State Street has expanded its Middle East presence by opening an office in Riyadh, Saudi Arabia to provide institutional services and asset management in the region.
The newly-created State Street Saudi Arabia has appointed Abdullah Saleh Bakhrebah as CEO and managing director, where he will be responsible for driving overall business strategy, exploring growth opportunities and managing relationships with local government officials and regulators.
He most recently served as head of product and business development for Saudi Arabia at Ashmore Group, and brings over a decade of experience in the kingdom’s banking and finance industry.
Haifa Al Goufi and Hassan Al Khalaf have also been appointed as the Middle East and North Africa (MENA) chief compliance officer and MENA chief financial officer, respectively.
Commenting on the new office and appointments, Jörg Ambrosius, head of Europe, Middle East and Africa at State Street, said: “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.”
