Dubai-based Private Equity firm Abraaj is in the process of being broken up after it's recent "spectacular collapse".
This article in the FT (requires a subscription) looks into what this says about management and governance in the region.
Here at GatedTalent, we have a number of clients who operate in the Gulf, and a significant pool of executive members right across the region - the Emirates is ranked 19th in terms of numbers of our executive membership. We also have a number of senior executives in other parts of the world who have expressed an interest in relocating to that part of the world.
There's no question that the leadership is available - the question is if the business owners wish to take advantage of it!
Many experts have for years warned about weak standards of governance in a region where the private sector is dominated by powerful merchant families and wealthy individuals. Management teams are often loaded with relatives and individuals who sit across multiple boards. Businesses are averse to listing on stock markets, which would require them to open their books and provide greater transparency. Financial controls can be weak and banks have been criticised for lending to clients based on reputation.