Rothschild & Co. plans to bulk up its Saudi Arabia operations by hiring or relocating bankers as it sets up a new office in Riyadh’s mammoth financial center.
The Paris-based bank said it is moving into the King Abdullah Financial District, the $10 billion business hub north of the capital that stood largely empty for many years but is now in demand among foreign and local firms.
Prominent tenants of the district include Saudi Arabia’s $700 billion sovereign wealth fund and domestic banking heavyweights such as Saudi National Bank — though Rothschild will be among the first international advisory firms there.
Nasser Al Issa, managing director and head of Saudi Arabia who was hired by the bank in 2022, will lead the new office. It will have a total of seven bankers on the ground with the aim of doubling its size in the medium term, Saeed Al Awar, partner and head of the Middle East at Rothschild, said in an interview.
“Localizing presence is a key strategy for us and therefore we would look to continue growing our on-the-ground local presence in the Kingdom,” he said. “The seven people we have would live in Riyadh and be permanently based out of the Kingdom,” he added, saying proximity to clients was among the key reasons for the bank’s decision.
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