Goldman Sachs Group Inc.’s head of investment banking for Saudi Arabia is leaving to join the kingdom’s sovereign wealth fund, according to people familiar with the matter, the latest in a string of departures at the U.S. lender in the Middle East.
Eyas AlDossari will join the Public Investment Fund to help work on new investments, the people said, asking not to be identified as the information is private. Goldman Sachs declined to comment, while the PIF and AlDossari didn’t immediately respond to requests for comments.
AlDossari joined in 2017 as Goldman looked to beef up its presence in the kingdom. The bank has since worked on Saudi Aramco’s initial public offering, as well as its $70 billion acquisition of a stake in Saudi Basic Industries Corp., and the merger of Saudi British Bank with Alawwal.
Over the past two years, though, Goldman has lost bankers including veteran Dubai-based dealmaker Hazem Shawki who joined Credit Suisse, and its regional CEO retired at the end of last year. Two other executives left this year to join Saudi Research & Marketing Group.
The bank’s Mideast operations were also dealt a blow from the corruption scandal in Malaysia involving the 1MDB investment fund, and it missed out on deals in the United Arab Emirates — including with wealth fund Mubadala and state oil firm Abu Dhabi National Oil Co.
AlDossari is set to join the PIF which has been rapidly expanding since its mandate was changed from being a largely domestically focused holding company into an engine of Crown Prince Mohammed bin Salman’s plans to transform the kingdom’s economy.
Since 2015, the PIF has grown assets under management to $400 billion from about $150 billion. It has taken stakes in Uber Technologies, put $45 billion into SoftBank’s Vision Fund, and backed electric vehicle maker Lucid. It’s also increased headcount to more than 1,000 from about 40.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
