Goldman Sachs has appointed Omar Alzaim as the Chief Executive Officer for its Saudi Arabian operations, marking a strategic step to strengthen its presence in the Kingdom. Alzaim joined the firm in 2021, bringing experience from his previous role at HSBC Saudi Arabia. He succeeds Khalid Albdah, who departed Goldman Sachs in October after nearly ten years to join Neuberger Berman.
Expanding Regional Presence
In May, Goldman Sachs received approval to establish its regional headquarters in Riyadh, signaling its intent to deepen its foothold in the rapidly growing Saudi market. The bank’s focus aligns with Vision 2030, Saudi Arabia’s ambitious roadmap to diversify its economy away from oil.
According to a Goldman Sachs Research report from October 2023, nearly $1 trillion is expected to flow into the Kingdom by 2030, with investments concentrated in six key sectors: 
- Upstream energy
- Downstream energy
- Clean technology
- Metals and mining
- Digital transformation
- Transportation and logistics
Investment Banking Growth in MENA
The Middle East and North Africa (MENA) region has experienced robust growth in investment banking, with $724.5 million in fees generated in the first half of 2024, representing a 23% year-on-year increase. Saudi Arabia accounted for $470.7 million of this total, reflecting a significant 78% growth compared to the previous year.
Despite this regional boom, Goldman Sachs did not rank among the top earners, with HSBC, Standard Chartered, and First Abu Dhabi Bank leading the charge, according to the London Stock Exchange Group (LSEG).
Future Prospects
With the appointment of Omar Alzaim and the establishment of a Riyadh-based headquarters, Goldman Sachs is poised to play a more prominent role in Saudi Arabia’s economic transformation. The move underscores the bank’s commitment to tapping into the Kingdom’s burgeoning investment opportunities and its position as a regional financial hub.
