State Street has bolstered its Middle East presence after opening its first office in Saudi Arabia.
Based in Riyadh, State Street Saudi Arabia Financial Solutions will provide investment services and asset management for institutional investors in the region. It is licensed to conduct agency-based dealing, discretionary portfolio management, advising and custody activities.
The new office will be led by Abdullah Saleh Bakhrebah, who has been appointed as chief executive. According to State Street, Bakhrebah will be responsible for driving overall business strategy, developing talent, pursuing growth opportunities and managing relationships with local government officials and regulators.
Bakhrebah will be joined by Haifa Al Goufi as Mena chief compliance officer and Hassan Al Khalaf as Mena chief financial officer.
State Street head of Europe, Middle East and Africa, Jörg Ambrosius hailed the opening as vital to fulfilling the firm’s “ambitious growth plans” in the region. “Saudi Arabia is a strategically important country for State Street,” he added.
The move comes almost two years after the global custodian opened its first Abu Dhabi office.
© 2020 funds global mena