Riyadh – Sharikat Mubasher: Evercore Inc. is set to open an office in Saudi Arabia, becoming the latest international investment bank to expand in the Kingdom amid its trillion-dollar economic transformation.

The move follows the firm’s receipt of an arranging license from the Capital Markets Authority (CMA), as reported by Bloomberg.

Mohammed Aldekmary, who joined Evercore in May, will lead the new Saudi business as CEO. He previously served as a senior adviser to the Minister of Investment and held roles at the Saudi Investment Bank and Standard Chartered.

Global banks including Citigroup, JPMorgan, and Goldman Sachs have all been strengthening their operations in Saudi Arabia, where major investments are flowing into sectors such as artificial intelligence, gaming, and advanced manufacturing as the Kingdom accelerates efforts to diversify its economy.