Goldman Sachs banker who built Middle East business to retire

By Saeed Azhar DUBAI (Reuters) - Goldman Sachs' head of Middle East and North Africa (MENA), Wassim Younan, who built the U.S. bank's business in the region, is retiring after nearly three decades with the group, according to a memo seen by Reuters.

Reuters December 08, 2020 01:05:43 IST
Goldman Sachs banker who built Middle East business to retire

Goldman Sachs banker who built Middle East business to retire

By Saeed Azhar

DUBAI (Reuters) - Goldman Sachs' head of Middle East and North Africa (MENA), Wassim Younan, who built the U.S. bank's business in the region, is retiring after nearly three decades with the group, according to a memo seen by Reuters.

Younan, 58, came to the region in 2006 and oversaw the expansion of the Wall Street bank's presence and franchise in MENA with offices in Dubai, Doha and Riyadh. He will retire by the end of the year, the memo said.

Goldman has advised on some of the top deals in the region, including Saudi Aramco's $29.4 billion initial public offering last year.

It also advised Saudi Arabia's Riyad Bank on a potential merger with National Commercial Bank, though the plan was abandoned at the end of last year.

Goldman has appointed Fadi Abuali and Zaid Khaldi as co-chief executive officers for the MENA region, effective Jan. 1, in addition to their existing responsibilities in asset management and investment banking respectively, a separate memo said.

Khaldi will relocate to Dubai and Abuali will remain in London, but will split his time between London and Goldman's offices in the MENA region, the memo said.

Saudi Arabia has in recent years become one of the Middle East's biggest markets for bankers, who are keen to grab a slice of its active equities market as companies tap into Saudi investors' demand for shares.

The kingdom is encouraging more companies to list in a bid to deepen its capital markets under reforms aimed at reducing its reliance on oil.

(Reporting by Saeed Azhar; Editing by Louise Heavens and Jan Harvey)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.