Evercore Secures Arranging License & Riyadh Office Amid Saudi’s Vision 2030 Capital Markets Push

Evercore’s acquisition of the Arranging License and opening of a Riyadh office marks a significant step in aligning with Saudi Arabia’s strategic effort to attract global financial institutions and deepen its capital markets. The Arranging License is a regulatory category that permits a mix of advisory services — including securities offerings, underwriting arrangements, and corporate finance advice — which until recently were constrained for foreign firms without such licenses. [11][1] With recent CMA reforms, this license also enables institutions to participate in crowdfunding of debt instruments and operate SPEs, making it a high-leverage regulatory gateway in the law. [6][3]

Evercore’s staffing choice matters. Mohammed Aldekmary, who joined the firm in May 2025 after working in Dubai, brings both local market experience and global relationships – having been senior advisor to the Saudi Minister of Investment and holding senior roles in The Saudi Investment Bank, Standard Chartered, and RBS. [1] His appointment suggests Evercore intends to build deep strategic relationships with both government and corporate clients. Given Saudi Arabia’s focus on sectors like AI, advanced manufacturing, and fiscal diversification, Evercore will likely target advisory on IPOs, privatizations, joint ventures, and strategic mergers. [5]

Regulatory timing is critical. The CMA published changes in 2025 that broaden the activities under Arranging: crowdfunding platforms, SPE structures, and expanded permissions in corporate finance. [11][6] These changes reduce the barriers to entry for firms like Evercore — both in financial capital and licensing complexity — while expanding the scope of permissible activities. This makes Evercore being first among U.S. independent banks to do so meaningfully competitive.

Strategic implications include competition intensification. Evercore joins banks such as Goldman Sachs (which launched onshore private wealth in Riyadh), BNY Mellon, Citigroup, and Morgan Stanley in seeking regulatory licenses or expanding regional headquarters. [5][9][6] These firms are leveraging Saudi Arabia’s objective of localizing financial activity, moving staff and authority onshore, and gaining access to government contracts and international capital flows tied to Vision 2030. Evercore, being independent advisory, may offer a differentiated positioning versus full-service houses.

Open questions remain: Will Evercore seek additional CMA licenses (e.g., “Dealing” or “Managing”) to underwrite securities or manage funds? How long will client-acquisition take given existing domestic competition and entrenched state-linked players? And, can Evercore balance regulatory/compliance burdens in Saudi Arabia with efficient advisory delivery?