Goldman Sachs Group Inc. is doubling down on its plans for Saudi Arabia in a bet that sweeping economic reforms will draw investors to the kingdom despite a turbulent corruption crackdown, reports Bloomberg.
“The U.S. lender, which has traditionally advised companies and governments on takeovers and fundraising efforts in the region, plans to deploy its own money in the kingdom for the first time, Wassim Younan, Goldman’s chief executive for the Middle East and North Africa, said in an interview in London. To help identify such opportunities, the bank is hiring veteran banker Ammar Al-Khudairy, who previously oversaw Morgan Stanley’s operations in the country, he said.”
It´s a good news for kingdom’s Crown Prince Mohammed bin Salman, who is currently securing his grip on power. Salman´s plan to overhaul economy may scare the international investors, but the latest move of Goldman Sachs may mean that the fears were not justified.
Younan had not see such a massive economic and political transformation of a country. “We remain keen and continue to prospect for opportunities in the kingdom to deploy and invest the firm’s own capital alongside our clients.”
According to Bloomberg, Al-Khudairy will take over in April as the non-executive chairman for Goldman in the country, subject to regulatory approval, and become regional adviser for the Middle East and North African markets. He’s also the founding partner and chairman of private equity firm Amwal Al Khaleej, according to his biography on Morgan Stanley’s website.