There are a lot of banks who are planning to increase their headcount in Saudi Arabia such as Goldman Sachs, JPMargans, UBS and Citigroup.The reason is simple they all expect lucrative opportunities from the recent economics reform that lead to the country’s massive privatisation and its increasingly liberalised financial markets.
Goldman Sachs regional boss, Wassim Younan, said that his bank could double its workforce in Saudi in the next 12 monts. Meanwhile UBS plans to do the same in Riyadh over the coming years.
JPMorgan will hires over 100 people within the next three years in order to make the Riyadh office the same size as its regional headquarters in Dubai. As Citi is already in the process of hiring 15 new member for its newly reopened office in Riyadh.
The international banks are expanding after Vision 2030 promised to transform the largest country in the Gulf area from a public-sector oil dependent economy to a diversified private sector one.