BrazilAnkura launches Turnaround & Restructuring practice in Middle East
Global consultancy firm Ankura has brought one of its powerhouse lines of business – turnaround and restructuring – to the Middle East.
Based out of Dubai and the recently launched Riyadh office, Ankura advises clients on a wide range of management consultancy, financial advisory and technology topics. In the region, most of its work focuses on mergers & acquisitions (transactions advisory and due diligence), forensic investigations, construction and commercial disputes, risk and compliance, and data analytics and technology.
With the launch of a Turnaround & Restructuring practice, Ankura now also helps business in financial distress with services including financial and operational restructuring, working capital turnaround, and restructuring-driven divestments.
Headquartered in the United States, Ankura’s Turnaround & Restructuring practice serves distressed companies, governments, and creditors. According to Ben Jones and Roy Gallagher, Global co-leaders of the wing, the practice has “orchestrated some of the most recognisable turnarounds and restructurings in virtually every conceivable industry.”
The duo said that launching in the Middle East is part of the practice’s growth strategy (the arm previously launched in Australia in 2019 and in Europe in 2021) and comes in response to increasing demand for turnaround and restructuring services amid heightened economic and geopolitical uncertainties.
The leadership pair
Leading the new practice are the Lebanese Karim Labban, who crosses from Deloitte, and the Brit Geraint Thomas, who comes from industry but brings a background at McKinsey & Company, AlixPartners, and three of the Big Four firms. Both have been appointed Senior Managing Director.
Labban most recently led Deloitte’s Turnaround & Restructuring team in the Middle East. He specialises in managing corporate turnaround situations, developing strategic business plans, providing interim support solutions, performing independent business reviews on behalf of lenders, and advising on complex financial restructuring and insolvency situations.
“It’s a unique opportunity to be able to join Ankura – a renowned and global consulting firm – at such a crucial juncture for many companies across the region and the world. I look forward to building out a strong, highly experienced team that clients will come to unequivocally trust and rely on during critical moments,” said Labban.
Thomas most recently was an Executive Director at ADQ (an Abu Dhabi-based investment company). During his career in consulting, he delivered dozens of restructuring and financial advisory engagements in the UK, Europe and Middle East. In industry he held several executive roles including Chief Restructuring Officer and Chief Financial Officer in the aviation and construction sectors.
“I am delighted to be joining Ankura during such a dynamic period of both opportunity and growth in the Gulf. I have no doubt that we will see significant interest from our client base in accessing our know-how and expertise – which Ankura is known for around the world,” Thomas said.
Global practice leaders Jones and Gallagher added: “We are pleased to welcome Karim and Geraint, who each bring an immense amount of experience and expertise to the firm and our practice. We are confident that our team in the Middle East will build on our stellar global reputation, bolstering our reach and ability to advise key clients as they navigate complex challenges.”
Further reading: Top Restructuring consulting firms in the Middle East.
Globally, Ankura has more than 1,800 professionals working from offices in around 30 countries. The Middle East team is around 50-strong.
