Evercore Secures Saudi Arranging License, Opens Riyadh Office Under Mohammed Aldekmary

Evercore’s receipt of an Arranging License in Saudi Arabia and the opening of its Riyadh office represent both regulatory compliance and strategic positioning by a global advisory firm eager to capitalize on the Kingdom’s accelerating capital markets reforms and expanding transaction activity. By gaining an onshore presence, Evercore can deepen client relationships, participate directly in local deals, and avoid structural barriers that affect foreign advisory firms currently operating outside Saudi jurisdiction. [2][1]

Leadership and senior talent are central to Evercore’s Saudi strategy. Mohammed Aldekmary, named CEO of Saudi Arabia and Head of Arranging, has a distinguished resume spanning advisory roles with the Ministry of Investment, Saudi Investment Bank, Standard Chartered, and RBS, as well as international experience in London. His recent arrival at Evercore in May 2025 suggests that Talent acquisition is being synchronized with regulatory timing. [2][3][4]

The timing of this expansion aligns with Saudi Arabia’s Vision 2030 agenda and its push to diversify away from oil revenues. Key initiatives include scaling sectors like advanced manufacturing, AI, technology, and energy partnerships. Global banks—Citigroup, Goldman Sachs, JPMorgan, and BNY—have all responded with onshore licenses, regional headquarters, or expanded capabilities in Riyadh. Evercore’s move is part of this competitive wave. [5][6]

Operationally, Evercore will need to build its local team, establish compliance, meet Saudization quotas, and adapt its advisory capabilities to Saudi legal and cultural norms. Its Bangalore-to-burgeoning Riyadh pipeline of cross-border M&A, joint ventures, and domestic IPOs provides substantial upside but also demands alignment with both global best practices and local expectations. Pending macro risks (oil price swings, geopolitical tensions) and regulatory changes will also factor into its trajectory.

Strategic implications for stakeholders include:

• Clients get more direct access to Evercore’s services under Saudi law, with local licensing reducing friction for deals handled entirely inside the Kingdom or in joint arrangements with state entities.
• Evercore must compete with established global and local players who have also obtained onshore licenses and are already active in high-growth sectors.
• The firm is likely to increase focus on sectors aligned with Saudi public investment priorities, such as infrastructure, energy transitions, tech, and sovereign wealth fund-led ventures. Advisory mandates involving state or quasi-government entities could be especially important.
• Regulatory risk: evolving CMA rules, capital market laws, and Saudization/local content requirements will affect cost structure and operational flexibility.

Open questions include:

• What level of capital deployment (local investment, office build, junior staff) is Evercore planning in Riyadh to support its business model? Are there expected minimum revenue thresholds?
• Which sectors will Evercore target first: cross-border deals, domestic M&A, sovereign-backed infrastructure, or IPOs? Will it focus on independent advisory only or include capital raising?
• How will Evercore staff Saudization, recruitment of local versus international talent, and the balance between expatriate leadership versus local hires?
• What competitive differentiators will Evercore use to win mandates against other foreign retailing advisory firms now licensed onshore (e.g., Citigroup, Goldman Sachs, etc.)?