DUBAI (Reuters) -Goldman Sachs ( GS ) is setting up a private wealth management team in Saudi Arabia, it said on Tuesday, as it boosts its offer in the Middle East to serve a growing number of high net worth individuals in the region.

In May last year, the U.S. bank obtained a licence to set up its regional headquarters in Riyadh, where it has had an office since 2008, and the wealth management team will extend the office's capabilities, Goldman Sachs ( GS ) said in a statement.

The bank is among global firms expanding their footprint in the kingdom as Saudi Arabia seeks to reduce its dependence on oil revenue by investing in sectors such as financial services.

"Saudi Arabia has an exceptionally dynamic economy and a highly sophisticated investor base," Rob Mullane, Goldman Sachs' ( GS ) co-head of private wealth management for the EMEA region, said in a statement. The bank plans to open up "local and global investment opportunities," for regional clients, he said.

The bank said it is hiring staff in the region.