Global professional services firm PricewaterhouseCoopers (PwC) has said companies in the Gulf region are set to witness more restructuring, as they step back and take a fresh look at their businesses, Zawya Dow Jones has reported. Restructurings proliferated in the Gulf starting in 2009 as banks pulled back during the financial crisis, with the $25bn debt restructuring of the government-owned Dubai World being the biggest. However, many companies are taking a cue from successful reorganisations and looking hard at their own businesses, said Fouad Alaeddin, the Middle East managing partner and head of markets for PwC. Dubai World "was probably the largest restructuring job in the region, and it worked," Alaeddin said. "The results were very positive and therefore more and more companies started to say, 'Why can't I restructure?' We started to see another wave coming towards the end of 2011 and this year where companies are saying we want to restructure in an organised manner," Alaeddin said.
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