Breaking : Goldman Sachs launches private wealth management team in Saudi Arabia

Goldman Sachs announced that it is establishing a private wealth management team in Saudi Arabia.

The US bank, which received a license in May last year to set up its regional headquarters in Riyadh, where it has operated since 2008, said the new team will enhance the office’s existing capabilities.

"Saudi Arabia has an exceptionally dynamic economy and a highly sophisticated investor base," said Rob Mullane, the bank’s co-head of private wealth management for the EWAA (Europe, West Asia, & Africa) region. He added that Goldman Sachs aims to provide clients with access to "local and global investment opportunities."