Dubai, UAE 16th December 2012 : PwC, the leading financial services firm, recently won two prestigious awards at The Middle East Accountancy & Finance Excellence Awards ceremony organised by the ICAEW. The first award was for the Corporate Finance Deal of the Year for the Dubai Drydocks restructuring and the second the “Firm of the Year”. The Accountancy & Finance Excellence awards recognise those who are the very best in what they do.
The landmark restructuring deal led by PwC for Dubai Drydocks that won the Corporate Finance Deal of the year award represents the first major regional restructuring concluded through a judicial process with the support of majority creditors and complete public transparency. It was approved by 98% of the creditors as the first case under the Dubai Decree No 57 for 2009. The Decree was created as a framework using bespoke insolvency legislation to protect Dubai World group companies from legal action by creditors. The restructuring deal was achieved in an innovative and collaborative way with no adverse impact on the on-going operations of Drydocks World, its clients, suppliers or employees.
The Firm of the Year award recognises overall excellence. One of the factors that contributed to winning this award is PwC’s demonstrated ability to understand the clients’ problems and provide solution -driven value added advice , whilst maintaining the highest standards of quality and integrity. The other factors that have set PwC apart from its competitors are, significant investment in infrastructure to enhance the quality of service provided to clients, valuing the skills and professionalism of its staff and recognising their aspirations and personal achievements and excellent corporate social responsibility initiatives that are meant to serve the wider interests of the community.
PwC Middle East has grown significantly over the past three years and is recognised for the high quality, objectivity and insightfulness of the advice and services rendered; attributes that have enabled it to achieve the fastest revenue growth across the PwC network in each of the last three years.It’s now the largest professional services practice in the UAE and is on course to become the largest in the region.
On winning the prestigious Firm of the Year award, Warwick Hunt, Managing Partner, PwC Middle East commented “Our people recognise PwC as a great place to work. Every day we live up to our brand promise of treating our clients like people and our people like clients. Over the past few years we have invested significantly in developing our infrastructure and using innovative practices in order to add value to our Client experience. We strongly believe in giving back to the community in which we operate and have a dedicated team to ensure successful implementation of our CSR initiatives”
On the Corporate Finance award Hunt said “Drydock’s World’s restructuring was an innovative and collaborative effort and could not have been achieved without the commercial, pragmatic and innovative input from all teams working together .This milestone deal could usher in a new era for restructuring in the Middle East.”
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Established in the Middle East for 40 years, PwC has firms in Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Oman, the Palestinian territories, Qatar, Saudi Arabia and the United Arab Emirates, with around 2,500 people. (www.pwc.com/middle-east)