Goldman Sachs Group Inc. is hiring personnel from its rivals, HSBC Holding Plc and Citigroup Inc., owing to the former’s plans of business expansion in the Middle East. This expansion has been facilitated by an increase in demand for business via deals from the region.
The senior Citigroup banker, Jassim AlSane, will commence work from the Dubai Goldman Sachs office from November 2021, as the Co-Head of Investment Banking Operations and Managing Director for North Africa and the Middle East.
Omar AlZaim, the Associate Director in Investment Banking Advisory division of HSBC Holding Plc, will join the firm as the Head of Investment Banking and the Executive Director for Saudi Arabia.
The Goldman Sachs employments, from rival banks, arrive as the rate of business demand and deal activity surges in the Middle East. Also, the government and state-owned companies seek new ways to increase income and make their economies as versatile as possible after the revenue crash in 2020 from oil sales.
In the Middle East and Africa, the mergers and acquisitions activity has surged to approximately $125 billion, according to Bloomberg. This surge was owing to a boost in deals like a $12.4 billion stake in Aramco’s oil facets.
Goldman Sachs hires employees from banks located in the Middle East
Goldman Sachs has secured a top position in the potential IPO of Emirates Global Aluminum (Abu Dhabi). This deal could bring the firm an estimated $1.5 billion value.
The firm is also collaborating with JP Morgan Chase & Co. to counsel Saudi Arabian Aramco on the sale of a stake in its subordinate firm which controls its natural gas conduits.
Jassim AlSane will join Goldman Sachs after serving in Citigroup for over 13 years. Recently, AlSane almost became the managing director in the investment banking division.
AlSane will be working with Selma Hassan, at Goldman Sachs. Hassan is the bank’s head of MENA investment bank. The former will play a key role in boosting the bank’s business with large corporates and sovereign wealth funds.
Omar AlZaim will begin his journey in Goldman Sachs in the autumn and will be based in Riyadh for his new role in the bank. He is Eyas AlDossari’s replacement in the bank, who ceased to work for the bank in early 2021 to join Saudi Arabia’s sovereign wealth fund.
About Goldman Sachs
The Goldman Sachs Group is an internationally recognized financial institution that serves a plethora of financial services in – securities, investment managing, investment banking, and consumer banking. They deliver to a versatile base of clients that include- financial institutions, governments, corporations, and individuals. The firm is headquartered in New York and was conceived in 1869. The firm has spread its roots all around the globe and maintains offices in all the essential financial hubs of the world.
About Citigroup Inc.
Citigroup Inc partners with clients by delivering financial services. These services are aimed at facilitating global economic progress. The bank’s core responsibilities include – safeguarding assets, making payments, accessing capital markets, and lending money. The bank boasts 200 years of expertise in the financial sector. Citigroup Inc. is headquartered in New York City.
About HSBC Holdings Plc
HSBC Holdings Plc is an organization that delivers financial services to over 40 million customers from around the globe. The customer base of the bank ranges from various individual investors and savers to some of the globe’s largest governments and companies. The bank is established in 64 countries and regions. HSBC’s unique capabilities, perspectives, and expertise reveal immense opportunities for their clients. The firm is listed on the New York, Hong Kong, London, Bermuda, and Paris stock exchanges.