State Street Corporation announced on November 11, 2025 that it had signed a strategic cooperation agreement with Albilad Capital, a Riyadh‑based securities‑services provider founded in 2008. The agreement, signed on October 29, 2025, will allow State Street to bring its global custody, technology, and market‑solutions expertise to Albilad’s client base while Albilad supplies local market knowledge and established relationships.
State Street already manages $127 billion in assets under custody and $60 billion in assets under management in Saudi Arabia, a market that has become a key focus for the firm’s Middle East and North Africa regional headquarters, which opened in Riyadh in 2023. Albilad Capital is a leading provider of Sharia‑compliant products, including ETFs, and has positioned itself as a primary securities‑services arm of Bank Albilad.
Under the partnership, State Street will deploy its Alpha platform—a front‑to‑back asset‑servicing solution—to streamline Albilad’s operations, improve data management, and enhance trade‑execution capabilities. Albilad will, in turn, provide the local regulatory expertise and client relationships that are essential for expanding sophisticated investment solutions in a market that is rapidly modernizing its financial infrastructure.
The deal aligns closely with Saudi Arabia’s Vision 2030, which seeks to diversify the economy, deepen the financial sector, and attract foreign investment. By combining State Street’s technology and global scale with Albilad’s local presence and Sharia‑compliant product expertise, the alliance positions both firms to capture the growing demand for advanced securities services and to support the Kingdom’s transition to a global financial hub.
For State Street, the agreement is part of a broader strategy to deepen its footprint in high‑growth markets and to leverage its Alpha platform and digital capabilities. The partnership is expected to unlock new revenue streams in the Middle East, broaden the client base for both parties, and strengthen State Street’s competitive position in a region that is experiencing significant fintech and digital‑banking expansion.
The collaboration also reflects a broader trend of international financial institutions expanding into Saudi Arabia, where digitalization, fintech innovation, and foreign‑investment incentives are accelerating. State Street’s long‑standing presence in the region, combined with Albilad’s local expertise, creates a compelling platform for delivering sophisticated, Sharia‑compliant investment solutions to a rapidly growing client base.
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