Dubai, United Arab Emirates: Leading global professional services firm Alvarez & Marsal (A&M) today announced that it is opening new offices in Riyadh and Abu Dhabi, extending the firm’s suite of services across the Middle East and strengthening its regional market position. The firm’s headcount in the region has more than doubled in the last year to 116 and is projected to cross the 200 mark in 2023.

To support this growth, James Dervin has transferred from A&M’s London office to Riyadh and will be co-leading the region with Paul Gilbert in Dubai. Additionally, Faisal Shaikh (Dubai) and Hazim Almegren (Riyadh) have joined as Managing Directors within the Corporate Finance and Financial Services groups respectively.

Mr. Gilbert, Head of Turnaround and Restructuring, Co-head of Middle East, Alvarez & Marsal, said: “Our significant growth in the Middle East over the past year is continuing rapidly with the opening of the Abu Dhabi and Riyadh offices. Our local team has more than doubled in the past year to 116 currently and we expect to reach 200 over the next year. Having successfully completed the complex restructuring of the NMC Group in less than two years, along with other recent high-profile cases, this expansion demonstrates our commitment to meet the demand for truly independent, different and impactful solutions to complex, local and cross-border concerns across multiple jurisdictions. 

Following some high-profile corporate failures, the region’s leadership are taking an increasingly tough stance on audit conflicts - particularly in the Kingdom, where new legislation effectively ends audit firms’ ability to provide non-audit services to audit clients, creating a real need for independent advice. James’ in-depth knowledge of the region and its evolving performance improvement, turnaround and transformation needs, combined with Faisal’s and Hazim’s experience and expertise, will make a huge difference and further add to the already unique capabilities that A&M can bring to our clients.”

Mr. Dervin, Head of Performance Improvement, Co-head of Middle East, Alvarez & Marsal, commented: “Abu Dhabi and KSA are drivers of progress in the region and beyond, each at different stages of development, with their own unique requirements. A&M fully understands the need to make a commitment to these markets, hence our strategic decision to build locally-based teams. Faisal and Hazim’s joining further enhances our ability to develop bespoke solutions helping clients navigate challenges and capitalize on opportunities. Their backgrounds align with our operational heritage and will help to advance the team’s continued expansion and scope of offerings across EMEA.”

Mr. Dervin is an experienced business transformation practitioner and knows the Middle East markets well having lived or worked in the region since 2010, including nearly six years based in the UAE prior to his latest spell in London. James now leads A&M’s Performance Improvement business across the region and will spearhead the Firm’s expansion in Saudi Arabia (KSA) and Abu Dhabi.

Mr. Shaikh, who will lead Corporate Finance in the region, brings over 25 years of diversified investment banking and corporate finance experience to A&M. He has extensive experience supporting sponsors and businesses through the transaction lifecycle. Prior to joining A&M, Mr. Shaikh served as Head of M&A for KSA and the Regional Head of TMT M&A with a Big 4 accounting firm. He has also served in senior investment banking roles with JPMorgan and Standard Chartered Bank, advising on some of the largest and most complex regional and international cross border transactions.

Mr. Almegren joins A&M with 25 years of experience advising corporates and small- and mid-size enterprise banking clients. He has worked across multiple industries including manufacturing, retail, contracting, real estate and leasing. Prior to joining A&M, Mr. Almegren spent 13 years with Bank Al Jazira, serving most recently as Head of Corporate & Institutional Banking. Mr. Almegren was a board member of the Saudi Credit Bureau (SIMAH), serving as its Chair for four years. Previously, Mr. Almegren worked with GIB Corporate banking and SAMBA, both in Saudi Arabia.

Antonio "Tony” Alvarez III, Managing Director and A&M’s EMEA Practice lead, said: “A&M’s freedom from audit conflicts, operational legacy and results oriented mindset offers a different and long-term value proposition to the Middle East’s institutions against the backdrop of economic complexities. Our expanding suite of services and investments in the Middle East demonstrate our commitment to the market and to driving change for local clients as we do worldwide. James, Faisal and Hazim’s appointments bolster our capabilities and highlight the benefits of our integrated platform.”

About Alvarez & Marsal

Companies, investors and government entities around the world turn to Alvarez & Marsal (A&M) for leadership, action and results. Privately held since its founding in 1983, A&M is a leading global professional services firm that provides advisory, business performance improvement and turnaround management services. When conventional approaches are not enough to create transformation and drive change, clients seek our deep expertise and ability to deliver practical solutions to their unique problems.

With over 6,000 people across five continents, we deliver tangible results for corporates, boards, private equity firms, law firms and government agencies facing complex challenges. Our senior leaders, and their teams, leverage A&M’s restructuring heritage to help companies act decisively, catapult growth and accelerate results. We are experienced operators, world-class consultants, former regulators and industry authorities with a shared commitment to telling clients what’s really needed for turning change into a strategic business asset, managing risk and unlocking value at every stage of growth.