© Reuters. FILE PHOTO: A sign is displayed in the reception of Goldman Sachs in Sydney
DUBAI (Reuters) – Goldman Sachs (NYSE:GS)' 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 Wall Street bank, according to a memo seen by Reuters.
Younan, 58, came to the region in 2006 and oversaw the expansion of Wall Street bank's presence and franchise in MENA with offices in Dubai, Doha and Riyadh.
Goldman has advised some of the top deals in the region such as Saudi Aramco (SE:2222)'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, but the plan to combine was abandoned at the end of last year.
Goldman named Fadi Abuali and Zaid Khaldi as co-chief executive officers of the U.S. bank for the MENA region, effective Jan. 1, a separate memo said.
Saudi Arabia has become the biggest market for bankers, who are keen to grab a slice of its active equities market this years as companies tap into Saudi 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.
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