Foreign investment banks are still building operations in Saudi Arabia, despite painful demonstrations of the market’s risks and pessimism on the local stock exchange.
Banks lost billions of dollars on last year’s defaults at the Saad and Al Gosaibi groups, two of the Kingdom’s biggest family offices. One response can be seen in October’s appointment of Ziyad Al Ashaikh, Deutsche Bank’s head of Saudi private institutional clients – a new position.
Based in Riyadh, Al Ashaikh will act as a bridge in Deutsche’s coverage of Saudi family offices, between the wealth management and corporate banking business units.
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