Goldman Sachs’ David Solomon is on his first trip to Saudi Arabia as chief executive officer, the latest sign that Wall Street’s skittishness about doing business with the kingdom is fast becoming a thing of the past.
Saudi Crown Prince Mohammed bin Salman, right, at the Great Hall of the People in Beijing in February.
Inside Goldman Sachs, senior executives have indicated Saudi Arabia offers a more promising environment for growing the investment bank’s business than other parts of the Middle East, according to one senior Goldman banker. Dealings with Qatar have become more complicated amid its diplomatic clashes with Saudi Arabia. And the bank has been publicly spurned by Abu Dhabi.
Goldman has been making a renewed push to expand in the country where finding local talent with international experience can be at times challenging. It hired veteran Morgan Stanley banker Ammar Al-Khudairy last year as the non-executive chairman for the bank in the country and also said it plans to deploy its own money on deals in the kingdom for the first time.
The oil producer just this week disclosed that it’s the most profitable company in the world — a lucrative client for any investment bank. Morgan Stanley and JPMorgan are leading its first-ever international dollar-bond sale, which could raise $10 billion, and another dozen banks have been added as co-managers.
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