KPMG conference tackles Saudi restructuring issues

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KPMG Al Fozan & Partners has organized a conference in Riyadh to discuss issues and views on restructuring in the Kingdom of Saudi Arabia titled ‘Let’s meet challenges head-on’, Monday at the Ritz Carlton Hotel in Riyadh.

“The current economic environment in the Kingdom is rapidly changing and becoming more challenging for traditional businesses. Yet the need to adapt and change needs to be done at a much faster pace. We need to make quick decisions and be prepared to address issues on the go”, said Abdullah Hamad Al Fozan, Chairman of KPMG Middle East and South Asia.

With the continuing challenging environment in the key sectors, there is a knock-on effect on the economy and the overall liquidity in the Kingdom. Already we see a decline in deposits and an increase in NPL’s and interest rates. Many companies are facing liquidity pressures and more companies will face these pressures in the immediate future. It is not about the size of the business, it is more about how prepared are you to proactively manage your business and make the necessary changes. Commercial intelligence, good governance, knowing your options well, and effective decision-making are really the key to business sustainment.

KPMG in Saudi Arabia is committed to supporting the 2030 Vision and the 2020 National Transformation Program. We believe that this conference will contribute to business sustainment and the Kingdom’s transformational objectives.

KPMG Saudi Arabia is seeing a continuing influx of restructuring advisory opportunities in the Kingdom, particularly in sectors like construction, petrochemicals, retail, telecom, multi-investment family offices, industrials, hospitality, transportation, media and oilfield services.

Unfortunately, many companies in the Kingdom have a lack of awareness coupled with several misconceptions about the issues involved in a robust restructuring process.

“We are pleased that our restructuring experts from the KPMG Global Network are committed to the Saudi market and are providing specialist support for the development and delivery of the Saudi restructuring agenda.” said Islam Al Bayaa, Head of Deal Advisory at KPMG in Saudi Arabia.

Changing times demand a change in attitude – we are no longer living in a world where inefficiency does not have a cost, where competition is not a challenge, where markets are geographically defined, where resources are abundant and where lending is influenced by “the name” rather than the underlying economics.

Despite its challenges, restructuring can be the catalyst to an improvement in the company’s performance and the start of sustainable growth. An efficient financial restructuring process enhances value for both lenders and borrowers. However, companies are not setup to have an in-house turnaround and restructuring function, and might not even realize a need unless the situation becomes apparent, or even desperate.

Our market intelligence suggests that the market lacks the appreciation for a niche independent advisor, such as KPMG, which could lead a robust restructuring process. Hence, we are hosting this conference to give participants the opportunity to benefit from KPMG’s restructuring experts who will share their knowledge and expertise.

The conference agenda includes a brief presentation by the KPMG experts, followed by two independently moderated panel discussions and a Q&A session. The discussion panel will comprise KPMG restructuring experts, and representatives from Houlihan Lokey, regulators, banks, law firms, and corporates.

Houlihan Lokey is a leading global investment bank, primarily operating in North America, Europe and the Asia Pacific, and specializes in financial restructuring, distressed debt and bankruptcy situations. KPMG and Houlihan have worked together in many countries and are keen to extend this relationship to the Saudi market.

The conference will address a range of issues and views from the current economic, financial and business environment in the Kingdom. In addition, we will provide a better understanding of what entails a robust restructuring process and the importance of exploring and analyzing the available options before making critical decisions.

KPMG in Saudi Arabia is committed to strengthening its position as a leading provider of Audit, Tax and Advisory services. Also within the GCC, KPMG has had immense success in the restructuring and turnaround advisory space, helping clients realize immense value.

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