KPMG hosts financial restructuring conference in Riyadh

KPMG Al-Fozan & Partners organized a conference to discuss issues and views on financial restructuring in Saudi Arabia. Titled “Let’s meet challenges head-on,” the event took place on Monday at The Ritz Carlton Hotel in Riyadh.
“In light of the current economic environment in the Kingdom ... the anchor businesses are under pressure, yet industrialization needs to be revolutionized at a much faster pace, we need to be prepared to address issues on the go,” said Abdullah Hamad Al-Fozan, chairman of KPMG Middle East and South Asia.
“... already we are seeing a decline in deposits and an increase in NPLs and interest rates. Today, we are talking about two or three companies, a couple of sectors, however, the real issue is beyond these,” he added.
Al-Fozan said commercial intelligence, good governance, knowing one’s options well, and effective decision-making are the keys to business sustainment.
“We’ve recognized what is important for sustainment, and are therefore, pleased to host this conference as part of KPMG Saudi Arabia’s commitment to supporting the Kingdom’s Vision 2030 and the National Transformation Program (NTP). We believe that this conference will contribute a long way to facilitating effective implementation of the government’s objectives,” he added.
KPMG Saudi Arabia is seeing a continuing influx of restructuring advisory opportunities in the Kingdom, particularly in sectors such as construction, petrochemicals, retail, telecom, multi-investment family offices, industrials, hospitality, transportation, media and oilfield services.
“We are pleased that our KPMG restructuring experts from the UK are now committed to investing their time in Saudi Arabia, and providing specialist support for the development and delivery of the restructuring advisory agenda for their Saudi firm,” said Islam Al-Bayaa, head of deal advisory at KPMG, Saudi Arabia.
“Changing times demand a change in attitudes — we are no more living in a world where inefficiency does not have a cost, competition is not a challenge, markets are geographically defined, where resources are abundant and where borrowing should be influenced by names or assets, rather than its underlying economics.”

Source: Arab News