IslamicFinance.de

A number of financial institutions in the Middle East still try to recover from the effects of the global financial crisis. One of the most severely affected institutions was Gulf Finance House (GFH), which has been undergoing some radical restructuring over the last 12 months. Ted Pretty, brought in from Macquarie Capital in late 2009, has already slashed staffing costs by about 66%; sold off some of the company’s assets to realise much needed capital and restructured debt, giving the company more time to meet its debt obligations.