Wednesday 17 August 2022

Grant Thornton names UAE restructuring advisory partner

DUBAI, July 5, 2022

Leading UAE-headquartered assurance and advisory firm, Grant Thornton has appointed Haroon Ahmed as partner of restructuring advisory. 
In his new role, Ahmed will be responsible for leading Grant Thornton UAE's Financial Restructuring and Insolvency team and assisting stressed and distressed businesses to navigate the challenges they face as a result of the Covid-19 pandemic, the geopolitical uncertainty in Europe and other current economic factors.
With over 14 years of experience, Ahmed has held leadership roles in the UAE, UK and has both restructuring and banking experience based in Singapore and New York. 
During his career, he had acted as a specialist advisor, delivering restructuring solutions directly at board level and to executive management and other high-profile stakeholders, including lenders across real estate, retail, oil and gas, financial services, manufacturing, recruitment and healthcare sectors. 
Ahmed has extensive experience working in both the public and private sectors to provide a range of services, including accelerated mergers and acquisitions, developing turnaround proposals, refinancing, cash management, independent business reviews and insolvency.
Welcoming the appointment, CEO Hisham Farouk said: "We are delighted Ahmed has joined the team. As new laws are introduced and bankruptcy frameworks are redefined, the UAE is becoming more aligned with other international commercially prominent jurisdictions, and we expect more organisations to take advantage of the available remedies."
"I am confident his vast experience and expertise in this sector will be great assets to Grant Thornton UAE and will enable us to realise our growth targets for this area of our business," he added.
Ahmed is a chartered accountant with ICAS, a global professional body for chartered accountants. In 2022, he was recognised in Global Restructuring Review's GRR 40 Under 40 listing, which highlighted the next generation of accomplished cross-border restructuring and insolvency specialists. 
He is also a licensed insolvency practitioner within the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM).
In recent years, several GCC jurisdictions, including the UAE, Saudi Arabia and Bahrain, have implemented bankruptcy laws to facilitate effective restructuring and insolvency for debtors. 
In addition to supporting businesses operating in the region, governments in the GCC recognised the need to attract inward foreign investment in order to achieve their diversification goals. 
The establishment of robust insolvency frameworks has been a positive step toward upgrading the existing infrastructure to offer flexible and accessible restructuring tools for under-performing businesses.
On his appointment, Ahmed said: "Grant Thornton UAE's growth aspirations are fully aligned with mine, and given the current nature of the economy, I am excited to come on board and expand the Restructuring Advisory division further."
"To meet the growing demand for restructuring and insolvency advisory services, we are committed to expanding our current team and are actively recruiting for a number of new roles in anticipation of increased activity in the field," he noted.
"There are several global factors impacting the local economy and driving demand for these services. For example, supply chain disruptions are leading to cost pressures. Additionally, interest rate increases are beginning to impact business in the region, making the cost of capital more expensive. These factors will create a more challenging business landscape and will need to be at the top of boardroom agendas," he added.-TradeArabia News Service


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