Turnround specialist scents revival in Gulf

The downturn may have damped expectations across the Gulf, but for some it is opening the doors of opportunity.

AlixPartners, a US-based turnround specialist that has managed eight of the world’s 12 largest Chapter 11 bankruptcy restructurings, including WorldCom, GM and Enron, is expanding in the region. Last year, the consultancy, which employs 1,000 people globally, took a high-profile role in the restructuring of Dubai World.

It says it scents similar opportunities as the Middle East adapts to a new era. Eric Benedict, managing director for the region, says the partnership will significantly boost the “handful” of advisers it has based in Dubai, where it has had a presence for three years.