State Street (STT) and QNB Group, at the World Economic Forum, or WEF, announced a strategic alliance to introduce a new custody servicing model in Qatar. Under this co-operation agreement, State Street and QNB Group have agreed to collaborate, with service agreements to be finalized and executed at a later date. With offices in Abu Dhabi, Dubai, Muscat and Riyadh, State Street has been servicing sovereign wealth funds, pension schemes, central banks, and asset managers in the Middle East for over three decades. State Street has a total of $12.92T in asset under custody / administration and $841 billion of asset under management in EMEA. QNB Group Custody received regulatory approval from the Qatar Financial Market Authority in 2012 to provide custody services both in Qatar and internationally, leveraging subsidiaries in Egypt and Turkey and an extensive global network of sub-custodians.
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