Leadership Shake-up: Khalid Albdah's Departure from Goldman Sachs Saudi Arabia

Khalid Albdah, CEO of Goldman Sachs' Saudi Arabia unit, is leaving the company after nearly a decade, having joined in 2013. The bank, enhancing its Saudi operations, had recently received approval for its regional headquarters in Riyadh. Meanwhile, Goldman Sachs has reported strong third-quarter profits.

Khalid Albdah, the Saudi Arabia CEO of Goldman Sachs, is set to depart the financial powerhouse after nearly a decade, a source confirmed to Reuters on Wednesday. Albdah has led the bank's operations since 2013, moving there from Al Rajhi Capital, one of the Middle East's foremost financial institutions.

While Goldman Sachs did not provide an official comment, the initial report was published by Bloomberg. This development arrives as the firm strengthens its presence in Saudi Arabia, following the acquisition of approval for a regional headquarters in Riyadh earlier this year.

This strategic move aligns with new regulations in Saudi Arabia that could impact firms without local headquarters by affecting government contracts. Moreover, Goldman Sachs recently surpassed third-quarter profit expectations, driven by strong performance in bond sales, stock offerings, and mergers.

(With inputs from agencies.)