Goldman Sachs has been building its presence in Saudi Arabia, boosting headcount, securing a stock-trading licence and getting involved in key deals including the Kingdom’s first euro-denominated bond sale.
Thursday 11, July 2019
Goldman Sachs Group has hired JPMorgan Chase & Co’s Mohammed Nazer to join its investment banking team in Saudi Arabia, reported Bloomberg.
The bank wants to make sure it’s well placed to take advantage as the nation diversifies its economy away from oil and opens to foreign investment. As part of these plans, the Kingdom is privatising state-owned firms and transforming its sovereign wealth fund into one of the world’s biggest.
Mergers and acquisitions (M&A) in Saudi Arabia rose to about $12 billion in 2018, the highest level for at least a decade.
The lender was the third top M&A adviser in the Kingdom last year and was among banks that worked on Arabian Centres’ $659 million initial public offering (IPO) in May.
In neighbouring UAE, Mubadala Investment Company halted new business with Goldman Sachs in March, adding to the growing fallout for the bank from its role in the 1MDB corruption scandal.