Goldman Bets on Unprecedented Economic Overhaul in Saudi Arabia - Bloomberg:
"Goldman Sachs Group Inc. is doubling down on its plans for Saudi Arabia in a bet that sweeping economic reforms will draw investors to the kingdom despite a turbulent corruption crackdown.
The U.S. lender, which has traditionally advised companies and governments on takeovers and fundraising efforts in the region, plans to deploy its own money in the kingdom for the first time, Wassim Younan, Goldman’s chief executive for the Middle East and North Africa, said in an interview in London. To help identify such opportunities, the bank is hiring veteran banker Ammar Al-Khudairy, who previously oversaw Morgan Stanley’s operations in the country, he said.
The bank’s expansion in the world’s largest oil exporter is good news for the kingdom’s Crown Prince Mohammed bin Salman, who’s trying to secure his grip on power without alienating the international investors he needs to transform the economy into a financial powerhouse. Other global banks have also proved to be unfazed by the tumultuous changes in Saudi Arabia as the prince, known as MBS, consolidates his authority with steps such the temporary detainment of senior princes and prominent businessmen starting in November."
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