Alvarez & Marsal Strengthens Presence in Saudi Arabia with New Regional Headquarters
Alvarez & Marsal (A&M) has solidified its commitment to Saudi Arabia by establishing its regional headquarters in Riyadh and initiating the Bidayah Graduate Program.
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The company’s CEO and co-founder, Bryan Marsal, emphasized A&M‘s dedication to the Kingdom’s Vision 2030. The Riyadh headquarters signifies a strong allegiance to Saudi Arabia‘s development goals, with A&M experiencing a sixfold increase in its local team size over the last year.
A&M’s expansion in Saudi Arabia encompasses various sectors, including banking, tax, healthcare, and disputes & investigations. This strategic decision aims to harness local expertise to foster sustainable growth and innovation.
The Bidayah Graduate Program has welcomed its first cohort of 13 talented Saudi graduates, selected from a competitive pool of candidates. These graduates are seen as future leaders in management consulting, embodying the Kingdom’s potential. Over a 12-month period, they will undergo intensive training, participate in live projects, and receive mentorship from industry veterans.
James Dervin, A&M’s Managing Director in the Middle East, and co-head of the region, highlighted that the graduate program is aligned with A&M‘s core principles of leadership, action, and results, aiming to nurture execution-focused leaders.
Bryan Marsal also noted the synergy between A&M’s robust service offerings and the dynamic market in Saudi Arabia. The firm is positioned to address complex challenges due to its practical, hands-on approach and absence of audit conflicts, making it a vital player in implementing Saudi Arabia’s Vision 2030 initiatives.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Total income was higher by 10% year-on-year (YoY) at AED 300 million in the six-month period
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United Arab Bank PJSC (UAB or “the Bank”) has announced its financial results for the six months ended 30th June 2024. UAB reported a net profit before tax of AED 152 million for H1 2024, a 26% increase compared to AED 121 million for H1 2023. The net profit after tax for H1 2024 stood at AED 139 million, up 15% from AED 121 million in the same period last year. Earnings per share rose to AED 0.07 in H1 2024 from AED 0.06 in H1 2023.
Total income increased by 10% year-on-year to AED 300 million for H1 2024, compared to AED 273 million for H1 2023, driven by a 26% increase in net interest income. The Bank’s capital position remains strong with a CET1 ratio of 13% and a total capital adequacy ratio (CAR) of 18%.
UAB‘s liquidity profile is robust, with advances to stable resources ratio of 75% and an eligible liquid asset ratio of 19%, both comfortably above regulatory thresholds. The Bank’s credit ratings were affirmed by Fitch and Moody’s at BBB+/Ba1, with stable and positive outlooks respectively.
UAB’s performance in the first half of 2024 demonstrates significant growth in total assets, increasing by 12% compared to December 2023, and reflects a strategic focus on quality and farsighted risk management. These results indicate that the Bank is well-positioned to continue its growth trajectory.
Commenting on the Bank’s performance, H.H. Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said: “UAB’s strong performance in the first half of 2024 reflects the successful implementation of our growth strategy and reinforces our commitment to delivering sustainable value to our shareholders. We are confident that our prudent business model shall continue to deliver a solid performance and deal with the opportunities and challenges that will present themselves.”
He added: “As we move ahead into the second half of the year, we remain committed to enhancing our customers’ banking experience and contributing to the growth and prosperity of the UAE’s economy.
Shirish Bhide, Chief Executive Officer of United Arab Bank, commented: Our customer-centric approach and sustainable growth model has led to a 15% increase in net profit and a 12% growth in total assets. Our positive performance is a testament to the successful execution of our strategic priorities and clear evidence of the success of the many initiatives that have been implemented at the Bank. Going forward, we will continue investing in our growth strategy and digital capabilities, while equally focusing on developing innovative products and services that meet our customers aspirations whilst upholding the highest standards of compliance and internal controls.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
