State Street Corporation (NYSE:STT) today announced the official launch of its Middle East and North Africa Regional Headquarters (RHQ) in Riyadh, Kingdom of Saudi Arabia, following approval from the Ministry of Investment Saudi Arabia (MISA).

State Street has been serving clients in the Kingdom of Saudi Arabia for over 25 years. In 2020, State Street established local operations in the Kingdom. Today, assets under custody and/or administration have grown to $127 billion while assets under management have grown to $60 billion for clients in the Kingdom.

In addition, in 2024 State Street Saudi Arabia became the 11th investment center of State Street Investment Management globally, with the ability to manage portfolios for institutional investors in the Kingdom locally.

Oliver Berger, head of Strategic Growth Markets, commented:

“Saudi Arabia’s Vision 2030 is reshaping the Kingdom’s financial ecosystem, and we are proud to contribute to this transformation. Establishing our RHQ in Riyadh reflects our long-term commitment to the Kingdom, and spotlights the world class services State Street has been providing to investors from around the world for over 230 years.”

The RHQ will serve as a centre for strategic direction and administration for State Street’s activities across the MENA region. In close collaboration with MISA, State Street has been and will continue advocating for Riyadh as an attractive business hub.

Emmanuel Laurina, Head of Middle East, Africa & Official Institutions at State Street Investment Management, added:

“State Street’s global strength and expertise are two of the many things that truly set us apart. We have seen keen interest from clients and prospects in the Kingdom, while global investors are excited about the opportunities the region presents. This new headquarters helps position us as a global leader in investment solutions and product innovation in the Middle East as one of the fastest growing and most significant economic regions in the world.”

State Street has been active in the Middle East for over three decades, partnering with sovereign wealth funds, pension schemes, central banks, and asset managers. The Riyadh based RHQ office will host State Street’s regional senior leadership, corporate functions, and will act as a centre for innovation and collaboration. The RHQ will enhance State Street’s operational efficiency across the MENA region and help foster talent development in alignment with the Saudi Arabia financial sector’s development goals.