Goldman Steps Up Saudi Wealth Bet to Target Middle East’s Rich

Goldman Sachs Group Inc. is building out its wealth-management division in Saudi Arabia, as competition intensifies among Wall Street giants to tap into the Middle East’s largest economy.

The New York-based banking titan has launched the first stage of rolling out onshore private banking services in Saudi Arabia to extend its capabilities from its office in Riyadh, where the US lender has already had a presence for more than a decade, according to a statement Tuesday from the bank.