By Innovation-sa on March 18, 2018 in News

Despite the anti-corruption probe that shook the nation, Goldman Sachs Group forecasted an unprecedented economic overhaul in the Kingdom and announced plans to invest in the Kingdom for the first time in its history.

Goldman Sachs Group, an American multinational finance company often seen involved in providing advice to companies and governments on takeovers and fundraising efforts in the region, has plans to hire veteran banker, Ammar Al-Khudairy, to identify more investment opportunities and further bolster Goldman’s presence in the Kingdom.

“With the exception of China, I have not witnessed in my 34-year career in the business a sovereign undergoing such massive economic and social transformation. We remain keen and continue to prospect for opportunities in the Kingdom to deploy and invest the firm’s own capital alongside our clients”, said Wassim Younan, Goldman’s chief executive for the Middle East and North Africa.

The Kingdom’s recent economic reforms focussing on investments in non-oil related sectors and its privatization plan, has opened several business opportunities and banks across the world like Deutsche Bank AG and Citigroup Inc. are also establishing their presence in the Kingdom.