Bahrain: Over 80 participants including entrepreneurs, finance professionals, CFOs, eminent bankers, legal counsels, business leaders and representatives of owner-managed companies and family businesses, across all sectors in Bahrain, Qatar and Kuwait attended an online awareness webinar highlighting the impact from the pandemic on the profitability of businesses. Themed “Financial restructuring for resilience”, the virtual webinar event provided attendees an overview on the potential benefits of Financial Restructuring in building the resilience and sustainability within the organization within a marketplace driven by turbulence and uncertainty.
Jamal Fakhro, Managing Partner of KPMG in Bahrain, initiated the webinar by welcoming the attendees “This webinar is a timely reminder for many business leaders who are currently struggling to generate revenue, and overcome financial obligations they have committed in the past. While we go through difficult times, businesses need to consider, ‘what the future holds for them’ in terms of their operations and how they need to evolve to meet with their financial commitments. I encourage business owners and leaders to speak to their bankers and creditors now and consider restructuring their liabilities, depending on the size of their operations and loans, to allow for enough time to restructure the payments of their debts.” Fakhro commented in his opening remark.
Anshul Deobhakta, Director, Advisory at KPMG in Bahrain, shared valuable insights on current market trends and some of the potential challenges that may impact the marketplace over the medium to long term. “COVID-19 has had dramatic impact on the local business landscape, where all traditional sectors of the economy have been adversely impacted. A new type of customers has emerged; overall customer behaviors have evolved making them less loyal to brands and more demanding in terms of the quality and nature of the products and services delivered to their doorsteps. Also, technology now plays a vital role in our life with a drastic shift towards e-commerce and digital payments. All this leads to the fact that businesses need to re-invent their approach and strategy for the future.” he elaborated during the session.
Anshul further highlighted discussed the need for businesses to adopt a holistic approach towards restructuring that considers – financial, operational and strategic initiatives to manage their cashflow and deal with the decline in revenues due to the pandemic’s impact on direct sales and overall market activities due to precautionary measures. He also elaborated on some of the best practices and strategies business leaders can leverage as a part of their recovery journey.
The webinar concluded with insights from Ali AlMahroos, Corporate Services Lead, KPMG in Bahrain, on certain key regulatory updates that need to be considered as a part of their restructuring and transformation journey, including areas pertaining to the recent announcements made by the Ministry on Industry, Commerce and Tourism on initiatives like ‘Ultimate Beneficial Owner (UBO)’ and the ‘Economic Substance Rules & Regulation’. Business owners and leaders need to ensure their compliance as they carefully consider their future journey towards recovery.
The virtual event took place online on Wednesday, 24 February 2021.
KPMG in Bahrain is a member firm of KPMG international. The firm was established in 1968 as the first national accounting and auditing firm, and it has grown to be one of the largest professional services firms in the Kingdom. The firm provides Audit, Tax and Advisory services to a wide array of clients operating in different sectors, by utilizing the in-depth technical and industry experience of its professional staff.
KPMG firms operate in 145 countries and territories, collectively employing more than 227,000 people, serving the needs of business, governments, public-sector agencies, not-for-profits and through KPMG firms’ audit and assurance practices, the capital markets. KPMG is committed to quality and service excellence in all that we do, bringing our best to clients and earning the public’s trust through our actions and behaviours both professionally and personally.