Wall Street Deepens Saudi Ties Targeting Vision 2030 Prize
Citigroup, Goldman Sachs, and JPMorgan expand Riyadh operations to capture deals from the kingdom's $925 billion sovereign wealth fund and economic overhaul.
Wall Street’s financial titans are intensifying their push into Saudi Arabia, establishing larger operational hubs and committing more resources to capitalize on the kingdom's ambitious Vision 2030 economic transformation. Firms including Citigroup, JPMorgan Chase, and Goldman Sachs are bolstering their presence in Riyadh, drawn by the immense opportunities flowing from the nation's nearly trillion-dollar Public Investment Fund (PIF).
This strategic pivot was highlighted by Citigroup's (C) recent inauguration of a new headquarters in Riyadh, a move that follows similar commitments from its rivals. The expansion underscores a clear objective: to secure a prime position in advising on a wave of privatizations, initial public offerings, and multi-billion-dollar infrastructure projects central to Crown Prince Mohammed bin Salman's plan to diversify the Saudi economy away from oil.
The scale of the opportunity is staggering. The PIF, with assets exceeding $925 billion, is the engine of Vision 2030, funding giga-projects like the futuristic city of NEOM and seeding new industries from electric vehicles to tourism. For global banks, this translates into a lucrative pipeline of deals. Contract awards for these giga-projects alone surged by 20% to $196 billion in 2025, according to regional economic reports.
JPMorgan Chase (JPM), the largest U.S. bank with a market capitalization of over $817 billion, is actively expanding its regional team with plans to double its Middle East revenue by 2030. The bank has played a key role in the kingdom's financing efforts, acting as a lead advisor on Saudi Arabia’s inaugural €1.5 billion green bond issuance, a transaction directly supporting Vision 2030's sustainability goals.
Similarly, Goldman Sachs (GS), a dominant force in global M&A, has moved aggressively to capture the burgeoning wealth created by the economic boom. The firm, which was the first Wall Street bank to secure a regional headquarters license in Riyadh, recently launched onshore private wealth management services to cater to the kingdom's ultra-high-net-worth individuals.
This renewed enthusiasm from Wall Street marks a significant shift. The current deal-making fervor indicates a focus on the vast economic potential, positioning the banks to play a central role in one of the world's most ambitious and capital-intensive national projects. The PIF itself has been actively engaging with U.S. financial firms, striking investment deals worth up to $12 billion with several leading asset managers earlier this year.
As Saudi Arabia pushes forward with its plans for landmark IPOs and cross-border M&A, the on-the-ground presence of these financial giants will be critical in shaping the kingdom's integration into the global economy and providing a new frontier for growth for the banks themselves.