Turnaround firm Alvarez & Marsal to boost Gulf presence amid downturn - Reuters

Turnaround firm Alvarez & Marsal to boost Gulf presence amid downturn - Reuters:

Turnaround firm Alvarez & Marsal, which ran Lehman Brothers after the bank’s collapse in 2008, plans to almost double its staff in the Gulf by 2020 to take advantage of a slowdown in growth and increasing distress in the real estate sector. 


Dubai property prices have fallen since a mid-2014 peak, hurt by weaker oil prices and muted sales, although the slide has not come close to the more than 50 percent drop in 2009-2010, which pushed the emirate close to a debt default.

Two of the largest construction companies in the Middle East, Drake & Scull International (DSI) and Arabtec Holding have engaged restructuring advisers, while yields on bonds issued by real estate developers like Dubai’s DAMAC Properties have risen significantly, reflecting investor concern over upcoming debt and land repayments.