Goldman Sachs Opens Office in Riyadh’s Giant Financial District

Bloomberg10-29 13:01

(Bloomberg) -- Goldman Sachs Group Inc. has opened a new office in the financial district of Saudi Arabia’s capital Riyadh, deepening its presence in the largest Middle Eastern economy. The Wall ...

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Dubbed by some as “Davos in the Desert,” the event has drawn the biggest names in finance including Goldman Chief Executive Officer David Solomon.Known as KAFD, the business district lay dormant for many years until Saudi Arabia’s sovereign wealth fund took it over in 2018. Since then, several government entities such as the Public Investment Fund itself, the local bourse and, increasingly, foreign firms have established their offices there.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4135":"资产管理与托管银行","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","BK4127":"投资银行业与经纪业","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","GS":"高盛","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","BK4585":"ETF&股票定投概念","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","IE00BFXG1179.USD":"BNY MELLON U.S. EQUITY INCOME \"B\" (USD) INC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","GSBD":"高盛BDC基金","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU0106831901.USD":"贝莱德世界金融基金A2","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","BK4588":"碎股","BK4550":"红杉资本持仓","BK4552":"Archegos爆仓风波概念","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","BK4504":"桥水持仓"},"translate_title":"高盛在利雅得巨型金融区开设办事处","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GS":1,"GSBD":0.9},"content_text":"(Bloomberg) -- Goldman Sachs Group Inc. has opened a new office in the financial district of Saudi Arabia’s capital Riyadh, deepening its presence in the largest Middle Eastern economy.\nThe Wall Street firm, which has been operational in the kingdom since 2008, is moving into the King Abdullah Financial District next year, joining Paris-based Rothschild & Co. and many other top institutions that have set up shop in the hub that spans 1.6 million square meters.\nThe move comes just as Saudi Arabia kicks off its flagship Future Investment Initiative in Riyadh. Dubbed by some as “Davos in the Desert,” the event has drawn the biggest names in finance including Goldman Chief Executive Officer David Solomon. \nKnown as KAFD, the business district lay dormant for many years until Saudi Arabia’s sovereign wealth fund took it over in 2018. Since then, several government entities such as the Public Investment Fund itself, the local bourse and, increasingly, foreign firms have established their offices there. \nThat trend accelerated following a government push to have overseas companies set up their Middle East headquarters in the kingdom.\nNew from Bloomberg: Get the Mideast Money newsletter, a weekly look at the intersection of wealth and power in the region.\nSaudi Arabia’s efforts to have foreign firms establish their regional base in Riyadh appears to be paying off: Goldman earlier this year became the first major international bank to secure such a regional headquarter license, later followed by Tokyo-based Mizuho Financial Group Inc.\nThe business district’s resurgence is putting it in direct competition with similar hubs in Abu Dhabi and especially Dubai. The vast majority of foreign financial firms have traditionally served the wider region and have their biggest regional presence from those cities.\nKAFD’s chief operating officer Sultan Alobaida said Goldman’s presence in the financial district “fuels the potential for even more growth and sustains the momentum of transformation in Saudi Arabia’s financial landscape.”\nThe investment bank ranks as the third-largest adviser on equity offerings in the Middle East so far this year, according to data compiled by Bloomberg. That includes its work on deals including Saudi Aramco’s $12 billion secondary offering.\n“We see significant opportunities to do business in Saudi and have ambitions to grow across Asset and Wealth Management and Banking and Markets,” said Fadi Abuali and Zaid Khaldi, co-CEOs of Goldman Sachs for the Middle East & North Africa region. \n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479445516"}