seeking to boost its business in the Middle East. 

In May last year, the firm obtained a licence to set up its regional headquarters in Riyadh, where it has had an office since 2008; the wealth management team will extend the office's capabilities there.

"Saudi Arabia has an exceptionally dynamic economy and a highly sophisticated investor base," Rob Mullane, Goldman Sachs' co-head of private wealth management for the EMEA region, said in a statement. The bank plans to open up "local and global investment opportunities," for regional clients, he said.

The firm has transferred Yousef Alhozaimy and Khalid Soufi as private wealth advisors to be based in Riyadh. Goldman Sachs said it plans to continue increasing its presence in the Middle East and is actively hiring for private wealth advisors and other positions.

The firm is not alone in engaging with the wealth management opportunities of Saudi Arabia. For example, the private banking arm of Deutsche Bank said the Kingdom is a “particular focus." In 2023, in conjunction with Emirates NBD, this news service examined the opportunities across the Gulf region’s wealth sector.