The push into wealth management in Saudi Arabia coincides with the firm’s broader strategic expansion in the Middle East. Earlier, Goldman Sachs secured a licence in May 2024 to establish its regional headquarters in Riyadh, becoming the first Wall Street bank to do so under the Kingdom’s regulatory regime. The firm has also opened new offices in the King Abdullah Financial District, reinforcing its local infrastructure.
The decision responds to the growing volume of wealth in the Gulf region. Analysts estimate that the number of high-net-worth individuals in the Middle East reached around 900,000 in 2023, with total investable assets of approximately US $3.5 trillion. Goldman Sachs’ co-head of private wealth for the EMEA region noted that Saudi investors are “highly sophisticated” and that the firm aims to provide access to both local and global investment opportunities.
This move sits beside a major alliance the bank has formed with Public Investment Fund, the sovereign wealth fund of the Kingdom. Under a memorandum of understanding announced in March 2025, PIF agreed to act as anchor investor in new Gulf-focused funds launched by Goldman Sachs Asset Management, covering private-credit and public-equity strategies across the region. The MoU underlines the dual role the bank is playing: servicing ultra-wealthy individuals locally and engaging with large institutional government-linked investors.
The expansion of private-wealth activities places Goldman Sachs in direct competition with other global institutions that are pressing into the Gulf market. For example, wealth-manager Stanhope Capital has forged a partnership with the Gulf-based bank Gulf International Bank, backed by PIF, to serve ultra-high-net-worth clients in the Gulf, while retaining global operations. The growth of such partnerships underscores a trend of foreign firms collaborating with local entities to gain access.
Saudi Arabia’s drive to diversify its economy beyond oil revenue is central to the backdrop of this expansion. Through strategic initiatives and regulatory reforms, the Kingdom is positioning Riyadh as a regional financial hub. Foreign banks are being encouraged—and in some cases required—to establish regional headquarters locally in order to access lucrative government contracts and investment flows. The increasing presence of global financial firms reflects the shifting dynamics of the regional economy.
While the move opens new growth avenues for Goldman Sachs, several challenges remain. To succeed in wealth management, firms must adapt to regional regulatory frameworks, navigate cultural and institutional norms around wealth, and offer a service differentiation that resonates with Gulf clients. The sheer size of sovereign wealth funds and state-linked investment vehicles means competition is intense and any misstep could affect reputation. Moreover, local talent development and compliance infrastructure must keep pace with ambitions.
For the Kingdom, the appearance of global players like Goldman Sachs enhances the sophistication of the financial services sector, potentially boosting domestic asset-management capacity. At the same time, domestic players may face increased competition. The broader implication is the gradual integration of Gulf client assets into global wealth-management value chains.
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Saudi Arabia