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New Restructuring Era in Debt-Laden Gulf Sets Off Hiring Spree

  • Alvarez & Marsal grows presence, Houlihan to open Saudi branch
  • Pandemic, low oil prices add to economic strain in the region
Dubai City Skyline in Dense Fog
Photographer: Christopher Pike/Bloomberg
Updated on

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 Inc., which worked on the Lehman Brothers Holdings Inc. 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.