DUBAI, April 27 (Reuters) - Advisory and forensic
accounting firm Ankura Consulting said on Thursday it launched a
turnaround and restructuring practice for the Middle East out of
its Dubai office, as companies in the region face growing
economic uncertainty.
Several advisory firms have recently set up or expanded
restructuring operations in the region, where companies face
higher borrowing costs after interest rates rose at a rapid clip
amid global concerns about inflation.
Ankura's new practice will be led by Karim Labban, based in
Ankura's Riyadh office that opened last year, and Geraint
Thomas, based in Dubai, the firm said in a statement. Both have
the title of senior managing director.
Labban was previously a turnaround and restructuring partner
at Deloitte and Thomas was executive director for restructuring
and turnaround at Abu Dhabi sovereign investor ADQ, according to
their LinkedIn profiles.
"The Middle East is an important market, and the addition of
this latest practice in the Middle East demonstrates our
commitment to bolster our footprint in the region," Ankura's
chairman for Europe, the Middle East, Africa and Asia Pacific
regions, Simon Michaels, said in the statement.
(Reporting by Yousef Saba; Editing by Kim Coghill)
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