Goldman Sachs to Open New Offices in KAFD
Riyadh, Saudi Arabia, 29th October 2024
Goldman Sachs, the leading global investment bank and financial services company, has announced its plans to open a new Saudi office at the King Abdullah Financial District (KAFD), the prime business and lifestyle destination in the heart of the capital, Riyadh.
Goldman Sachs signed an office lease agreement with the King Abdullah Financial District Management and Development Company (KAFD DMC) and is set to move into its new premises in 2025. The firm has secured an office space with a total area of 1,368 square meters, providing Goldman Sachs with a modern and smart environment to support its business operations in the Kingdom.
Located in the heart of the Saudi capital, Riyadh, KAFD is a transformative mixed-use development that merges the worlds of business and lifestyle and sets new benchmarks in urban living, smart city technologies, and sustainable development, designed to transform how urban communities live, work, and play. Spanning 1.6 million square meters, the Kingdom’s first vertical city is home to 95 buildings across five asset classes, featuring Grade A office spaces, upscale residences, diverse commercial and retail areas, luxury hospitality, and vibrant entertainment venues, all interconnected and walkable within 10-minutes.
Goldman Sachs delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments, and individuals. The financial giant has been an integral part of the Kingdom’s financial landscape since September 2008, playing a pivotal role in advising on and facilitating some of the country's most significant financial transactions and projects. Over the years, Goldman Sachs has contributed to the development of Saudi Arabia's capital markets, supported major IPOs, and provided expertise in various financial sectors. The move to KAFD puts Goldman Sachs at the epicenter of business, expanding its foothold in Saudi Arabia and the region.
Remarking on Goldman Sachs’s move, Sultan Alobaida, Chief Commercial Officer of KAFD DMC , said: “There has been a dynamic growth and transformation in the Kingdom’s financial sector, spurred by tenacious government efforts, the rise of fintech, and more, but at the heart of it are key financial players such as Goldman Sachs. With KAFD at the center of Saudi Arabia’s business scene, standing as a strong financial powerhouse for the Kingdom, we are thrilled to welcome Goldman Sachs to our thriving business community. Their strategic presence in one of the most dynamic and nurturing business districts fuels the potential for even more growth and sustains the momentum of transformation in Saudi Arabia’s financial landscape, ultimately solidifying our status as a key driver to Riyadh's thriving economy.”
Fadi Abuali and Zaid Khaldi, Co-CEOs of Goldman Sachs for the Middle East & North Africa (MENA) region at Goldman Sachs said, “This new office in KAFD reflects the Firm’s ongoing commitment to Saudi Arabia. It will give us the capacity to grow our presence in the Kingdom and serve our clients from a modern and vibrant business district in Riyadh. We see significant opportunities to do business in Saudi and have ambitions to grow across Asset and Wealth Management and Banking and Markets.”
The heart of KAFD is the Financial Plaza, which hosts some of the most important financial institutions within the Kingdom, ranging from the Public Investment Fund (PIF) to the Capital Market Authority and the Saudi Arabian Stock Exchange (Tadawul). The district is also home to the country’s largest banks such as Riyad Bank and SNB, in addition to the largest digital payments provider, Saudi Payments. This portfolio expanded significantly with the addition of Fintech, Emirates NBD, and The Small and Medium Enterprises Bank (SME Bank). With its modern Grade A offices, robust digital infrastructure, smart mobility, and eco-friendly operations, KAFD provides what it takes to scale a business, making it an efficient and sustainable home for Goldman Sachs operations.
In recognition of its first-class digital infrastructure that delivers robust connectivity, sustainability, and a seamless live, work, and play experience, KAFD is the first neighborhood in the Middle East, and North Africa (MENA) to achieve WiredScore's Global Smart Neighborhood Certification. A green district, KAFD is the world’s largest LEED platinum-certified business and lifestyle destination with over 40 Silver and Gold LEED-certified buildings amongst its expansive portfolio, including the first LEED Platinum v4-certified Fire Station in the world.