Riyadh - Sharikat Mubasher: King Street Capital Management, a global alternative investment company, applied for a license from the Saudi Capital Market Authority (CMA) to enter the Saudi market.

The license will enable the company to operate and manage client funds locally, people familiar with the matter told Bloomberg.

The $28.5 billion alternative asset manager plans to build a presence in Saudi Arabia, capitalizing on the Kingdom’s $2 trillion economic transformation plan.

Founded in 1995 in New York City, King Street Management focuses on integrating rigorous fundamental research with tactical trading and exceptional sourcing capabilities to identify dislocations and mispriced investment opportunities across asset classes. It invests in credit, real estate, and collateralized loan obligations and runs hedge and drawdown funds.