Goldman Sachs deepens ties with Saudi Arabia as PIF backs funds
Saudi Arabia has courted Goldman Sachs and other Wall Street firms as it seeks to invest its wealth and wean the economy from dependence on oil
Saudi Aramco Energy Market (Getty Images)
As Goldman Sachs boosts its involvement with Saudi Arabia, the kingdom is offering more support for the Wall Street investment bank.
The Saudi Public Investment Fund is set to become an anchor investor in a series of new Goldman Sachs-managed funds that focus both on the kingdom and the other five Gulf states, Bloomberg reports.
The PIF and the U.S. firm signed a draft agreement relating to the new funds – subject to regulatory approval – which will be centered on private credit and public equity strategies in the GCC region, the news agency said.
Saudi Arabia has courted Goldman Sachs and other Wall Street firms as it seeks to invest its wealth and wean the economy off its dependence on oil.