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REFILE-PJT Partners and deNovo team up for Middle East advisory services

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07/13/2020 | 05:50am EDT

DUBAI, July 13 (Reuters) - PJT Partners, a U.S.-based advisory-focused investment bank, has struck a partnership deal with deNovo Corporate Advisors, a Dubai-based advisory firm, deNovo said on Monday.

The two firms will jointly provide financial advisory services to clients in the Middle East, including large companies, sovereign wealth funds and family groups, as well as global firms looking to invest in the region.

Many companies in the region have sought restructuring options, as the double blow of the COVID-19 pandemic and crash in oil prices weigh on their ability to repay their debt.

The United Arab Emirates' central bank cautioned last week that companies may become distressed because of the virus outbreak and their debt servicing capacity was expected to deteriorate this year.

"This agreement will enable deNovo to broaden our global reach, better serve our clients' growing international advisory needs, and expand our regional product services in areas such as restructuring," deNovo's founder and executive chairman May Nasrallah said in a statement.

Paul J. Taubman, chairman and CEO of PJT, said the partnership would help his firm expand its relationship with clients in the Middle East.

"We look forward to bringing our full suite of advisory capabilities and leading restructuring expertise to more clients in the region," he said. (Reporting by Yousef Saba; Editing by Mark Potter)

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.94% 43.28 Delayed Quote.-34.20%
PJT PARTNERS INC. 2.05% 54.63 Delayed Quote.21.05%
WTI -1.07% 40.17 Delayed Quote.-34.56%
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