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Middle East Global Advisors (MEGA), a financial intelligence platform leading the development of knowledge-based economies in the Middle East, North Africa and Southeast Asia (MENASEA) markets, is set to convene the Corporate Restructuring Summit (CRS) 2018, the Gulf Cooperation Council
(GCC) region’s first debt restructuring and non-performing loan (NPL)-focused summit, on September 5-6 at the Sheraton Grand Hotel in Dubai, UAE.

Addressing the theme of “Optimal Management of Financial Restructuring and Non-Performing Loans”, the summit’s vision is to facilitate an enabling environment to address the key challenges of restructuring and strategic reorganization of finance and debt-related issues.

According to a statement by MEGA, the critical insights gathered from the summit will provide organizations with new perspectives to effectively tackle corporate credit challenges.

A recent prediction by Moody’s Investors service, stated by MEGA, predicts NPLs could reach 5.5 or 6 percent of total gross loans in the UAE, an increase from the 5.3 percent recorded in June 2017, a figure that stands at the higher end of the scale as compared to its Persian Gulf Arab Counterparts.

The confirmed industry leaders that will be at the Corporate Restructuring Summit 2018, according to the statement, are: H.E. Dr. Fahad Alshathri, Deputy Governor – Supervision, Saudi Arabian Monetary Authority; Majed Essa Al Ajeel, Chairman, Kuwait Banking Association and Burgan Bank; Simon Charlton, Chief Restructuring Officer and Acting Chief Executive Officer, Ahmad Hamad Al Gosaibi and Brothers; Dr. Nasser Saidi, President, Nasser Saidi and Associates.

Christopher Maclean, Group Chief Risk Officer, Al Rajhi Bank; Manoj Chawla, General Manager – Risk, Emirates NBD; Murat Sultanov, Senior Financial Sector Specialist, Finance Competitiveness and Innovation (FCI) Global Practice, World Bank Group; John Iossifidis CEO, Noor Bank; Naveed Kamal, Managing Director, Citi Bank N.A.; Ravi Murthy, Group Chief Financial Officer, Arabtec Construction LLC; and Bruce Wade, Chief Risk Officer, National Bank of Bahrain.

The two-day summit will see keynote addresses by H.E. Dr. Fahad Alshathri, Deputy Governor – Supervision, Saudi Arabian Monetary Authority and Dr.
Nasser Saidi, President, Nasser Saidi and Associates; an exclusive interview discussing the financial restructuring of the Al Gosaibi Group with Simon Charlton, Chief Restructuring Officer and Acting Chief Executive Officer, Ahmad Hamad Al Gosaibi and Brothers; CEO panel on resolving GCC’s challenge of accumulating bad debt and key panels on debt resolution, insolvency, effective NPL management, trends in consolidation and restructuring.

“As Saudi Arabia looks forward, with Vision 2030 and the incredible pace of social and economic change, attracting foreign investment is likely to be important. Of course, no one invests looking for trouble, but it can happen and when it does investors and other stakeholders want to know there is legislation and more importantly a viable process to unwind situations and extract value while preserving jobs, livelihoods and allowing good businesses to survive,” said Simon Charlton, Chief Restructuring Officer and Acting Chief Executive Officer, Ahmad Hamad Al Gosaibi and Brothers. “Perhaps, somewhat in the shadows of some or the more headline grabbing changes Saudi Arabia has come a long way in implementing new legislations including new enforcement law, arbitration law and a bankruptcy law and to a certain extent we have served as the petri dish and testing ground for this dramatic advancement and change.”

Charlton added, “As the economy develops and the traditional family businesses change and restructure, I am hopeful that we will achieve our goals and also set a pathway for others to follow and as encouragement for foreign investment in Saudi Arabia.”

According to the statement, the summit is expected to draw participation from over 200 prominent banks, corporations, legal-advisory firms, hedge funds, investment banks and debt restructuring specialists from across the GCC onto one platform by spearheading actionable debate, impactful change and high-level outcomes.