Boutique investment advisers once buoyed by dreams of a lasting deal bonanza after Dubai’s financial turmoil are being forced to seek new paydays as large-scale corporate restructuring work dries up.
With laws and cultural norms in Gulf business still holding back many companies from embracing debt workouts, advisory firms are looking instead to make money from mergers and acquisitions and refinancing existing debts.
“If you asked me three years ago, I would have said the Gulf was a gold mine for restructuring, but that hasn’t proved to be the case,” says one banker. “It is not a main focus like it might be in Europe.”
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