RIYADH: US multinational holding company Franklin Templeton could transfer employees from Dubai to a new office in Saudi Arabia, Bloomberg reported, quoting people familiar with the matter.
People who wished to stay anonymous revealed that Franklin Templeton’s CEO Jenny Johnson considers Saudi Arabia as a potential market for a major expansion.
The report further added that the asset management company is planning to start the regulatory process to affirm its presence in Riyadh.
The office in Riyadh will have investment teams and some sales and support on the ground, the people said.
The workforce will be a mix of new recruits and internal transfers from the company’s employees in Dubai.
Responding to the Bloomberg report, a spokeswoman for Franklin Templeton said: “While we have not announced any new office openings, we are currently exploring options to grow our regional footprint and will share details in due course.”
She also added that Saudi Arabia is an important market in the region.