Goldman hires Barclays banker to run Saudi business

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Goldman Sachs has hired Omar Mohammady to run the its Saudi Arabian investment banking business, a key role for global banks operating in the Gulf Arab region, three banking sources said.

Saudi national Mohammady, previously with Barclays , will replace Rayan Fayez, who moved to JP Morgan Chase Inc in June as co-CEO and head of its investment bank for Saudi Arabia, the sources said, speaking on condition of anonymity as the matter is not public.

Mohammady will begin in his Goldman role later in December, one of the sources said, adding he will join the firm as an executive director.

Goldman Sachs and Barclays were not immediately available to comment.

As the largest market in the Gulf region, Saudi Arabia is an important destination for global banks looking to grab a share of the region's oil wealth.

The kingdom is home to companies such as state-owned Saudi Aramco, the world's biggest oil producer and Saudi Basic Industries Corp, the world's largest chemicals maker by market value.

Both Barclays and Goldman are licensed to undertake capital markets-related business in the kingdom by the Saudi Capital Markets Authority (CMA).

Goldman recently lost the head of its Qatar business Tamim al-Kawari to local bank QInvest in Doha.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Women edge into Gulf boardrooms as economies, societies shift

Women edge into Gulf boardrooms as economies, societies shift

Amina al-Rustamani, CEO of TECOM Investments, is leading the...

2
Dubai mulls rule change to lure more domiciled funds

Dubai mulls rule change to lure more domiciled funds

Proposed rules would create a new class of funds in the Dubai...

Gulf's rift over Qatar may slow investment, reforms

Gulf's rift over Qatar may slow investment, reforms

Analysts suggest dispute may not hurt immediately but could impact...

Most Discussed