RIYADH: Global consulting firm Alvarez & Marsal is set to introduce its distinct, unbiased, and action-oriented approach to Saudi Arabia’s market following the launch of its regional headquarters, according to a top official.

This decision, aimed at solidifying A&M’s presence in the region, reflects the company’s dedication to long-term growth and transformation in the Saudi market, James Dervin, managing director of the firm in the Middle East and co-head in the region, told Arab News.

He described the firm’s strategic vision in the Saudi market as “relatively simple,” adding that the aim is “to bring A&M’s differentiated, and non-conflicted, execution-focused proposition to a market which is at an inflection point in terms of demand for translation of strategy into action and results.”

Speaking of the inauguration of the firm’s regional headquarters, Dervin explained that “the decision was actually made some time ago, and we had been working on the establishment of the RHQ (regional headquarters) for approximately 12 months and simply wanted to be sure that we were able to meet all of the requirements, which, alhamdulillah, we were able to do.”

He further emphasized the significant growth witnessed across A&M’s team and service areas in the country, making the establishment of a regional headquarters a natural progression.

Starting from January 1, 2024, Saudi Arabia declared it would only award deals to foreign companies with Middle East bases within Saudi Arabia. As a result, numerous international firms across sectors such as energy, technology, healthcare, and hospitality have set up headquarters in Riyadh.

“We have witnessed strong growth across our team and service areas in the country in recent years, so as the company continues to deepen our roots in the Kingdom, this seemed a natural next step to take. It also reflects A&M’s commitment to the Saudi market for the long term,” Dervin added.

In a market witnessing increasing competition, A&M aims to stand out by its action-oriented approach, Dervin highlighted.

He added: “Our proposition is differentiated, elsewhere in the world, in the region, and in the Kingdom. We’re not ‘blue-sky’ thinkers, and we’re not auditors. A&M’s proposition is about taking action and achieving results in line with our ‘get-stuff-done’ brand.”

A&M’s suite of services spans restructuring, turnaround, performance improvement, and more, catering to a diverse range of business needs in Saudi Arabia.

Dervin elaborated on the company’s offerings, stating: “We work across the spectrum of under-performance, ranging from mild underperformance or 'turnaround' territory, through to stressed and distressed situations.”

He further emphasized the company’s ability to provide advisory or executive support, including taking on management roles like chief revenue office and chief financial officer, a service not commonly offered by competitors.

“The market, in general, is developing at an extraordinary rate, and the Kingdom’s visionary leadership deserves immense credit for the great strides that already have, and are still being made, for example; the Kingdom’s 2018 bankruptcy law was generally regarded as the most progressive in the region upon implementation, and appears to have meaningfully informed the UAE’s equivalent legislation, which was revised in 2024,” Dervin noted.

He further mentioned that the implementation of the law, and subsequently the introduction of processes like financial restructuring, have provided tools to aid in the rescue of businesses and to minimize the occurrence of outright failure and subsequent liquidation.

The enactment of the new Companies Law, coupled with the growing sophistication of the capital markets, is rendering the Kingdom – and the broader region – an increasingly enticing hub for foreign investment, according to the top official.

This trend aligns seamlessly with the fundamental objectives of Vision 2030, he said.

Earlier this month, Bryan Marsal, A&M’s CEO and co-founder, commented on the close alignment of his firm’s global brand with the local market dynamic in Saudi Arabia, following the establishment of the regional HQ.

“The all-encompassing nature of the Saudi Arabian transformation is driving significant demand for A&M’s distinctive ‘get-stuff-done’ brand of services — for our ability to fix problems, our ‘skin in the game,’ and our freedom from audit conflicts,” he said in a statement.

Dervin highlighted A&M’s unique position in influencing the restructuring landscape, particularly its expertise in corporate rescue, turnaround, and performance improvement, which are virtually unparalleled in the region.

Aligned with Vision 2030, A&M is committed to supporting Saudi youth employment programs, exemplified by initiatives like the Bidayah Graduate Program.

Dervin expressed pride in the program, stating: “We are obviously extremely proud of the Bidayah program, which is a pioneering initiative for A&M from a youth development perspective.”

He added: “We have designed and implemented a bespoke graduate training program providing these exceptional individuals with rotating roles across the business, hopefully providing them with a breadth of experience and visibility of the options and opportunities within our firm and in the market more broadly.”

The managing director said that the company is hoping to play a meaningful part in the personal and career development of young Saudis, “who themselves have a vital role to play in the development of the economy and society in the Kingdom.”

Looking ahead, A&M aims to further empower Saudi graduates through partnerships with local universities and educational institutions.

“Our objective is to empower new graduates, equipping them with the necessary skills and knowledge for a successful career. More details of these partnerships, and its potential to contribute to the development of the next generation of Saudi business leaders, will be shared closer to the next intake,” affirmed Dervin.

As A&M continues to expand its footprint in Saudi Arabia, Dervin emphasized the crucial role of young Saudi professionals in driving the company’s growth and success.

“Much like the Kingdom itself, we cannot be truly successful without young Saudi professionals playing their part in our development, as we look forward to a bright future for our growing Saudi Arabian office,” he concluded.

More than 180 major global companies and organizations have already established regional headquarters in the Saudi capital. These include Apple, Microsoft, and Alibaba, as well as the IMF, IBM, and Google.
 

JEDDAH: A four-decade long search has finally led to the heartwarming reunion of an US citizen with his Saudi family, putting an end to a painful era full of longing and searches that had long promised to end in disappointment.

Two-year-old Eid Alsumani, now 42, and his older brother’s American mother cut ties with the family for reasons that have not been revealed to the public.

She had met Saud Alsumani when he was a student in the US, after which they married and had two sons.

Following her return to Alabama with the boys, Eid’s mother cut all communication between them and their father, who returned to Saudi Arabia.

“Throughout that period of time, which lasted 40 years, members of the family were searching for their sons through the American Embassy ... (they) tried to search for the family several times, but no leads helped,” said Bander Alsumani, Eid’s cousin.

An English teacher at Abdullah Al-Thagafi High School in Jeddah, Bander told Arab News that his family did not lose hope in finding the lost brothers. “We just hoped they were alive.”

After decades of searches that yielded no results, their father died, never having reconnected with his sons. Their uncle, Khalid Alsumani, went to the US, determined to find his estranged nephews.

According to Bander, while the uncle sought the help of the Saudi Embassy in Washington, the perseverence of another member of the family paid off as they found Eid on Instagram.

“It was the happiest day for the family ... we all were in joy and happiness when we heard Eid is alive and coming back home with his uncle,” said Bander. The joy also came with the sad news that Eid’s older brother had already died.

Eid and his family were finally reunited on May 9, with many of them meeting their 42-year old relative for the first time.

I believe I will visit again in maybe six months. Inshallah, I will continue to learn more about my religion, Arabic, and my family.

Eid Alsumani, Found after 40 years

“It was the most wonderful feeling in the world … just couldn’t believe that the family had been reunited with (their) son after so many years,” said Bander.

A heartwarming video of Eid’s reunion with his family at King Abdulaziz International Airport after 40 years of separation went viral on social media.

When Eid appeared from passport control with his uncle, his cousins and relatives hugged him one after another tightly, shedding tears of joy.

The family hosted a gathering with various members of the family who came from all corners to meet the long lost son and celebrate the joyous occasion.

During the emotional reunion, Eid, dressed in traditional Saudi attire, expressed his immense happiness and relief at being reunited with his extended family.

A US citizen, Eid was raised in Alabama and currently resides in Florida having graduated with bachelor’s of science degree in history and nuclear engineering technology.

Speaking to Arab News after performing Umrah in Makkah, Eid described the scene at the airport as “unbelievable.”

He said: “It was surreal. It was the first time I had been in my fatherland.

“I was extremely excited about the blessings of seeing four family members who greeted me with the legendary hospitality of Saudi fame. It felt like a scene from a movie.”

Eid, who was raised by his mother with Christian values, has reconnected with Islam with the help of his Saudi relatives.

He described praying in the Grand Mosque in Makkah as an unforgettable moment in his life. “When I was in Makkah, I was amazed to see so many people from all over the world who were walking and praying together as one for the sake of Allah,” he said.

Speaking about his future in the Kingdom, he added: “Alhamdulillah, my stay has been extended for a few days … I believe I will visit again in maybe six months. Inshallah, I will continue to learn more about my religion, Arabic, and my family.”