State Street Opens Saudi Office as It Expands in Middle East

State Street Corp. opened its first office in Saudi Arabia and hired Abdullah Saleh Bakhrebah from Ashmore Group Plc as chief executive officer for its operations in the kingdom.

The Boston-based financial-services firm is entering Saudi Arabia as part of its plans to boost its presence in the Middle East, State Street said in a statement Thursday. It also hired Haifa Al Goufi as Middle East and North Africa chief compliance officer and Hassan Al Khalaf as chief financial officer for the region.