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RIYADH: Goldman Sachs is expanding its wealth management division in ��������, the bank said, as global financial firms increase their presence in the Middle East’s largest economy.  

The New York-based banking giant has launched the first phase of its private banking services locally, Al-Eqtisadiah reported. The expansion will enhance operations from its Riyadh office, where the US lender has maintained a presence for over a decade. 

The expansion comes after Goldman Sachs became the first major international investment bank to receive a regional headquarters license in �������� last year. 

In a statement, Rob Mullane, co-head of private wealth management for the EMEA region at Goldman Sachs, said: “�������� has an exceptionally dynamic economy and a highly sophisticated investor base.”

He added that the bank plans to offer both “local and global investment opportunities” for regional clients. 

The license aligns with Saudi authorities’ ongoing efforts to attract more foreign companies to establish regional hubs in the Kingdom, as part of the broader economic diversification plan under Vision 2030. 

Goldman Sachs’ expansion is part of a wider trend of global financial firms scaling up operations across the Middle East. This growth is largely driven by the region’s vast concentration of capital, including sovereign wealth funds and wealthy families managing more than $1 trillion in assets. 

While �������� and the UAE remain the primary focus, other Gulf nations, such as Qatar, are also taking steps to attract international financial institutions. 

The move positions Goldman Sachs to directly serve ultra-high-net-worth individuals and families in �������� and across the Middle East, tapping into one of the world’s most significant pools of private capital. 

RIYADH: ��������’s Madinah region is advancing more than 224 development projects valued at over SR200 billion ($53 billion), underscoring the Kingdom’s accelerating investment drive, according to a new report. 

Data released by the Al-Madinah Al-Munawara Chamber showed that the region’s real estate market recorded transactions exceeding SR2.7 billion in the first quarter of 2025, reflecting an annual growth of about 8 percent. 

Madinah has emerged as one of ��������’s fastest-growing regional economies, driven by major investments in construction, trade, and tourism. In 2025, the region recorded strong first-quarter growth, with construction accounting for 24 percent of the workforce and trade for 20 percent, reflecting ongoing diversification efforts. 

“These investments are diversified across various economic sectors such as trade, tourism, construction, transportation, health, education, and others,” the report said. 

It added: “The projects are expected to contribute to providing more than 125,000 direct job opportunities, a major development the region is witnessing.” 

The chamber also highlighted promising investment opportunities in the Investors’ Zone, reflecting optimism about Madinah’s long-term growth prospects across trade, logistics, technology, and real estate. 

The report reaffirmed the chamber’s commitment to providing detailed analytical insights to help businesses make informed strategic decisions. These insights, backed by comprehensive data, aim to foster regional economic growth and align with the objectives of Vision 2030. 

In February, the Madinah Region Development Authority reported improvements in quality of life, economic growth, and cultural initiatives. The region ranked 88th globally in Euromonitor International’s 2024 Top 100 City Destinations Index and seventh in the Tourism Performance Index, with 3,200 sites listed in the National Urban Heritage Register. 

�������� has also eased restrictions on foreign ownership in real estate, allowing international investors to purchase shares in listed firms that hold property in Makkah and Madinah — a move expected to attract additional capital inflows into the region. 

In August, a Knight Frank report noted that Madinah led the Kingdom in growth, with residential transactions in the holy city surging 49 percent year on year to SR3.4 billion, while volumes climbed 38 percent. 

Large-scale, government-backed projects are also reshaping the urban landscapes of Makkah and Madinah, enhancing their livability and appeal to residents and pilgrims alike, while advancing ��������’s broader tourism and economic development objectives.