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Highlights
- State Street and Albilad Capital sign cooperation agreement to enhance securities services in Saudi Arabia.
- Partnership aligns with Vision 2030 to strengthen financial market infrastructure.
- Both firms to combine global expertise and local market knowledge for expanded capabilities.
State Street Corporation (NYSE:STT) has announced a strategic cooperation agreement with Albilad Capital, a leading Saudi Arabian financial institution specializing in securities services and asset management. The agreement will enable State Street to support Albilad Capital’s securities services operations across the Kingdom, strengthening its presence in one of the region’s fastest-growing financial markets.
The partnership aligns with Saudi Arabia’s Vision 2030 objectives of enhancing the efficiency, transparency, and competitiveness of its financial and capital markets. It combines State Street’s global infrastructure and product capabilities with Albilad Capital’s on-the-ground market experience.
Leadership Commentary
“We are delighted to collaborate with Albilad Capital to support its clients and growth and help propel the development of the Kingdom’s capital markets,” said Ron O'Hanley, Chairman and Chief Executive Officer of State Street. “This strategic alliance highlights State Street's commitment to expanding our presence in the Kingdom and to providing world-class, innovative securities services to local and international clients in one of the world’s fastest growing markets. By combining State Street’s global capabilities with Albilad Capital's market knowledge, we will meet the growing demand for sophisticated investment solutions and help support the Kingdom's ambitions to become a leading financial center."
“This collaboration reflects Albilad Capital's commitment to driving the evolution of the securities services sector in the Kingdom and enhancing market competitiveness through the adoption of best global practices,” said Mr. Zaid AlMufarih, CEO of Albilad Capital. “We are proud of this agreement that combines State Street's global expertise and advanced technological infrastructure with Albilad Capital's leadership in the local market, enabling us to offer innovative and efficient investment solutions that support market development and meet our clients' needs.”
Commitment to Long-Term Growth
State Street has been active in Saudi Arabia for over 25 years, establishing local operations in 2020. The firm currently manages approximately USD 127 billion in assets under custody and/or administration and USD 60 billion in assets under management for clients in the Kingdom.
“This initial co-operation agreement is the first step into a long-term strategic relationship,” said Oliver Berger, Head of Strategic Growth Markets at State Street. “Our aim is to deepen collaboration and introduce additional investment services and capabilities to Saudi clients, enhancing capital market efficiency and leveraging the ETF capabilities of both firms to facilitate foreign direct investment into the Kingdom.”
Albilad Capital’s Market Role
Established in 2008 as the investment arm of Bank Albilad, Albilad Capital offers services in brokerage, asset management, investment banking, custody, and advisory. The firm manages more than USD 50 billion in assets under custody and/or administration, emphasizing Sharia-compliant products.
The signing ceremony took place in Riyadh on October 29, 2025, attended by senior executives and dignitaries from both organizations.
