Goldman Sachs Expands Presence in Kuwait with New Office
Goldman Sachs Group has taken a significant step in enhancing its presence in the Middle East by opening a new office in Kuwait. This move not only underscores the firm’s commitment to the Kuwaiti market but also reinforces a partnership that has flourished over the past fifty years.
Commitment to the Kuwaiti Market
The establishment of this office reflects Goldman Sachs’ long-term dedication to Kuwait and the broader Gulf region. The firm aims to expand its services in Investment Banking, Asset Management, and Private Wealth Management, aligning with Kuwait’s ambitious economic transformation agenda.
David Solomon, the Chairman and CEO of Goldman Sachs, emphasized the importance of this development. He noted that Kuwait is actively pursuing initiatives to foster economic growth and create opportunities for its citizens. Solomon expressed enthusiasm about deepening the firm’s longstanding partnership with Kuwait, stating, “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.”
A Legacy of Collaboration
Goldman Sachs’ relationship with Kuwait spans five decades, encompassing various sectors including Investment Banking, Capital Markets, and Asset Management. A cornerstone of this partnership has been a professional training program led by Goldman Sachs, aimed at nurturing talent within key national institutions such as the Kuwait Investment Authority (KIA), the Public Institution for Social Security (PIFSS), and the Kuwait Fund for Arab Economic Development.
The firm has committed to investing in the recruitment and development of top Kuwaiti talent, ensuring that it can effectively serve both regional and global clients. This focus on local expertise aligns with Kuwait’s broader goals of economic diversification and sustainable growth.
Supporting National Priorities
Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah, Director General of the Kuwait Direct Investment Promotion Authority (KDIPA), highlighted the nation’s commitment to attracting long-term global investors. He stated, “Kuwait remains committed to attracting high-impact, long-term global investors who contribute to our national priorities—particularly in talent development and the nurturing of local expertise.” This approach is integral to Kuwait’s economic diversification strategy and its vision for sustainable growth, encapsulated in Kuwait Vision 2035.
New Leadership Appointments
In conjunction with its expansion in Kuwait, Goldman Sachs has made key leadership appointments. Mohammad Almatrouk has been appointed as Managing Director to lead the new office, pending final regulatory approval. This strategic move is aimed at overseeing the firm’s growth in the country.
Additionally, Fahad Alebrahim has been appointed as Managing Director in the Private Wealth Management division. These appointments are part of Goldman Sachs’ broader strategy to strengthen its leadership team in the Gulf region, further solidifying its commitment to this strategic market.
Strategic Growth in the Middle East
Goldman Sachs continues to view the Middle East as a vital area for growth. The firm is actively scaling its presence across the region, focusing on building relationships with governments, institutional investors, and family offices. The opening of the Kuwait office is a testament to this strategy, as the firm seeks to deepen its engagement and expand its services in this dynamic market.
As Goldman Sachs embarks on this new chapter in Kuwait, it not only reinforces its long-standing partnership but also positions itself to play a pivotal role in the country’s economic transformation and growth.
