Why global restructuring firms are embarking on Gulf hiring spree

Why global restructuring firms are embarking on Gulf hiring spree

The world's biggest restructuring firms are boosting their presence in the Gulf region, anticipating a spate of turnaround work as companies succumb to the coronavirus pandemic after years of economic pain.

New York-based Alvarez & Marsal, which worked on the Lehman Brothers bankruptcy, has already added three seasoned professionals to its Middle East team this year.

The hires are part of an effort to expand to about 150 in the region over the next three to five years from just 10 in 2015, according to A&M's head for the Middle East, Saeeda Jaffar.

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Other specialist firms have also beefed up their presence in the region.

AlixPartners boosted its headcount late last year. Duff & Phelps, which last year hired former Deloitte partner Richard Clarke to head its Middle East and Africa restructuring practice, added two more specialists to its team in January and has half a dozen more joining in the next three months.

FTI Consulting recruited a new head for corporate finance and restructuring in the Middle East from KPMG, who advised lenders on Dubai World's $25 billion debt revamp.

“Every business in the region needs to look at both their