Goldman Sachs’ Saudi Arabia CEO Khalid Albdah to Depart Firm

Riyadh, October 17, 2024 (Saudi Arabia Breaking News) – Khalid Albdah, CEO of Goldman Sachs’ Saudi Arabia division, is set to leave the firm after nearly a decade, according to a source familiar with the matter. Albdah, who joined Goldman Sachs in 2013 from Al Rajhi Capital, has been a prominent figure in leading the Wall Street bank’s operations within the Kingdom.

Goldman Sachs has been expanding its presence in Saudi Arabia, recently securing a license to establish its regional headquarters in Riyadh. This move aligns with the Kingdom’s new regulatory requirements encouraging multinational companies to base their regional headquarters in Saudi Arabia to maintain eligibility for government contracts.

Goldman Sachs declined to comment on Albdah's departure. The firm's third-quarter profits recently exceeded expectations, driven by increased activity in bond sales, stock offerings, and mergers. The news was first reported by Bloomberg.