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Goldman, JPMorgan, UBS, Citi to add Saudi staff amid privatization drive

Goldman Sachs Group Inc., JPMorgan Chase & Co., UBS Group AG and Citigroup Inc. aim to hire more staff in Saudi Arabia to benefit from the country's privatization drive, the Financial Times reported Oct. 13, citing the banks.

Within the next three years, JPMorgan will probably increase its number of Saudi-based staff to 100 from 70, the bank said. Goldman Sachs could double its headcount in the coming 12 months, according to its regional head, Wassim Younan.

UBS said it would also double its headcount in Saudi Arabia, and Citi said it hopes to have 10 to 15 people there by May 2018, according to the FT.

Under its Vision 2030 plan, Saudi Arabia is looking to diversify its economy from its reliance on oil, and the banks are hoping to benefit from a spate of stock market listings.