Investment bank Evercore Inc. is set to open an office in Saudi Arabia, marking the latest expansion by global financial institutions in the kingdom amid its ambitious, trillion-dollar economic transformation.
Mohammed Ali M Aldekmary, who joined Evercore in May 2025, will serve as chief executive officer of Evercore’s Saudi Arabia operations, the firm announced.
The establishment of the office follows Evercore’s receipt of its arranging license from the Saudi Capital Markets Authority.
The move underscores a growing trend among international banks bolstering their presence in Saudi Arabia.
Firms such as Citigroup Inc., JPMorgan Chase & Co., and Goldman Sachs Group Inc. have all been expanding operations in the kingdom, which has been investing heavily in sectors including artificial intelligence, video games, and advanced manufacturing to reduce its reliance on oil revenues.
Since joining Evercore, Mohammed Ali M Aldekmary has been based in the firm’s Dubai office, opened in 2017, as part of the Middle East coverage team.
He brings extensive experience from his previous roles as a senior adviser to Saudi Arabia’s minister of investment, as well as positions at the Saudi Investment Bank and Standard Chartered Plc.
