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(Bloomberg) -- Goldman Sachs Group Inc. is looking to open more offices and boost headcount in the Middle East, joining Wall Street peers expanding in the region to tap its deep pools of capital.
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The New York-based firm continues to work with regional sovereign wealth funds on investment partnerships and expects to pursue further opportunities, said Marc Nachmann, global head of asset and wealth management. “The Middle East provides attractive risk/return opportunities,” he said at the Qatar Economic Forum in Doha.
Nachmann also pointed to a strong pipeline of initial public offerings in the region, which could create “more opportunities for international investors to make money from the region.”
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Wall Street banks have been rapidly expanding across the Middle East, where many countries are undergoing multibillion-dollar investment programs aimed at remaking their economies and be less dependent on oil. In recent months, Goldman hosted a “cap intro” event in Abu Dhabi aimed at connecting hedge funds with local investors ready to deploy capital. Meanwhile, Goldman Sachs Asset Management secured Saudi Arabia’s Public Investment Fund as an anchor investor in a new series of funds focused on the region.
JPMorgan Chase & Co. said earlier today that it plans to add over 100 staffers to its Middle East businesses in the coming years, increasing its regional headcount to about 500.
The government of the State of Qatar is the underwriter of the Qatar Economic Forum, Powered by Bloomberg.
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