Goldman Sachs plans to expand its presence in the Middle East and North Africa by opening an office in Abu Dhabi, pending final regulatory approval.
The new office, which will be situated in the Abu Dhabi Global Market (ADGM), will be the investment bank’s second in the UAE, following the Dubai International Financial Centre (DIFC), and the first in the capital city.
An internal memo stated that the addition of a new office in Abu Dhabi will enhance the investment bank’s expanding regional presence, alongside its existing offices in Dubai, Doha, and Riyadh. The move aims to strengthen client relationships and better serve their needs by being more accessible to them.
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Despite the global economic slowdown, Goldman Sachs has shown optimism towards the Middle East market, particularly the UAE, due to the increasing private wealth, a surge in initial public offerings, and merger and acquisition activities.
The investment bank served as one of the joint global co-ordinators and financial advisers for various UAE IPOs in 2022, such as those of Americana, Salik, Tecom, and Dewa.
According to reports, the number of M&A deals in the MENA region increased 13% year-on-year in 2022.
Last week, the ADGM disclosed its plans to increase its size tenfold to accommodate the expanding financial sector.
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