Goldman Sachs opens Kuwait office to expand Middle East presence

GOLDMAN Sachs has opened a new office in Kuwait, it said on Monday, in a bid to expand its services to regional clients and deepen its footprint in the Middle East.

The bank said it had been Kuwait’s strategic partner across investment banking, capital markets and asset management for more than 50 years.

A Goldman Sachs–led professional training initiative aimed at developing local talent across KIA, the Public Institution for Social Security and the Kuwait Fund has been a key element of the partnership.

“We look forward to deepening our longstanding partnership with Kuwait as we establish this office to grow our capabilities across the Middle East and better serve our clients,” CEO David Solomon said.

As part of the expansion, Goldman Sachs appointed Mohammad Almatrouk as managing director to lead the new office, subject to regulatory approval. The bank also recently named Fahad Alebrahim as managing director in its private wealth management division.

Oil-rich Kuwait is home to Kuwait Investment Authority (KIA), one of the world’s biggest sovereign wealth funds. REUTERS