Goldman Sachs' new location will open in Abu Dhabi Global Market, pending final regulatory approval. According to the document, the office will complement hubs in Dubai, Doha, and Riyadh and enable it to strengthen relationships with clients.
Asset management will be the first emphasis of the bank's Abu Dhabi office, while its investment bankers will stay at its Dubai office, according to people with knowledge of the situation who declined to be named since the information is private.
The memo's contents were confirmed by a Goldman Sachs spokesperson, who declined to elaborate.
The Middle East is seeing a boom in dealmaking and a flow of capital as a result of increased global interest and favourable economic circumstances, Goldman Sachs announced last year.
In recent months, prominent figures have been flocking to Abu Dhabi, which is home to sovereign wealth funds managing more than $1 trillion. As part of his continued drive further into the Middle East, hedge fund billionaire Ray Dalio is opening a branch of his family office in Abu Dhabi.
Many of the top dealmakers in Abu Dhabi relied on Goldman Sachs, but the impact from the 1MDB corruption scandal precipitated its quick demise in the emirate, which was formerly one of its most lucrative markets in the region.
After being sued by two of its investment funds, the bank lost out on deals worth billions of dollars, but has since been able to put the incident behind it. In what was at the time Abu Dhabi's largest-ever initial public offering, Goldman Sachs served as a joint bookrunner for the listing of the drilling division of the government-owned oil company.