Alvarez & Marsal Poaches Deloitte Mideast Turnaround Staff - Bloomberg

Alvarez & Marsal Poaches Deloitte Mideast Turnaround Staff - Bloomberg

Alvarez & Marsal Inc. is hiring half a dozen turnaround specialists from Deloitte as part of an aggressive push in the Middle East, people familiar with the matter said.

A&M recruited a partner, Waqas Ahmed, two directors, Tom Howitt and Ali Taher, as well as three other employees from Deloitte, the people said, asking not to be named because the information is private. The firm is looking to boost its presence in the United Arab Emirates and Saudi Arabia, the people said.

Deloitte and A&M declined to comment.

A&M is among a handful of international restructuring firms who’ve ramped up hiring in the oil-rich Gulf, which has seen a number of restructurings in recent years.

The New York-based company made its mark in the Middle East after being appointed as the administrator of scandal-hit NMC Health Plc in 2020. It has also worked on other high-profile cases, including Gulf Pharmaceutical Industries PSC and Finablr Plc.

Deloitte has also been expanding its restructuring presence in the Middle East, where it employs more than 70 people. The firm is advising creditors of Dubai developer Meydan, which is working on a $2.6 billion debt restructuring plan.

Deloitte sold its UK restructuring arm last year to Teneo. Teneo, which also acquired KPMG’s restructuring business in the Cayman and British Virgin Islands, hired two executives from AlixPartners LLC in Dubai this year, marking its entry into the fast-growing market.