Chief Executive David Solomon said the firm envisages expanding its capabilities across investment banking, capital markets and wealth management in Kuwait, complementing more than five decades of collaboration with local entities. The bank highlighted longstanding ties with the Kuwait Investment Authority, the Public Institution for Social Security and the Kuwait Fund, including joint training and talent development initiatives.
To lead operations in Kuwait, Goldman Sachs has named Mohammad Almatrouk as managing director, subject to regulatory approval. The bank has also appointed Fahad Alebrahim as managing director in its private wealth management arm. These appointments are consistent with the bank’s ambition to elevate locally based leadership while tapping regional opportunities.
Observers view Kuwait’s appeal as partly rooted in its status as host to the Kuwait Investment Authority, one of the world’s largest sovereign wealth funds. As global financial institutions intensify competition for partnerships with sovereign funds, a physical presence enables deeper access, relationship building and advisory mandates.
Goldman’s expansion into Kuwait arrives against the backdrop of shifting dynamics in the global banking sector. The firm is preparing for a leadership transition in its Middle East operations: Fadi Abuali, co-chief executive for the MENA region, is slated to retire after nearly 28 years with Goldman. His departure is expected to prompt a reshuffle within regional senior management.
The decision to open an office in Kuwait reflects a broader trend among Wall Street banks scaling up in Gulf states. Earlier moves by Goldman itself include securing a licence in Riyadh for a regional headquarters. Global banks have also increased their presence in the UAE’s financial hubs. Kuwait’s entry thus complements a regional network spanning Saudi Arabia, the UAE, Qatar and Bahrain.
Establishing a local office provides Goldman with on-the-ground infrastructure to support deal origination, underwriting, and advisory services in the Kuwaiti market. It could also enhance the firm’s ability to participate in privatisations, infrastructure financing and sovereign transactions tied to Kuwait’s Vision 2035 economic diversification plan.
Critics caution, however, that gains may not be immediate. Regulatory approvals, integration with global systems, and cultivating trust with Kuwaiti stakeholders will take time. Moreover, global macro volatility and region-specific risks—such as fluctuations in oil prices and geopolitical uncertainty—could complicate execution.
Kuwait’s authorities, for their part, have expressed ambition to draw impactful global investors aligned with national priorities, especially in areas of talent development and technical skill building. The establishment of Goldman Sachs’ office is likely to be assimilated into those efforts.
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