JLL + Altea Partners set up new hubs in Riyadh, tapping local talent to lead

Two firms are deepening their Riyadh footprints — and tapping local leadership to run their new units. Real estate services firm JLL is setting up a sports and entertainment hub in Riyadh, while London-based merchant bank Altea Partners is establishing a Saudi arm in partnership with a local investment holding company.

JLL’s new base will serve clients across the region and globally, offering everything from leasing and operations to development advisory and investment support for stadiums, arenas, theme parks, cinemas, and other entertainment venues.

Ahmed Abas (LinkedIn) has been appointed regional head of sports and entertainment for the Middle East and Africa. He’s a PPP specialist with over 15 years in the region, and sits on the advisory boards of the Middle East Sports Investment Forum and the World Stadiums and Arenas Summit.

Altea Partners, meanwhile, appointed Nawaf AlOtaibi (LinkedIn) of Altea Partners Saudi Arabia, which will operate onshore once regulatory approvals are secured. AlOtaibi joins from BSF Capital, where he most recently headed wealth management.

Altea Partners’ expansion is part of a broader trend of global financial institutions establishing a footprint in Saudi Arabia, although Altea has not declared Riyadh as its regional headquarters. JLL declared Riyadh its regional HQ back in 2023. HSBC secured a regional headquarters license for its capital markets hub in December, joining Goldman Sachs — the first major bank to do so — Citigroup, Morgan Stanley, and JPMorgan. Barclays is also pushing for a 2026 launch.