Goldman Sachs Inc has hired Omar Mohammady to run 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 Plc, will replace Rayan Fayez, who moved to J.P. Morgan Chase in June as co-chief executive 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.