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Everyone From Goldman Sachs to HSBC Wants a Piece of the Saudi Banking Action

  • Kingdom’s wealth fund is hosting global banking CEOs this week
  • Saudi Arabia plans to sell hundreds of state assets in reform
Buildings sit on the Riyadh skyline.

Buildings sit on the Riyadh skyline.

Photographer: Simon Dawson/Bloomberg
Updated on

Saudi Arabia’s ambitious plan to transform its economy away from oil has global banks lining up for a piece of the action.

It’s already the busiest year ever for merger and acquisitions and financing deals in the kingdom and that’s prompting the world’s top banks to invest in the country in preparation for a highly-anticipated bonanza of commissions. Up for grabs will be fees on hundreds of state-asset sales, for example, including the Saudi Arabian Oil Co., which could value the company at a record $2 trillion.