Global consulting firm Ankura has launched a new office in Riyadh, marking its entry in the region’s largest economy.
“The opening of our office in Saudi Arabia is the next important milestone in our global growth at Ankura as we continue to deepen our footprint in the Middle East,” said Simon Michaels, Chairman for EMEA and APAC at Ankura.
Founded in 2014, Ankura has in the space of eight years grown into a full-service management consultancy with 1,700 professionals across 30+ offices. Riyadh is the firm’s 36th office worldwide (25 of which are in the US).
According to Michaels, the expansion into Saudi Arabia reflects the growing opportunities for consultancies in the Kingdom. Under the mantle of Vision 2030, the Kingdom is working on dozens of major transformations across industries aimed at diversifying its oil-focused economy and turning the country into a regional and global powerhouse.
“The Kingdom of Saudi Arabia has taken huge leaps in fostering a thriving business environment full of opportunities,” said Kevin Lavin, Chief Executive Officer at Ankura, “and Saudi Arabia is a key area of growth for Ankura.”
In serving the market, Ankura will be able to leverage an already present track record. “We have over the years conducted engagements in the Kingdom, having already worked with some of Saudi’s largest companies across several leading private and public projects.”
Leading the new office is Kassem Younes, who has relocated from the firm’s Dubai office to Riyadh, in a move that coincided with his promotion to Senior Managing Director.
“Many industries and multinationals in the Kingdom are navigating complex issues, such as the ongoing fallout of the Covid-19 pandemic, digitalisation, restructuring, and the changing environment due to economic diversification, in lockstep with Vision 2030. This offers ample opportunities for us to deliver localised strategies and solutions in the region and I look forward to working with our team as we leverage our global best practices to provide effective solutions for our clients.”
Initially, Ankura will focus on services including mergers & acquisitions (transactions advisory and due diligence), construction and commercial disputes, investigations and compliance, and advanced data analytics and technology. Other areas of expertise will – when required – be flown in from its Dubai office.
Across Dubai and Riyadh, Ankura employs over 40 consultants and staff, with the consulting firm aiming to break through the 50-headcount barrier in the coming months.
Meanwhile, in the US, Ankura (which is backed by private equity) recently acquired two firms: Noragh Analytics and McLarty Associates. In India, Ankura last month launched two offices, in Mumbai and Gurgaon.
Sourced from Consultancy-me.com