Altea Partners Taps Local Veteran for Major Saudi Arabia Expansion

LONDON and RIYADH, Saudi Arabia – May 07, 2026 – In a significant move underscoring the growing allure of Saudi Arabia's transforming economy, privately-owned merchant banking firm Altea Partners has announced the appointment of financial services veteran Nawaf AlOtaibi as the Chief Executive Officer of its new Saudi Arabian entity. The appointment signals a major step in the firm’s strategy to establish a formidable onshore presence in the Kingdom, aimed at capitalizing on and contributing to the ambitious goals of Saudi Arabia's Vision 2030.

Altea Partners Saudi Arabia, established through a strategic partnership with an unnamed but prominent Saudi investment holding company, marks the firm's commitment to building a robust platform within the region. The operation is poised to go live following the securing of necessary regulatory licenses, a move that is eagerly anticipated by market watchers. This development positions Altea Partners, founded in 2024, to become a key player in facilitating capital flows between the Middle East, Europe, and North America.

A Strategic Play in a Transforming Economy

Altea Partners' expansion is not happening in a vacuum. It is a calculated entry into an economy undergoing a once-in-a-generation metamorphosis driven by the Vision 2030 agenda. A core pillar of this national strategy is the Financial Sector Development Program (FSDP), which aims to create a diversified and effective financial sector to support private sector growth and establish the Kingdom as a global financial hub.

The Saudi asset management market, valued at over USD 2 billion in 2023, is projected to climb towards USD 3 billion by 2029. This growth is fueled by a combination of supportive government policies, a burgeoning high-net-worth individual (HNWI) population, and a national push to deepen capital markets. The government's goal is to increase the private sector's contribution to the economy, encourage a wave of initial public offerings (IPOs), and attract significant foreign direct investment. It is precisely this environment that creates a fertile ground for sophisticated financial intermediaries like Altea Partners.

The firm's model, which combines advisory services with direct capital investment, appears tailor-made for the current needs of the Saudi market. As local family offices, founders, and institutions seek both trusted advice and aligned capital to scale their operations and participate in Vision 2030's giga-projects, firms that can offer a partnership-based approach are in high demand.

The Local Architect: Nawaf AlOtaibi's Leadership

Central to Altea Partners' strategy is the appointment of Nawaf AlOtaibi, a move that has been widely interpreted as a masterstroke in securing local expertise and credibility. With over two decades of leadership experience in the Saudi financial sector, Mr. AlOtaibi is a well-respected figure in the Kingdom's tight-knit financial community.

His most recent decade was spent at BSF Capital (formerly Saudi Fransi Capital), where as Head of Wealth Management, he engineered a profound transformation. He is credited with evolving the business from a traditional, product-led sales model into a sophisticated, advisory-driven platform. This shift not only enhanced the firm's reputation as a trusted partner for private clients, family offices, and institutional investors but also significantly deepened the quality of its investment offerings. This experience is directly transferable to Altea's mission of providing bespoke, high-touch service.

Henning Behre and Kabir Chhatwani, Co-Founders of Altea Partners, highlighted this in their official statement. "His standing within the Kingdom's financial community, his track record in building a leading wealth management franchise, and his alignment with our partnership-driven approach will be invaluable as we expand our presence in Saudi Arabia and the wider region," they noted. By placing a seasoned Saudi national at the helm, Altea Partners not only gains an intricate understanding of the local market dynamics but also sends a clear message of long-term commitment and cultural integration.

A Differentiated Model for a Competitive Arena

Altea Partners enters a competitive but rapidly expanding market. The Saudi financial landscape is populated by established local powerhouses like Jadwa Investment and anb capital, as well as global giants with significant regional operations. For a relatively young firm, differentiation is key to survival and success.

Altea's 'principal-led' merchant banking model offers this distinction. The firm operates on two core pillars: providing 'Trusted Advice' on M&A, IPOs, and financing, and deploying 'Aligned Capital' directly into businesses. This dual capability allows it to act as more than just a consultant; it can be a long-term financial partner, typically investing between $20 million and $100 million in growth and liquidity opportunities. This approach resonates strongly with the needs of family-owned businesses and entrepreneurs who are often seeking patient, strategic capital rather than just transactional advice.

The firm's global footprint, with offices in London, Berlin, and Luxembourg, provides the international network necessary to execute its vision. The plan is to connect Saudi and GCC-based clients with opportunities in Europe and North America, and conversely, to channel international capital into the Kingdom's burgeoning sectors, including technology, healthcare, infrastructure, and consumer services.

In his own words, Mr. AlOtaibi expressed his enthusiasm for this model. "Saudi Arabia's Vision 2030 is driving a generational transformation and creating a growing need for trusted partners who can deploy and attract capital with discipline and alignment," he stated. "Altea Partners' entrepreneurial culture and long-term approach to value creation are precisely what I have been looking for."

This sentiment captures the essence of the opportunity: as Saudi Arabia opens its doors wider to the global economy, the demand for partners who can navigate both local complexities and international capital markets will only intensify. With Mr. AlOtaibi leading the charge on the ground, Altea Partners is making a bold declaration that it intends to be a partner of choice in this new era of Saudi finance.