These listed UAE companies are into a turnaround and have a good story to relate

These listed UAE companies are into a turnaround and have a good story to relate

Perhaps the most successful example of a corporate turnaround is that of Apple. Everyone knows the story; moreover the example remains vivid for the personality that drove the turnaround. In that sense, big business in America and the West get media coverage because of the cult following that accompanies such figures, all the more so when it comes to turnarounds. The public at large have remained wary of big business, but attach a David and Goliath story to it, and attention (and headlines) is immediately captured. In Dubai, two recent examples of turnarounds that have gone by largely unnoticed have been that of Union Properties and Amlak. There were remarkable periods of stress leading to corporate and debt restructurings with multiple creditors and stakeholders; heroic examples of management reorienting their business plan; lawsuits and disposing off assets in challenging environments (including during the pandemic). And dealing with irate shareholders all the while being under the watchful eye of the regulator. In the West, these stories would be the stuff of Hollywood and Netflix documentaries, but in the Middle East, these backstories for the most part remain in the background. In part, this reflects on the corporate culture, but in part,