Aidan Birkett, the chief restructuring officer of Dubai World, has faced many challenges in his long career as a corporate turnaround specialist, but Dubai World ranks as the biggest and most complex.
Before Mr Birkett, 57, was appointed to the Dubai World job last November, he was reckoned to have taken part in the restructuring of more than US$100 billion (Dh367.32bn) of corporate debt in a series of high-profile transactions for his current employer, Deloitte, and his former firm, PricewaterhouseCoopers.
If he pulls off a deal between Dubai World and its 97 creditors, he will have added significantly to that tally, and also resolved the most complex and sensitive issue on the UAE's financial agenda.
Yesterday's announcement was the first step towards resolution, although the final shape of a deal could take months for Mr Birkett and his team to hammer out with creditor banks.
He is well used to the process of attrition that is characteristic of these restructurings. He has clocked up years of delicate negotiation, cajoling and compromise in such corporate rescues as Eurotunnel, Cable and Wireless, Wembley Stadium and the Spanish property group Inmobiliaria Colonial.
Mr Birkett is also no stranger to controversy and a high media profile, having been involved in the restructuring of the bankrupt media empire of the late tycoon Robert Maxwell.
He has been head of the 1,200-strong corporate finance practice at Deloitte in the UK since 2004. The firm says he has a "reputation for devising profit enhancement and business turnaround strategies, and for successfully advising on corporate restructurings".
A colleague describes Mr Birkett as a "no-nonsense individual who does not suffer fools gladly, and who is prepared to let his anger show if he thinks the situation demands it".
Another says: "He's one of those people who, although he's been very successful and achieved a lot, doesn't just sit in the background waiting to make even more money. He's very hands-on and involved, and likes to remain client-oriented."
Mr Birkett's involvement in the Gulf has increased since he helped set up Deloitte's office in the Dubai International Financial Centre in 2006.
Last year, he headed the Deloitte team that was hired by the Central Bank of Bahrain to investigate the collapse of The International Banking Corporation (TIBC), which sparked the biggest corporate scandal in Saudi Arabia when the al Gosaibi family, the owners of TIBC, accused Maan al Sanea, the head of the Saad Group, of a $10bn fraud.
Mr Birkett was in Dubai later in the year making presentations to creditors of the Ahmad Hamad Al Gosaibi and brothers group businesses, many of which are among the financial institutions with which he must now negotiate over the Dubai World proposals. A native of north-east England, he likes sport of all kinds and is a fan of Newcastle United Football Club. He was mentioned as a possible financial rescuer for the club in its recent cash distress. He is also keen on horse racing, rugby and skiing.
A friend says that, having missed the last skiing season in Europe because of the Dubai World restructuring talks, Mr Birkett is determined to reach a successful conclusion to the negotiations with creditors before the next season.
@Email:fkane@thenational.ae
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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Kathryn Hawkes of House of Hawkes on being a good guest (because we’ve all had bad ones)
- Arrive with a thank you gift, or make sure you have one for your host by the time you leave.
- Offer to buy groceries, cook them a meal or take your hosts out for dinner.
- Help out around the house.
- Entertain yourself so that your hosts don’t feel that they constantly need to.
- Leave no trace of your stay – if you’ve borrowed a book, return it to where you found it.
- Offer to strip the bed before you go.
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait this month is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
UAE’s fixtures: Fri Apr 20, UAE v Qatar; Sat Apr 21, UAE v Saudi Arabia; Mon Apr 23, UAE v Bahrain; Tue Apr 24, UAE v Maldives; Thu Apr 26, UAE v Kuwait
World T20 2020 Qualifying process:
- Sixteen teams will play at the World T20 in two years’ time.
- Australia have already qualified as hosts
- Nine places are available to the top nine ranked sides in the ICC’s T20i standings, not including Australia, on Dec 31, 2018.
- The final six teams will be decided by a 14-team World T20 Qualifier.
World T20 standings: 1 Pakistan; 2 Australia; 3 India; 4 New Zealand; 5 England; 6 South Africa; 7 West Indies; 8 Sri Lanka; 9 Afghanistan; 10 Bangladesh; 11 Scotland; 12 Zimbabwe; 13 UAE; 14 Netherlands; 15 Hong Kong; 16 Papua New Guinea; 17 Oman; 18 Ireland
LA LIGA FIXTURES
Friday (UAE kick-off times)
Real Sociedad v Leganes (midnight)
Saturday
Alaves v Real Valladolid (4pm)
Valencia v Granada (7pm)
Eibar v Real Madrid (9.30pm)
Barcelona v Celta Vigo (midnight)
Sunday
Real Mallorca v Villarreal (3pm)
Athletic Bilbao v Levante (5pm)
Atletico Madrid v Espanyol (7pm)
Getafe v Osasuna (9.30pm)
Real Betis v Sevilla (midnight)
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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UNSC Elections 2022-23
Seats open:
- Two for Africa Group
- One for Asia-Pacific Group (traditionally Arab state or Tunisia)
- One for Latin America and Caribbean Group
- One for Eastern Europe Group
Countries so far running:
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
