Global financial services provider State Street launched
its Middle East and North Africa (MENA) regional headquarters in Riyadh,
marking a major step in its long-term strategy to deepen roots in Saudi Arabia
and enhance its regional reach.
Join buy-side heads of FX in London at fmls25
State Street’s new Riyadh base, approved by the
Ministry of Investment, Saudi Arabia (MISA), will reportedly act as a hub for
strategic direction, administration, and coordination across the MENA region.
Strengthening Regional Operations
The company has operated in Saudi Arabia for over 25
years, establishing local operations in 2020 and steadily expanding its
presence since.
As of this year, State Street’s assets under custody
and administration in the Kingdom have grown to $127 billion, while assets
under management have reached $60 billion. In 2024, the firm’s Saudi unit
became State Street’s 11th global investment center, giving it the capability
to manage institutional portfolios locally.
The new office is expected to strengthen Riyadh’s
position as a regional business hub, a goal supported by MISA in
efforts to attract multinational corporations to the Kingdom.
The Riyadh headquarters will host State Street’s
regional senior leadership and corporate functions, serving as a center for
innovation and collaboration. The company plans to leverage the hub to boost
operational efficiency and support talent development in line with Saudi
Arabia’s financial sector development goals.
More Online Trading Firms Target the Saudi Market
Lately, the Saudi market is attracting new
collaborations in the online trading space. Recently, Audi Capital launched a new online trading platform in partnership with fintech firm GTN, giving Saudi
investors access to a wide range of international markets.
The platform enables users to trade equities, ETFs,
bonds, currencies, derivatives, commodities, and alternative investments across
more than 80 global markets.
In another collaboration, Wamid, the technology arm of Saudi
Tadawul Group, entered a multi-year partnership with BMLL Technologies to introduce Saudi Arabia’s first white-labelled, cloud-based market analytics
platform for institutional investors and quantitative analysts.
The platform will offer access to comprehensive historical
order book data and support advanced financial modeling in a Python-based
environment. It is designed to enhance market analysis capabilities for local
institutions and reflects ongoing efforts to modernize Saudi Arabia’s financial
technology infrastructure.
This article was written by Jared Kirui at www.financemagnates.com.
Source link
