Riyadh – Mubasher: State Street Corporation has opened its first office in Saudi Arabia under the name, State Street Saudi Arabia Financial Solutions Company (State Street Saudi Arabia). 

Located in Riyadh, the new office will provide both institutional services and asset management and bolster the kingdom's current service offering for official institutions and institutional investors in the Middle East, according to a press release on Thursday.

“Saudi Arabia itself is a strategically important country for State Street. Having an office here is absolutely vital for us to fulfil our ambitious growth plans for the region,” said the head of Europe, Middle East and Africa, Jörg Ambrosius. 

He added, “Our presence will mean that State Street Saudi Arabia will help organisations navigate an increasingly complex global financial arena.”

State Street Saudi Arabia appointed Abdullah Saleh Bakhrebah as the CEO and managing director, Haifa Al Goufi as MENA chief compliance officer (CCO), and Hassan Al Khalaf as MENA chief financial officer (CFO).

State Street Saudi Arabia is authorised to conduct dealing as agent, discretionary portfolio management, advising, and custody activities.