Industry leaders explored strategies for navigating the region’s evolving financial landscape, addressing rising corporate insolvencies, as the 2nd Annual Financial Restructuring MENA Conference kicked off at the Abu Dhabi Global Market (ADGM) building on Wednesday.
The conference began with a keynote address by Hamad Sayeh Al Mazrouei, CEO of the Registration Authority at the Abu Dhabi Global Market. He emphasized on Abu Dhabi’s pivotal role in unlocking the potential of the financial restructuring sector.
Read: Restructure your business early and often, not when it’s too late
“Abu Dhabi is at the forefront of fostering a robust environment for financial restructuring. Through strategic initiatives and partnerships, we are empowering businesses to navigate challenges and seize opportunities. This is ensuring sustained growth and stability in the region,” he said.
The sessions focused on UAE’s new bankruptcy law, assessing the adequacy of regional insolvency regimes and took stock of the progress made in MENA’s restructuring space so far and the path forward.
Abullah Mogheerah, Secretary General of Bankruptcy Commission Saudi Arabia ‘EISAR,’ emphasized the transformative impact of Saudi Arabia’s bankruptcy law.
He said, “Our unwavering commitment is a catalyst for market reintegration, providing entities with the tools to harness the full potential of the bankruptcy law. In doing so, we are not just bolstering the resilience of Saudi Arabia’s financial landscape. We are actively fostering economic vitality. This pioneering law stands as a cornerstone. It is elevating the competitiveness of our economy and amplifying the allure of private investments. There is a particular emphasis on attracting foreign investors to partake in our nation’s prosperity.”
Day one of the conference concluded with panels focusing on achieving successful turnarounds in highly leveraged situations. Experts also addressed considerations for sales of aggregated NPL portfolio in the region.
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