What Is Pulling Goldman Sachs, JPMorgan and UBS Into the Middle East

Wall Street’s elite—Goldman Sachs, UBS, and JPMorgan- aren’t just flirting with the Middle East anymore. They’re going steady, signing long-term leases, and recruiting talent faster than you can say “sovereign wealth fund.” Think of this as more than just regional expansion—it’s a full-blown strategic pivot. So why is everyone from Midtown to Mayfair suddenly obsessed with Abu Dhabi, Riyadh, and Doha? Because the Middle East isn’t just the new hot spot, it’s the financial world’s latest obsession. Let’s break it down.

Big Bank, Bigger Moves

Wall Street’s household names are dropping anchor in the Gulf:

• Goldman Sachs is expanding its offices and building up its team. Marc Nachmann, its global head of asset and wealth management, called the region a “strong pipeline of IPOs” and home to “attractive risk/return opportunities.” Translation: there’s serious money to be made, and Goldman wants first dibs.
• JPMorgan Chase is adding more than 100 new hires, raising its Middle East headcount from 370 to nearly 500. “It’s a very exciting time for everybody,” said Mary Callahan Erdoes, CEO of JPM’s asset and wealth management, live from the Qatar Economic Forum.
• UBS is opening a new office in Abu Dhabi to catch the wave of ultra-wealthy individuals fleeing high-tax havens like the UK. “The Middle East has been a winner for private individuals,” said Beatriz Martin Jimenez, UBS’s regional president, adding that they’re seeing a clear migration of clients.

It’s not just the Big Three. Lazard named Abu Dhabi its financial advisory HQ, PJT Partners set up shop in Riyadh, and Ashmore Group is raking in Gulf capital with its Qatar Equity Fund delivering nearly 20% returns since launch.

Why the Middle East Is Looking Spicy

This isn’t just hype. The Middle East is serving up the kind of fundamentals that make Wall Street salivate:

• $2 Trillion in Firepower: That’s how much Gulf countries have committed to investing both regionally and abroad. That’s not a play, it’s a power move.
• Sovereign Wealth Stash: Funds like Saudi Arabia’s PIF, the Qatar Investment Authority, and Abu Dhabi Investment Authority collectively control more than $4 trillion. And they’re not shy—they’re actively seeking global partnerships and investing in everything from infrastructure to AI.
• Blockbuster IPOs: With companies from energy to tech going public, banks like Goldman are lining up to underwrite the next wave of market-shaking deals.
• Ultra-Wealth Migration: Cities like Dubai and Abu Dhabi are pulling in high-net-worth individuals from the UK and EU, thanks to zero taxes, luxe living, and pro-business vibes. That’s a perfect storm for wealth management demand.

Everyone Wants In

With this kind of cash sloshing around, it’s no wonder the Gulf is turning into a financial Grand Central Station:

• Deal Pipeline: Sovereign wealth activity, cross-border M&A, and renewable energy plays are giving bankers plenty of reasons to extend their visas.
• Talent Hunt: With JPMorgan adding 100+ staffers, the hiring spree is on. And banks aren’t just looking for suits—they need multilingual pros who can navigate Sharia-compliant finance and DIFC regulations.
• Regulatory Glow-Up: Abu Dhabi Global Market and Dubai International Financial Centre are raising their game with English common law structures, luring firms with stability and innovation.

Middle East's 'Next Big Thing' Zones

The opportunity set is as wide as the Arabian Desert:

• Energy 2.0: Think less crude, cleaner. Countries are shifting capital into solar, hydrogen, and tech-fueled infrastructure. It’s Silicon Valley meets Houston, but in the Gulf.
• Fintech & AI: Gulf countries are pumping billions into AI, digital banking, and blockchain. Just like Grant Thornton is using tech to reshape global accounting, Wall Street wants in on the action.
• Tourism & Mega-Projects: Saudi Arabia’s NEOM and Dubai’s Expo legacy sites are creating demand for financing, advisory, and capital markets work.
• Wealth Management: UBS and Goldman aren’t just adding bodies; they’re building out full-scale family office and estate planning arms. New clients are rolling in, and they want boutique service with Big Bank firepower.

It Ain’t All Smooth Sailing

But let’s not sugarcoat it, there are headwinds:

• Talent Shortages: The region needs more seasoned bankers than it currently has. Competition is heating up, and comp packages are climbing fast.
• Regulatory Hurdles: Each Gulf country has its own rules. What flies in Dubai might stall in Riyadh. Firms need deep local knowledge to stay nimble.
• Geopolitical Flux: The region is stable, for now. But banks are keeping one eye on headlines and another on contingency plans.

The Grant Thornton Link-Up

And here’s the kicker: Wall Street’s pivot to the Middle East isn’t just about banks. It’s bigger than that. Even Grant Thornton, traditionally a mid-tier player, is joining the Gulf club. Backed by private equity giant New Mountain Capital, GT has expanded into the UAE, Ireland, and Luxembourg, with more deals brewing in the Cayman Islands and Netherlands. Their platform, Grant Thornton Global Advisors, aims to offer a unified service model, bridging advisory, audit, and tech across borders, just the kind of structure that appeals to the region’s fast-moving, cross-border investment culture. As we noted in our deep dive on GT’s expansion, this isn’t just a brand refresh. It’s a full-blown reengineering of what a mid-tier firm can look like in a PE-fueled world.

Manhattan Might Be Jealous

This isn’t a fly-in, fly-out story anymore. Wall Street’s top brass is laying down roots in the Middle East, and it’s not just for the view. The region has the capital, the growth sectors, and the forward momentum to become a lasting financial capital. If you’re in banking, accounting, or financial advisory, don’t sleep on the sand. Because while others are still focused on London and New York, the real deal flow might be happening in Riyadh, Doha, and Dubai. Subscribe to MYCPE ONE Insights and stay ahead of global trends reshaping the financial world, before your competitors do.