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Goldman Sachs appoints new CEO for Saudi Arabia

By Shane McGinley
The King Abdullah Financial District in Riyadh. Goldman Sachs received a license to open its Saudi HQ in May Alamy via Reuters
The King Abdullah Financial District in Riyadh. Goldman Sachs received a licence to open its Saudi HQ in May
  • Bank to increase Saudi business
  • Licence given for Riyadh HQ
  • HSBC is top earner in kingdom

US investment bank Goldman Sachs has appointed Omar Alzaim as chief executive officer of its operations in Saudi Arabia. 

Alzaim joined Goldman in 2021 from HSBC Saudi Arabia and replaces Khalid Albdah, who left Goldman in October after nearly a decade and took up a position at Neuberger Berman.

Goldman received a licence to set up its regional headquarters in Riyadh in May. The bank wants to increase its share of business in the kingdom.

In a report issued in October 2023, Goldman Sachs Research estimated that nearly $1 trillion worth of investment would flow into Saudi Arabia by 2030.

It said the six key sectors where this would be focused included upstream energy, downstream energy, clean technology, metals and mining, digital transformation and transportation and logistics. 

This growth has meant that an estimated $724.5 million worth of investment banking fees were generated in the Middle East and North Africa during the first half of 2024, a 23 percent year on year increase, according to data by the London Stock Exchange Group (LSEG).

Of this, $470.7 million was from Saudi Arabia, a yearly increase of 78 percent. The LSEG said HSBC, Standard Chartered and First Abu Dhabi Bank were the top earners, with Goldman Sachs failing to make the top 10.

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