GRAND OFFERING

LIFE WITHROTANA

FROM A TO C

MEETING OF MINDS

THE UAE’S NEXT BIG IPO

AN ANALYSIS OF THE CHIEF’S TRANSFORMATION

HEADS OF FINANCE LOCK ARMS

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JEAN HANNOUT’S PASSION FOR FINANCE

VOL. 1ISSUE 1

MANAGEMENTDominic De SousaChairman

Nadeem HoodGroup  CEO

Georgina O’HaraGroup  COO

EDITORIALGroup  Director  of  Editorial

Paul Godfreypaul.godfrey@cpimediagroup.com

+971 4 440 9105

Group  Managing  EditorMelanie Mingas

melanie.mingas@cpimediagroup.com+971 4 440 9152

Assistant  EditorSteven Pradia

steven.pradia@cpimediagroup.com+971 4 440 9114

ADVERTISINGPublishing  Director

Rajashree Rammohanraj.ram@cpimediagroup.com

+971 4 440 9131

Commercial  Director  -­  Business  DivisionChris Stevenson

chris.stevenson@cpimediagroup.com +971 4 440 9138

Media  Sales  ExecutiveEmma Hughes

emma.hughes@ cpimediagroup.com +971 4 440 9120

Event  Sponsorship  ManagerGill Fairclough

gill.fairclough@ cpimediagroup.com +971 4 440 9120

DESIGNHead  of  Design

Glenn Roxas

Senior  Graphic  DesignersFroilan Cosgafa IV

Cris MalapitanJohn Magno

Production  Manager James TharianData  Manager Rajeesh Melath

Printed byAl Ghurair Printing & Publishing LLC

Head O!cePO Box 13700, Dubai, UAE Tel: +971 (0) 4 440 9100 Fax: +971 (0) 4 447 2409

The function of the CFO has changed markedly in recent years. Beyond solely manning the firm’s financial reporting, audit and compliance, CFOs are advancing their respective positions by commanding a larger presence in the direction of company strategy, globalisation and portfolio management. CFO Magazine launches its inaugural issue during a time when the CFO’s position is redefining itself and with incredible results.

As the fallout from the recession eases yet holds the attention of a marketplace in fear of a double dip, tying an enterprise’s financials to its strategy has proven increasingly essential. A key alteration to a company’s agenda includes addressing new regulatory measures. Plus, with financial planning in mind, the economic downturn has additionally converted many of yesterday’s CFOs into leading global strategists.

To kick-start our coverage of this challenging remit, CFO cover subject Jean Hannout, Rotana’s Corporate VP of Finance, shares an exclusive interview with CFO Magazine, talking about the ways in which finance professionals are redefining their value. Hannout explains how the burgeoning hospitality concern he represents has grown to include 85 properties across the Middle East and in which ways Rotana’s aggressive stance will allow them to reach their goal of 100 Rotana branches by 2020.

With globalisation becoming a larger imperative for the role, it’s appropriate that brands are spreading their arms further afield in order to amass a wider international web and as a result key alliances are forming. This latest objective has catalysed the formation of a pioneering international CFO networking group. The third edition of the MECO CFO Conference met in Dubai in recent weeks with more than 200 finance industry professionals in tow. CFOs from industries as variant as finance, retail and trading were in attendance. The event is the first of its kind and a direct result of the continually advancing CFO landscape.

This shift in outlook is being met with a series of pressing questions. Whilst CFOs are increasingly being called upon to guide their companies in ways previously unforeseen, how are they creating new value for their company’s brand? Is new technology being properly factored into the discussion? How does CFO portfolio management address once unchartered facets of a company’s balance sheet? And with such a widening scope, what are the chief concerns of today’s CFO? A series of articles throughout the issue delve into answering these questions and more.

The CFO’s role is rapidly evolving before the world’s eyes: a very warm welcome to a new publication which sets out to be the champion of this new protocol.

Steven PradiaAssistant Editor

TALK TO US:

E-mail: steven.pradia@cpimediagroup.com Twitter: @cpilive

Facebook: www.facebook.com/CPILive LinkedIn group: ae.linkedin.com/in/cpidubai

© Copyright 2014 CPI. All rights reserved. While the publishers have made every e"ort to ensure the accuracy of all information in this magazine, they will not be held

responsible for any errors therein.

A NEW CHAMPION

MANAGEMENTDominic De SousaChairman

Nadeem HoodGroup  CEO

Georgina O’HaraGroup  COO

EDITORIALGroup  Director  of  Editorial

Paul Godfreypaul.godfrey@cpimediagroup.com

+971 4 440 9105

Group  Managing  EditorMelanie Mingas

melanie.mingas@cpimediagroup.com+971 4 440 9152

Assistant  EditorSteven Pradia

steven.pradia@cpimediagroup.com+971 4 440 9114

ADVERTISINGPublishing  Director

Rajashree Rammohanraj.ram@cpimediagroup.com

+971 4 440 9131

Commercial  Director  -­  Business  DivisionChris Stevenson

chris.stevenson@cpimediagroup.com +971 4 440 9138

Media  Sales  ExecutiveEmma Hughes

emma.hughes@ cpimediagroup.com +971 4 440 9120

Event  Sponsorship  ManagerGill Fairclough

gill.fairclough@ cpimediagroup.com +971 4 440 9120

DESIGNHead  of  Design

Glenn Roxas

Senior  Graphic  DesignersFroilan Cosgafa IV

Cris MalapitanJohn Magno

Production  Manager James TharianData  Manager Rajeesh Melath

Printed byAl Ghurair Printing & Publishing LLC

Head O!cePO Box 13700, Dubai, UAE Tel: +971 (0) 4 440 9100 Fax: +971 (0) 4 447 2409

The function of the CFO has changed markedly in recent years. Beyond solely manning the firm’s financial reporting, audit and compliance, CFOs are advancing their respective positions by commanding a larger presence in the direction of company strategy, globalisation and portfolio management. CFO Magazine launches its inaugural issue during a time when the CFO’s position is redefining itself and with incredible results.

As the fallout from the recession eases yet holds the attention of a marketplace in fear of a double dip, tying an enterprise’s financials to its strategy has proven increasingly essential. A key alteration to a company’s agenda includes addressing new regulatory measures. Plus, with financial planning in mind, the economic downturn has additionally converted many of yesterday’s CFOs into leading global strategists.

To kick-start our coverage of this challenging remit, CFO cover subject Jean Hannout, Rotana’s Corporate VP of Finance, shares an exclusive interview with CFO Magazine, talking about the ways in which finance professionals are redefining their value. Hannout explains how the burgeoning hospitality concern he represents has grown to include 85 properties across the Middle East and in which ways Rotana’s aggressive stance will allow them to reach their goal of 100 Rotana branches by 2020.

With globalisation becoming a larger imperative for the role, it’s appropriate that brands are spreading their arms further afield in order to amass a wider international web and as a result key alliances are forming. This latest objective has catalysed the formation of a pioneering international CFO networking group. The third edition of the MECO CFO Conference met in Dubai in recent weeks with more than 200 finance industry professionals in tow. CFOs from industries as variant as finance, retail and trading were in attendance. The event is the first of its kind and a direct result of the continually advancing CFO landscape.

This shift in outlook is being met with a series of pressing questions. Whilst CFOs are increasingly being called upon to guide their companies in ways previously unforeseen, how are they creating new value for their company’s brand? Is new technology being properly factored into the discussion? How does CFO portfolio management address once unchartered facets of a company’s balance sheet? And with such a widening scope, what are the chief concerns of today’s CFO? A series of articles throughout the issue delve into answering these questions and more.

The CFO’s role is rapidly evolving before the world’s eyes: a very warm welcome to a new publication which sets out to be the champion of this new protocol.

Steven PradiaAssistant Editor

TALK TO US:

E-mail: steven.pradia@cpimediagroup.com Twitter: @cpilive

Facebook: www.facebook.com/CPILive LinkedIn group: ae.linkedin.com/in/cpidubai

© Copyright 2014 CPI. All rights reserved. While the publishers have made every e"ort to ensure the accuracy of all information in this magazine, they will not be held

responsible for any errors therein.

A NEW CHAMPION

To facilitate and support our expansion drive for the coming years and to serve our

esteemed clients better we have moved to a fully-owned state-of-the-art office facility.

We stay committed to our vision to provide the best and most professional Accounting,

Audit, Business & Management Consulting services to all our valued clients.

OUR NEW ADDRESS:Level 15, Lake Central - At The Bay, Business Bay, Al Abraj Street, P.O. Box: 55535, Dubai, UAE

Tel: +971 4 276 2233, Fax: +971 4 422 1680, dubai@morisonmenon.com

BUILDING BE T TER BUSINESSES - GLOBALLY

www.morisonmenon.com - www.consultuae.com

We have moved to our newMiddle East Head Quarters in Business Bay.

Offices in UAE (Dubai, DAFZ, Abu Dhabi, JAFZ, RAK FZ, RAKIA, Sharjah), Oman, Qatar, India

1994 - 2014

CONTENTS

Infographic Analytics CFO Forum Technology10 12 14 20CFO - The new corporate leader

The need for market intelligence

MECA brings leading CFOs together in Dubai

Cloud computing is trending at an all-time high

16 24

26

ROTANA’SWORLD

Corporate Real Estate

Tasweek’s O!ering

The acclaimed hospitality provider continues to expand.

How CFOs are leveraging CRE

With an IPO on the horizon, CEO Masood Al Awar explains how the company has stayed ahead of the curve.

“It is important to be aggressive in your ambition and aspirations to propel your enterprise into success.”

CONTENTS

44

48

62

66

54 58 70

JohnVarghese

Financial Shades of Grey

Market Watch

TechTalk

Money Watch

CountdownQ4

Opinion

HLB Hamt’s Crystal Clear Priorities

Concerns of the modern- day CFO

The challenging role of forensic accountants

The best apps for prioritising your business

The landscape for the Dollar, Pound and Euro

A time characterised by its deafening pressures doesn’t have to be so challenging.

Geetu Ahuja of CIMA on the likely directions of tomorrow’s CFO.

Brand valuation Making tracks Personnel crunch Q&A30 34 38 42Quantifying the intangible

From Virgin Atlantic to Saudi industry.

An analysis of changes in employee retention rates.

SAP’s George Riding

“We are well equipped to meet the challenges presented by our clients.”

38

6434

CONTENTS

44

48

62

66

54 58 70

JohnVarghese

Financial Shades of Grey

Market Watch

TechTalk

Money Watch

CountdownQ4

Opinion

HLB Hamt’s Crystal Clear Priorities

Concerns of the modern- day CFO

The challenging role of forensic accountants

The best apps for prioritising your business

The landscape for the Dollar, Pound and Euro

A time characterised by its deafening pressures doesn’t have to be so challenging.

Geetu Ahuja of CIMA on the likely directions of tomorrow’s CFO.

Brand valuation Making tracks Personnel crunch Q&A30 34 38 42Quantifying the intangible

From Virgin Atlantic to Saudi industry.

An analysis of changes in employee retention rates.

SAP’s George Riding

“We are well equipped to meet the challenges presented by our clients.”

38

6434

10 www.thecfome.com

Innovation?

Stra

tegi

c pl

anni

ng?

Risk?

Profits?

CSO39%

COLLABORATIVE INFLUENCE

CPO24%

CEO 78%CFO 65%

Others 24%

CFO partners

hip with

: CFO partnership with:

CFO InfographicPROJECTIONS

SOURCES: EY’s CFO and beyond – The possibilities and pathways outside finance | IBM’s Pushing the frontiers | EY’s CFO Capital Confidence Barometer | Accenture’s The CFO as an architect of business value

CFO partnership with: CFO partners

hip with

:

Most influential

after the CEO

THE CFO

WITHIN THE C-SUITE46%

COO CIO25%

20%CHRO

C F O - T H E N E W C O

11

CFO InfographicPROJECTIONS

www.thecfome.com

CFOs ranked as the top four in The Wall Street Journal’s Best CFOs list Leading CFOs in the Middle East

Adel Al Wahedi, Abu Dhabi Ports

Company

Khaled El Chidiac Majid Al Futtaim

Ventures

Carol Tomé, Home Depot

Karen Hoguet, Macy’s

73%see lowering costs & increasing

productivity as a priority

29%of CFOs say increased global

political instability is their top risk

73% 61%will look at investing in analytics,

planning, budgeting and forecasting

44%say upgrading the skills of the

finance staff is a key focus

79%of CFOs agree that their financial expertise enables

them to be more in demand for board-level roles

2/3agree that the CFO has to act increasingly as

the face of company performance

61% are partnering effectively with

other enterprise functions

35% of CFOs in the Middle East and Africa are confident about credit availability

60% are providing insightful analytics

to the company

28% see slower growth in emerging markets as a key economic risk

PROMINENT CFOs

THE ROLE OF THE CFO

PREDICTIONS FOR THE FUTURE

Accenture’s Charting the path to growth | IBM’s The New Value Integrator – Insights from the Global Chief Financial O!cer Study | EY’s The DNA of the CFO – A study of what makes a chief financial o!cer 2010

R P O R A T E L E A D E R

Stacy Smith, Intel

Paul Clancy, Biogen Idec

are lowering costs and increasing productivity

13

Market IntelligenceANALYTICS

www.thecfome.com

managing such complexities. Businesses are constantly bombarded with market fluctuations and confusing external factors. The need of the hour is to integrate with internal financial and operational management to form decisions and opinions. Additionally, CFOs will have to justify decisions by modelling scenarios and with timely reporting.

Market intelligence provides the visibility needed to understand just how a CFO can channel his presence to stand up to the competition and be aware of the strategic shifts in the marketplace such as new or changed business relationships, products or prices.

The initial focus should be on highly competitive sectors which have strong levels of ecommerce transactions in which management intelligence can have a strong impact on their success. The CFO should work closely with the R&D team to analyse what can be deciphered from these markets and clients.

The next step would be to match and combine data from various retailers, providing analytics that far exceed what is available. Collecting information is a tedious task. Sometimes knocking on doors is necessary as one may only receive fabricated data through methods which don’t require face to face interaction. Often times, in order to truly penetrate the market and attain gainful knowledge, it is imperative to work at the field level.

It is important to understand the value of data within the ecommerce marketplace. It is

also a challenge to find ways to automate the collection and analysis of unstructured data. The data should be interpreted and organised in such a way that it actually improves business.

With the vast amount of data collected, companies can create an increasing number of analytical models and tools to provide higher levels of ecommerce marketplace intelligence. These tools will further the company’s capabilities to create a positive impact on the bottom line and truly help gain unique insight into the marketplace.

Identifying opportunityEvery piece of information has a prospective value which could prove beneficial for the company. A CFO has to identify the means of optimising this value into the most ideal terms at the most favourable price point.

A key determinant is to understand the company’s competitive edge in the market place. What advantages exist as compared to firms similar? Many CFOs consult with key suppliers to identify underlying opportunities. This is needed more so in the case of new products or services where the market has to be completely understood before testing the waters.

Decisions made early in the design process have a significant impact on the resulting product quality, cycle time and cost. As the development process forges ahead, it becomes increasingly difficult and costly to make design changes. It becomes crucial then, to gather as much

product, process and technical knowledge as possible early in the development process. Companies whose development plans are well aligned with their key suppliers can lessen their overall development time.

Discussions with marketing to identify the future product planning scenarios provide an additionally important source of opportunities. The following key questions need to be analysed – What technologies will become important? Which regions are forecast to highest sales? Which parts of the business are growing and which are shrinking? Through open discussions with marketing, a sense of growth opportunities and potential

CFOs have to keep themselves attuned to technical and technological upgrades in their specific industries. They should take the lead to apply analytics to meaningful operational decisions as well. This will help them strengthen ties throughout the business and expand influence outside core finance functions.

Staff management has also evolved as a prominent factor in the CFO remit. Teams and departments are streamlined and made smaller and more diverse, due to cost cutting. So it is vital to know who is more apt for which role and who is dispensable when downsizing.

CFOs who can bridge the gap between strategic and operational decision-making with analytical information, will be successful in driving the

goals. Modern day CFOs are

lines between ‘managing a business’ and ‘running a business’.

CFOs are expected to take prof-itability management to new levels and establish marketing as more than just a discretionary expense.

The survival of a company depends on the bottom line and as a result CFOs are expected to step up their involvement in order to ensure the firm’s endurance. The middle ground which CFOs have more commonly occupied alongside CEOs emanates from the need for transparency with regard to issues such as corporate governance, risk management and the maintenance of effective systems. Increased scrutiny of revenue and profits (in addition to every expense in between) has transformed CFOs from custodian of the balance sheet to the savior of a company’s reputation.

The primary function of the CFO is to ensure that the company remains financially sound and can continually meet its obligations. Looked upon as the ‘guardian of the books’, this responsibility has undoubtedly

remained as imperative today as ever before. Yet the role of the modern CFO has evolved into a wider and more generic range of responsibilities which require the expansion of the CFO’s forte to include fields beyond merely the bare financials.

In order to cater to the unprecedented and ever changing business environment, CFOs have to be familiar with market trends, threats from competitors and which avenues are ripe with new opportunities. They have to work hand in hand with management on budgeting, forecasting and financial reporting. The sustenance of any company depends on how well the CFO steers it in times of high volatility.

Converting data into insightSome of the most testing and

THE NEED FOR MARKET INTELLIGENCE CFOs are being called upon to understand a much wider swathe of their respective enterprises in order to achieve continued growth. Implementing market intelligence is a key step to laying a proper foundation for achieving a better strategic focus.

rampant problems CFOs face are shrinking revenues, limited funding, cautious investors and increased public scrutiny of financial performance. This has forced many CFOs to confront media and stakeholder attention and communicate results to the public. They are also expected to reassure investors and analysts on the company’s behalf. They should convince internal stakeholders and employees on the strategy and financial performance. They should be transparent with information whilst defending business decisions and strategies undertaken by the company.

CFOs are expected to take profitability management to new levels and establish marketing as more than just a discretionary expense. Vital information and management skills are important when

12

Market IntelligenceANALYTICS

www.thecfome.com

The CFO’s forte includes ÁIPHW�FI]SRH�QIVIP]�XLI�FEVI�ÁRERGMEPW�

13

Market IntelligenceANALYTICS

www.thecfome.com

managing such complexities. Businesses are constantly bombarded with market fluctuations and confusing external factors. The need of the hour is to integrate with internal financial and operational management to form decisions and opinions. Additionally, CFOs will have to justify decisions by modelling scenarios and with timely reporting.

Market intelligence provides the visibility needed to understand just how a CFO can channel his presence to stand up to the competition and be aware of the strategic shifts in the marketplace such as new or changed business relationships, products or prices.

The initial focus should be on highly competitive sectors which have strong levels of ecommerce transactions in which management intelligence can have a strong impact on their success. The CFO should work closely with the R&D team to analyse what can be deciphered from these markets and clients.

The next step would be to match and combine data from various retailers, providing analytics that far exceed what is available. Collecting information is a tedious task. Sometimes knocking on doors is necessary as one may only receive fabricated data through methods which don’t require face to face interaction. Often times, in order to truly penetrate the market and attain gainful knowledge, it is imperative to work at the field level.

It is important to understand the value of data within the ecommerce marketplace. It is

also a challenge to find ways to automate the collection and analysis of unstructured data. The data should be interpreted and organised in such a way that it actually improves business.

With the vast amount of data collected, companies can create an increasing number of analytical models and tools to provide higher levels of ecommerce marketplace intelligence. These tools will further the company’s capabilities to create a positive impact on the bottom line and truly help gain unique insight into the marketplace.

Identifying opportunityEvery piece of information has a prospective value which could prove beneficial for the company. A CFO has to identify the means of optimising this value into the most ideal terms at the most favourable price point.

A key determinant is to understand the company’s competitive edge in the market place. What advantages exist as compared to firms similar? Many CFOs consult with key suppliers to identify underlying opportunities. This is needed more so in the case of new products or services where the market has to be completely understood before testing the waters.

Decisions made early in the design process have a significant impact on the resulting product quality, cycle time and cost. As the development process forges ahead, it becomes increasingly difficult and costly to make design changes. It becomes crucial then, to gather as much

product, process and technical knowledge as possible early in the development process. Companies whose development plans are well aligned with their key suppliers can lessen their overall development time.

Discussions with marketing to identify the future product planning scenarios provide an additionally important source of opportunities. The following key questions need to be analysed – What technologies will become important? Which regions are forecast to highest sales? Which parts of the business are growing and which are shrinking? Through open discussions with marketing, a sense of growth opportunities and potential

CFOs have to keep themselves attuned to technical and technological upgrades in their specific industries. They should take the lead to apply analytics to meaningful operational decisions as well. This will help them strengthen ties throughout the business and expand influence outside core finance functions.

Staff management has also evolved as a prominent factor in the CFO remit. Teams and departments are streamlined and made smaller and more diverse, due to cost cutting. So it is vital to know who is more apt for which role and who is dispensable when downsizing.

CFOs who can bridge the gap between strategic and operational decision-making with analytical information, will be successful in driving the

goals. Modern day CFOs are

lines between ‘managing a business’ and ‘running a business’.

CFOs are expected to take prof-itability management to new levels and establish marketing as more than just a discretionary expense.

The survival of a company depends on the bottom line and as a result CFOs are expected to step up their involvement in order to ensure the firm’s endurance. The middle ground which CFOs have more commonly occupied alongside CEOs emanates from the need for transparency with regard to issues such as corporate governance, risk management and the maintenance of effective systems. Increased scrutiny of revenue and profits (in addition to every expense in between) has transformed CFOs from custodian of the balance sheet to the savior of a company’s reputation.

The primary function of the CFO is to ensure that the company remains financially sound and can continually meet its obligations. Looked upon as the ‘guardian of the books’, this responsibility has undoubtedly

remained as imperative today as ever before. Yet the role of the modern CFO has evolved into a wider and more generic range of responsibilities which require the expansion of the CFO’s forte to include fields beyond merely the bare financials.

In order to cater to the unprecedented and ever changing business environment, CFOs have to be familiar with market trends, threats from competitors and which avenues are ripe with new opportunities. They have to work hand in hand with management on budgeting, forecasting and financial reporting. The sustenance of any company depends on how well the CFO steers it in times of high volatility.

Converting data into insightSome of the most testing and

THE NEED FOR MARKET INTELLIGENCE CFOs are being called upon to understand a much wider swathe of their respective enterprises in order to achieve continued growth. Implementing market intelligence is a key step to laying a proper foundation for achieving a better strategic focus.

rampant problems CFOs face are shrinking revenues, limited funding, cautious investors and increased public scrutiny of financial performance. This has forced many CFOs to confront media and stakeholder attention and communicate results to the public. They are also expected to reassure investors and analysts on the company’s behalf. They should convince internal stakeholders and employees on the strategy and financial performance. They should be transparent with information whilst defending business decisions and strategies undertaken by the company.

CFOs are expected to take profitability management to new levels and establish marketing as more than just a discretionary expense. Vital information and management skills are important when

12

Market IntelligenceANALYTICS

www.thecfome.com

The CFO’s forte includes ÁIPHW�FI]SRH�QIVIP]�XLI�FEVI�ÁRERGMEPW�

15

which he is erecting to include an online and thus global platform, and a consistently growing interest across the Middle East, the MECA CFO Alliance possesses a wide berth for growth in the years ahead.

Said Sufi: “There is more trust for learning in this region. Here in this region we have a shortage of senior level finance professionals, so there is more demand and that is why I see more value coming out of MECA in this region. And as I have mentioned earlier, this networking initiative will not mean anything unless it creates professional development.”

CFO ForumMARKET OUTLOOK

44%

Left: Saleem Sufi Right: Abdulla

Al Gurg

A wide range of finance executives gathered for the MECA CFO Conference.

www.thecfome.com

“Networking initiatives will not mean anything unless they create professional development.”

that gave me the idea to start a mentorship programme. We launched the CFO Mentorship Programme earlier this year. We consulted our senior CFO members, and asked them if they’ll be willing to volunteer their time to coach and train younger finance professionals. I received a positive response from them and around 126 CFOs registered to offer their time to become mentors.”

As an active CFO, Sufi brings the right order of knowhow to the conference and has in a remarkably small window expanded to include three events a year. With the advent of the mentorship programme,

This year’s conference featured a panel dedicated to exploring the business possibilities which will exist for Dubai in the years ahead. “Dubai 2020: How Businesses are Adapting to Changing Dynamic and Emerging Opportunities” featured commentary from executives representing UAE Exchange, Jacky’s Electronics and Julius Baer private banking. The itinerary focused heavily on the mentorship alliance deliverables which MECA has been formed to provide.

Said Sufi: “My original idea was to start to bring these events at a broader level, and

14

In its sixth edition, the MECA CFO Leadership Conference gathered more than 200 CFOs and senior finance executives at the Jumeirah Beach Hotel in Dubai. Speakers included Abdulla Al Gurg, Group General Manager of Easa Saleh Al Gurg Group, Saleem Sufi, founder of MECA CFO Alliance and CFO of Intercos America and senior executive officer of DIFC for Standard Chartered Bank Tarek Anwar, in addition to others.

The MECA CFO Alliance has grown tremendously since

December 2012. Founder and

a key driving force behind

the Alliance’s aims to create a community for CFOs previously unforeseen, a desire he explains was driven by necessity.

“The primary reason was I was looking for networking opportunities myself and

platform for CFOs to connect with each other. And today this organisation is not an association, it’s a community. It

people. In a community there should be a purpose and the purpose from my point of view has always been networking for professional development and

CFO ForumMARKET OUTLOOK

CFOs GATHER IN DUBAINearing its 2nd anniversary, The MECA CFO Alliance hosted a number of CFOs for its Leadership Conference in Dubai.

www.thecfome.com

“This organisation is not an association, it’s a community. It is a community of senior finance people.”

15

which he is erecting to include an online and thus global platform, and a consistently growing interest across the Middle East, the MECA CFO Alliance possesses a wide berth for growth in the years ahead.

Said Sufi: “There is more trust for learning in this region. Here in this region we have a shortage of senior level finance professionals, so there is more demand and that is why I see more value coming out of MECA in this region. And as I have mentioned earlier, this networking initiative will not mean anything unless it creates professional development.”

CFO ForumMARKET OUTLOOK

44%

Left: Saleem Sufi Right: Abdulla

Al Gurg

A wide range of finance executives gathered for the MECA CFO Conference.

www.thecfome.com

“Networking initiatives will not mean anything unless they create professional development.”

that gave me the idea to start a mentorship programme. We launched the CFO Mentorship Programme earlier this year. We consulted our senior CFO members, and asked them if they’ll be willing to volunteer their time to coach and train younger finance professionals. I received a positive response from them and around 126 CFOs registered to offer their time to become mentors.”

As an active CFO, Sufi brings the right order of knowhow to the conference and has in a remarkably small window expanded to include three events a year. With the advent of the mentorship programme,

This year’s conference featured a panel dedicated to exploring the business possibilities which will exist for Dubai in the years ahead. “Dubai 2020: How Businesses are Adapting to Changing Dynamic and Emerging Opportunities” featured commentary from executives representing UAE Exchange, Jacky’s Electronics and Julius Baer private banking. The itinerary focused heavily on the mentorship alliance deliverables which MECA has been formed to provide.

Said Sufi: “My original idea was to start to bring these events at a broader level, and

14

In its sixth edition, the MECA CFO Leadership Conference gathered more than 200 CFOs and senior finance executives at the Jumeirah Beach Hotel in Dubai. Speakers included Abdulla Al Gurg, Group General Manager of Easa Saleh Al Gurg Group, Saleem Sufi, founder of MECA CFO Alliance and CFO of Intercos America and senior executive officer of DIFC for Standard Chartered Bank Tarek Anwar, in addition to others.

The MECA CFO Alliance has grown tremendously since

December 2012. Founder and

a key driving force behind

the Alliance’s aims to create a community for CFOs previously unforeseen, a desire he explains was driven by necessity.

“The primary reason was I was looking for networking opportunities myself and

platform for CFOs to connect with each other. And today this organisation is not an association, it’s a community. It

people. In a community there should be a purpose and the purpose from my point of view has always been networking for professional development and

CFO ForumMARKET OUTLOOK

CFOs GATHER IN DUBAINearing its 2nd anniversary, The MECA CFO Alliance hosted a number of CFOs for its Leadership Conference in Dubai.

www.thecfome.com

“This organisation is not an association, it’s a community. It is a community of senior finance people.”

17

Jean Hannout INTERVIEW

www.thecfome.com

What  attracted  you  to  

Even as a junior student, I have always had this passion for using numbers to derive decisions.

during my studies; accounting was my nightmare until I practiced it. Since then, I have been doing my best to merge

control. Once you manage that, it is easy to raise the interest of the colleagues and drive results through them.

I graduated with a BS in business administration. I

& Loss meeting with the team of department heads, how anxious they looked at the outset. Now, with each passing month, they have become experts in giving

I was lucky to be selected as a

Intercontinental which was one of the busiest hotels in Dubai back in 1998. This is where I had to learn to do things myself under a very busy operation. Relieving every position under

took over all the operations myself. This two-year exercise

was the sound base that helped me launch my career. Furthermore my eagerness to take over challenges in various environments such as in new regions and new hotel openings have helped me a lot in grooming my career.

I also spent two years in Nigeria helping establish a hotel there. Initially, I faced a lot of resistance as an outsider on their turf. But soon they opened up to me and we built a 565-room hotel with just 165 employees. It was called EKO Meridien and was rated as one of the

world. What I learned from this experience is that camaraderie with your colleagues is as important as establishing control and procedure.

After initially working in the hospitality sector I later moved into trading. Soon, I realized that

calling and that is where I want to shape my career. Observing Rotana’s fast expansion, I took up the challenge and joined this leading hospitality management company as the director of

Beach Rotana Abu Dhabi. That was back in 2007 which was a

booming year for the hospitality sector in the UAE. In 2008, we managed to achieve the best revenue in the hotel’s history.

I expressed my desire to manage

and then move on to handle the areas of Abu Dhabi and Al Ain. With eight hotels under my portfolio it was a very challenging

factor which fueled this career move; being at the right place in the right time with Rotana was another. Rotana is a company that believes in every single colleague’s strengths, abilities and skills. It provides the opportunity to develop a successful career for every employee. The fast expansion of the company needed a certain driving force from a

and I felt I was the person to helm that change.

In order to ensure our brand is delivered with consistency and integrity we have instilled a set

16

Jean Hannout INTERVIEW

www.thecfome.com

ROTANA’SWORLDWhen Jean Hannout joined the realm of Rotana as Corporate VP of Finance, the hotel chain was a brand just gaining a foothold in the market. Today with Rotana locations dotting the Emirates, the name has become synonymous with high-end hospitality in the UAE.

Hannout sat with CFO magazine and shared his passionate approach to establishing !nancial control as well as the importance of being aggressive.

Jean Hannout, Corporate VP of Finance, Rotana

17

Jean Hannout INTERVIEW

www.thecfome.com

What  attracted  you  to  

Even as a junior student, I have always had this passion for using numbers to derive decisions.

during my studies; accounting was my nightmare until I practiced it. Since then, I have been doing my best to merge

control. Once you manage that, it is easy to raise the interest of the colleagues and drive results through them.

I graduated with a BS in business administration. I

& Loss meeting with the team of department heads, how anxious they looked at the outset. Now, with each passing month, they have become experts in giving

I was lucky to be selected as a

Intercontinental which was one of the busiest hotels in Dubai back in 1998. This is where I had to learn to do things myself under a very busy operation. Relieving every position under

took over all the operations myself. This two-year exercise

was the sound base that helped me launch my career. Furthermore my eagerness to take over challenges in various environments such as in new regions and new hotel openings have helped me a lot in grooming my career.

I also spent two years in Nigeria helping establish a hotel there. Initially, I faced a lot of resistance as an outsider on their turf. But soon they opened up to me and we built a 565-room hotel with just 165 employees. It was called EKO Meridien and was rated as one of the

world. What I learned from this experience is that camaraderie with your colleagues is as important as establishing control and procedure.

After initially working in the hospitality sector I later moved into trading. Soon, I realized that

calling and that is where I want to shape my career. Observing Rotana’s fast expansion, I took up the challenge and joined this leading hospitality management company as the director of

Beach Rotana Abu Dhabi. That was back in 2007 which was a

booming year for the hospitality sector in the UAE. In 2008, we managed to achieve the best revenue in the hotel’s history.

I expressed my desire to manage

and then move on to handle the areas of Abu Dhabi and Al Ain. With eight hotels under my portfolio it was a very challenging

factor which fueled this career move; being at the right place in the right time with Rotana was another. Rotana is a company that believes in every single colleague’s strengths, abilities and skills. It provides the opportunity to develop a successful career for every employee. The fast expansion of the company needed a certain driving force from a

and I felt I was the person to helm that change.

In order to ensure our brand is delivered with consistency and integrity we have instilled a set

16

Jean Hannout INTERVIEW

www.thecfome.com

ROTANA’SWORLDWhen Jean Hannout joined the realm of Rotana as Corporate VP of Finance, the hotel chain was a brand just gaining a foothold in the market. Today with Rotana locations dotting the Emirates, the name has become synonymous with high-end hospitality in the UAE.

Hannout sat with CFO magazine and shared his passionate approach to establishing !nancial control as well as the importance of being aggressive.

Jean Hannout, Corporate VP of Finance, Rotana

www.thecfome.com 19

Jean Hannout

proper accounting system from the outset helps you avoid undetected mistakes over the years. A few of those main mistakes are not balancing your bank accounts, neglecting your receivables, lacking in the

statements, and inconsistency.

Where  does  Rotana  stand  now?  What  does  it  hope  to  achieve  in  the  future?  Rotana is very aggressive in its stance to compete with the hotels which exist in the big leagues. It is important to be aggressive in your ambition and aspirations to propel your enterprise into success.

Today, as the leading hotel management company in the region, we have a portfolio of 85 properties across the Middle East, Africa, South Asia and Eastern Europe. We cater to all segments of society under the umbrella of Rotana Hotels & Resorts by offering something for every type and level of traveler. For instance, Arjaan Hotel Apartments are developed for both long term guests and families; Centro Hotels meet the demands of the new generation of travellers seeking

reasonable rates; Rayhaan Hotels & Resorts, our dry hotel’s brand, respects the beliefs and culture of our guests whilst fostering the image of new Arabia in today’s world; and The Residences by Rotana are geared for longer stays, focusing on guests looking for a permanent home within their country of residence.

Our strategic goal is to operate 100 hotels by 2020. We have announced earlier the opening of our new hotels in Turkey, Erbil, Jordan and Qatar and lately the signing of 10 new hotels in the UAE, Iran, Tanzania and Sudan.

INTERVIEW

www.thecfome.com18

Jean Hannout

of values that clearly represent our character. Our team strives to live these values every day. We call this The Rotana Life.

L stands for Long-term – this represents our commitment to create and nurture lifelong relationships with owners and partners, colleagues and guests. We are focused on delivering moments that will be remembered for years to come.

I stands for Innovation – this is symbolised by us acknowledging that each one of our owners and partners, colleagues and guests is different. We respond accordingly by striving to create new ways to meet their individual needs.

F stands for Friendly – this represents Rotana’s value to share our passion to serve and provide an experience that is genuine and above all neighbourly. We always have time for our owners and partners, colleagues and guests, just as we would offer a friend.

E stands for Ethical – this is for treating our owners and partners, colleagues and guests with the utmost respect. We act with integrity every day, in each moment, in every way.

How  do  you  ensure  a  happy  clientele  in  an  industry  which  is  dedicated  to  the  satisfaction  of  its  consumers?Clients are external and internal. I have minimal exposure with our guests, however I try to maintain a good rapport with some of the main solution providers such as the credit card companies, system providers, insurance companies, suppliers, and others. I try to keep everyone connected by meeting in order to spotlight new trends which relate

to hospitality.Though innovation is the need

of the hour, I personally prefer the conventional methods of establishing relationships. With so much widespread automation being implemented in the hotel industry, the friendly touch is diminishing. At Rotana we don’t encourage self kiosks and automated services much. We give more prominence to interpersonal interactions.

What  types  of  challenges  do  you  face  in  such  a  competitive  sector?In order to lead in competitive markets like Dubai and Abu Dhabi, you have to juggle with two essential balls: quality and pricing, meanwhile keeping a very close eye on the competition.

If you drop one you are surely no longer competing and this is a well-known fact.

How  have  accounting  methods  and  techniques  changed  over  the  years?I don’t think the various changes in some of the accounting principles are what matters. It is the way of communicating the implication of accounting transactions to stakeholders which has evolved over the years.

industry. In certain hotel chains they are called business support managers. Financiers are moving from the image of introverted

engaged in the understanding and management of the operations.

What  are  the  pitfalls  you  have  encoutered  in  the  accounting  process?Accounting in principle is easy. However, setting up a

Beach Rotana, Abu Dhabi

“You have to juggle with two essential balls: quality and pricing.”

INTERVIEW

www.thecfome.com 19

Jean Hannout

proper accounting system from the outset helps you avoid undetected mistakes over the years. A few of those main mistakes are not balancing your bank accounts, neglecting your receivables, lacking in the

statements, and inconsistency.

Where  does  Rotana  stand  now?  What  does  it  hope  to  achieve  in  the  future?  Rotana is very aggressive in its stance to compete with the hotels which exist in the big leagues. It is important to be aggressive in your ambition and aspirations to propel your enterprise into success.

Today, as the leading hotel management company in the region, we have a portfolio of 85 properties across the Middle East, Africa, South Asia and Eastern Europe. We cater to all segments of society under the umbrella of Rotana Hotels & Resorts by offering something for every type and level of traveler. For instance, Arjaan Hotel Apartments are developed for both long term guests and families; Centro Hotels meet the demands of the new generation of travellers seeking

reasonable rates; Rayhaan Hotels & Resorts, our dry hotel’s brand, respects the beliefs and culture of our guests whilst fostering the image of new Arabia in today’s world; and The Residences by Rotana are geared for longer stays, focusing on guests looking for a permanent home within their country of residence.

Our strategic goal is to operate 100 hotels by 2020. We have announced earlier the opening of our new hotels in Turkey, Erbil, Jordan and Qatar and lately the signing of 10 new hotels in the UAE, Iran, Tanzania and Sudan.

INTERVIEW

www.thecfome.com18

Jean Hannout

of values that clearly represent our character. Our team strives to live these values every day. We call this The Rotana Life.

L stands for Long-term – this represents our commitment to create and nurture lifelong relationships with owners and partners, colleagues and guests. We are focused on delivering moments that will be remembered for years to come.

I stands for Innovation – this is symbolised by us acknowledging that each one of our owners and partners, colleagues and guests is different. We respond accordingly by striving to create new ways to meet their individual needs.

F stands for Friendly – this represents Rotana’s value to share our passion to serve and provide an experience that is genuine and above all neighbourly. We always have time for our owners and partners, colleagues and guests, just as we would offer a friend.

E stands for Ethical – this is for treating our owners and partners, colleagues and guests with the utmost respect. We act with integrity every day, in each moment, in every way.

How  do  you  ensure  a  happy  clientele  in  an  industry  which  is  dedicated  to  the  satisfaction  of  its  consumers?Clients are external and internal. I have minimal exposure with our guests, however I try to maintain a good rapport with some of the main solution providers such as the credit card companies, system providers, insurance companies, suppliers, and others. I try to keep everyone connected by meeting in order to spotlight new trends which relate

to hospitality.Though innovation is the need

of the hour, I personally prefer the conventional methods of establishing relationships. With so much widespread automation being implemented in the hotel industry, the friendly touch is diminishing. At Rotana we don’t encourage self kiosks and automated services much. We give more prominence to interpersonal interactions.

What  types  of  challenges  do  you  face  in  such  a  competitive  sector?In order to lead in competitive markets like Dubai and Abu Dhabi, you have to juggle with two essential balls: quality and pricing, meanwhile keeping a very close eye on the competition.

If you drop one you are surely no longer competing and this is a well-known fact.

How  have  accounting  methods  and  techniques  changed  over  the  years?I don’t think the various changes in some of the accounting principles are what matters. It is the way of communicating the implication of accounting transactions to stakeholders which has evolved over the years.

industry. In certain hotel chains they are called business support managers. Financiers are moving from the image of introverted

engaged in the understanding and management of the operations.

What  are  the  pitfalls  you  have  encoutered  in  the  accounting  process?Accounting in principle is easy. However, setting up a

Beach Rotana, Abu Dhabi

“You have to juggle with two essential balls: quality and pricing.”

INTERVIEW

21

of making a large up-front investment in IT infrastructure, staff, and resources, customers rent computer capacity, saving the CAPEX budget for revenue-generating efforts. Cloud offerings such as Oracle Cloud Services, for example, offer a manageable operating cost that can be scaled up or down based on need.

Cloud computing reduces the cost of hiring, training, and managing IT staff. Managers are also able to reduce their spending on tech solutions. In the end, this means managers spend less time working on IT and more time thinking about the business.

When enterprise IT is managed by a cloud service,

it is faster to implement and easier to change. This helps companies go about their business more quickly and reduces long-term costs.

Despite the vast number of advantages, there are a few pitfalls which may impact those relying too heavily on the cloud. Security is the biggest concern due to a company essentially giving away private data and information in order to participate. Privacy concerns exist hand in hand with companies having their security exposed in the cloud. A large scale dose of trust must exist due to users needing to believe that their cloud service vendors will protect their data from unauthorised users.

Another major disadvantage is the implicit dependency on the provider which companies

and sometimes impossible, to migrate from a provider once you have used its service. If you wish to switch to a different provider, it can be incredibly cumbersome to transfer huge data from the old provider to the new one.

The entire setup is dependent on internet access, thus any network or connectivity problems present will render the setup useless. All systems may face dysfunctional behavior from time to time. Outage and downtime is

cloud service providers. Since the applications and

services run on remote, third-party virtual environments, companies and users have limited control over the function and execution of the hardware and software. Moreover, since remote software is being used, it usually lacks the features of an application running locally.

Riding the CloudTECHNOLOGY

www.thecfome.com

Sajeev K. Perunnelly, Alpha Data

public cloud offerings of local and internationally prominent players. Banking and telecom sector enterprises are large enough to build their own private cloud infrastructure.”

Configuring the cloud Cloud computing is evolving at a rapid rate and with good reason. Companies of all shapes and sizes are adapting to this new technology due to a number of reasons.

With economic instability and reductions in capital expenditure (CAPEX) budgets, CFOs are keen to trade owned IT costs for solutions that can be logged as operating expenditures (OPEX). With cloud computing, instead

With economic instability and reductions in capital expenditure (CAPEX) budgets, CFOs are keen to trade owned IT costs.

20

The principles of accounting haven’t altered much over the past 500 years. Over the last few decades however, the needs of businesses have changed dramatically. The explosion of information requirements, the changing global economic landscape, the evolving regulatory and competitive environment, and the rapid adoption of the internet and mobile technologies has led to a need for smarter and faster systems to keep pace with the

systems have been opened to meet the demand.

management architecture

enables businesses to address current challenges with precision. This virtual advent provides on-premises accounting systems at its core while also offering improved business insight, increased agility, and the strengthening of internal controls.

has a particular responsibility which include the funding of departmental budgets, the investment of a company’s capital, and the adherence to strict compliance rules. And

say on major IT investments,

decision makers should additionally have a grasp on

computing. “Based on many recent analyst

reports, a cloud computing model helps customers save up to 50 to 67% in the life cycle costs of computer equipment and infrastructure. It also delivers greater investment returns and shorter payback periods when compared to traditional on-premises delivery options,” says Sajeev K. Perunnelly, division manager at Alpha Data. “Government and public sector customers are compelled to move towards a government initiated community cloud model while small and medium business will greatly gravitate towards

Riding the CloudTECHNOLOGY

www.thecfome.com

Cloud computing is o!ering the world a number of advantages which are streamlining business practices. By helping to cut costs and centralise a company’s data, more and more enterprises are turning to the service. Despite the advance of the trend however, a range of quirks and gaps in the cloud are worth understanding before jumping aboard.

RIDINGTHECLOUD

STAT FACTS

$620mMENA cloud industry’s estimated value

21

of making a large up-front investment in IT infrastructure, staff, and resources, customers rent computer capacity, saving the CAPEX budget for revenue-generating efforts. Cloud offerings such as Oracle Cloud Services, for example, offer a manageable operating cost that can be scaled up or down based on need.

Cloud computing reduces the cost of hiring, training, and managing IT staff. Managers are also able to reduce their spending on tech solutions. In the end, this means managers spend less time working on IT and more time thinking about the business.

When enterprise IT is managed by a cloud service,

it is faster to implement and easier to change. This helps companies go about their business more quickly and reduces long-term costs.

Despite the vast number of advantages, there are a few pitfalls which may impact those relying too heavily on the cloud. Security is the biggest concern due to a company essentially giving away private data and information in order to participate. Privacy concerns exist hand in hand with companies having their security exposed in the cloud. A large scale dose of trust must exist due to users needing to believe that their cloud service vendors will protect their data from unauthorised users.

Another major disadvantage is the implicit dependency on the provider which companies

and sometimes impossible, to migrate from a provider once you have used its service. If you wish to switch to a different provider, it can be incredibly cumbersome to transfer huge data from the old provider to the new one.

The entire setup is dependent on internet access, thus any network or connectivity problems present will render the setup useless. All systems may face dysfunctional behavior from time to time. Outage and downtime is

cloud service providers. Since the applications and

services run on remote, third-party virtual environments, companies and users have limited control over the function and execution of the hardware and software. Moreover, since remote software is being used, it usually lacks the features of an application running locally.

Riding the CloudTECHNOLOGY

www.thecfome.com

Sajeev K. Perunnelly, Alpha Data

public cloud offerings of local and internationally prominent players. Banking and telecom sector enterprises are large enough to build their own private cloud infrastructure.”

Configuring the cloud Cloud computing is evolving at a rapid rate and with good reason. Companies of all shapes and sizes are adapting to this new technology due to a number of reasons.

With economic instability and reductions in capital expenditure (CAPEX) budgets, CFOs are keen to trade owned IT costs for solutions that can be logged as operating expenditures (OPEX). With cloud computing, instead

With economic instability and reductions in capital expenditure (CAPEX) budgets, CFOs are keen to trade owned IT costs.

20

The principles of accounting haven’t altered much over the past 500 years. Over the last few decades however, the needs of businesses have changed dramatically. The explosion of information requirements, the changing global economic landscape, the evolving regulatory and competitive environment, and the rapid adoption of the internet and mobile technologies has led to a need for smarter and faster systems to keep pace with the

systems have been opened to meet the demand.

management architecture

enables businesses to address current challenges with precision. This virtual advent provides on-premises accounting systems at its core while also offering improved business insight, increased agility, and the strengthening of internal controls.

has a particular responsibility which include the funding of departmental budgets, the investment of a company’s capital, and the adherence to strict compliance rules. And

say on major IT investments,

decision makers should additionally have a grasp on

computing. “Based on many recent analyst

reports, a cloud computing model helps customers save up to 50 to 67% in the life cycle costs of computer equipment and infrastructure. It also delivers greater investment returns and shorter payback periods when compared to traditional on-premises delivery options,” says Sajeev K. Perunnelly, division manager at Alpha Data. “Government and public sector customers are compelled to move towards a government initiated community cloud model while small and medium business will greatly gravitate towards

Riding the CloudTECHNOLOGY

www.thecfome.com

Cloud computing is o!ering the world a number of advantages which are streamlining business practices. By helping to cut costs and centralise a company’s data, more and more enterprises are turning to the service. Despite the advance of the trend however, a range of quirks and gaps in the cloud are worth understanding before jumping aboard.

RIDINGTHECLOUD

STAT FACTS

$620mMENA cloud industry’s estimated value

THE MIDDLE EAST ACCOUNTANCYAND FINANCE EXCELLENCE AWARDSWEDNESDAY 10 DECEMBER 2014AT THE JUMEIRAH BEACH HOTEL, DUBAI

ACCOUNTING FOR EXCELLENCE

Once again, the very best talent in the world of accountancy and fi nance will be celebrated by ICAEW at a stellar awards ceremony.

ICAEW is a professional membership organisation supporting over 142,000 chartered accountants around the world. And, on Wednesday 10 December 2014, at the Jumeirah Beach Hotel in Dubai, we’ll be recognising excellence in ten categories featuring: Business Leader of the Year, CFO of the Year, Corporate Finance Deal of the Year and the Internal Audit Excellence Award.

With an impressive line-up of speakers, special guests and entertainment, it all adds up to a trulymemorable evening.

To submit a nomination or for more information, visit icaew.com/middleeastawards

Nominations close on 1 October 2014

A WORLD LEADER OF THE ACCOUNTANCY AND FINANCE PROFESSION

400595_ICAEW_MiddleEast2014_Ad_NBAD_DEVERE_207x270_AW_3.indd 1 27/08/2014 15:41

22

The Cloud in the UAE Many CIOs in the country are seeking cloud based solutions to provide the performance, scalability and accessibility demand, which has led to increased awareness of the opportunities offered by cloud computing.

“Customers in the UAE have realised that the change to the cloud is inevitable. The question today is not whether to change or not, but how soon,” poses Perunnelly. “Infrastructure as a service (IaaS) has been very popular among customers who are in the initial stages of consuming public cloud solutions. Microsoft has been successful to a large extent in positioning their cloud solutions

online services and Azure, in the top bracket. In software, early adopters such as salesforce.com have made good inroads into customers’ cloud strategy. Many additional organisations will start evaluating and considering software as a service in the areas of CRM, HRMS, incentives and compensation applications, big data and analytics, etc.”

“The UAE has been at the forefront of Business Analytics and big data adoption in the Middle East with over 40% of CIOs in the country planning investments in these sectors. With ever increasing demands and expectations of customers and citizens, big data and analytics will be the key to success in the areas of government services and population statistics, health care, retail, banking and telecom.”

“High competition, dramatic increase in claim events and

have forced many demanding industries like health care insurance providers to follow alternative approaches to conventional methods of delivering IT services to their internal as well as external customers,” he says.

Many organisations in the UAE now want to take advantage of the major cloud

of IT resources, shared resource usage, and the ability to monitor usage. According to

Data Corporation (IDC) total spending on cloud delivery in the UAE is expected to record

on year. IDC states that growth is happening in the private cloud, but expects public cloud to catch up in the near future as more and more global providers begin to push their offerings aggressively in the region.

Only a handful of organisations in the UAE have gone the full distance in terms of converting these highly virtualised environments to

deployments. Switching to the cloud The very idea of another system overhaul can terrify

ultimately, this transition is easier and more cost-effective than continuing to operate an obsolete ERP system whose annual maintenance cost runs

system cost. Because cloud services are typically sold on a subscription/contract basis, spending is redirected from capital acquisition to pay-as-you-go operations.

Organisations should look for the right opportunity to change

systems to cloud-based systems. They should seriously consider switching to the cloud if they have a pending ERP upgrade, a change in company leadership or strategy, a merger or acquisition, or any changes that require an accounting reformat, new regulatory requirements, or a need for improved governance.

www.thecfome.com

Riding the Cloud

“The UAE has been at the forefront of BA and big data adoption in the Middle East with over 40% of CIOs in the country planning investments in these sectors.”

TECHNOLOGY

THE MIDDLE EAST ACCOUNTANCYAND FINANCE EXCELLENCE AWARDSWEDNESDAY 10 DECEMBER 2014AT THE JUMEIRAH BEACH HOTEL, DUBAI

ACCOUNTING FOR EXCELLENCE

Once again, the very best talent in the world of accountancy and fi nance will be celebrated by ICAEW at a stellar awards ceremony.

ICAEW is a professional membership organisation supporting over 142,000 chartered accountants around the world. And, on Wednesday 10 December 2014, at the Jumeirah Beach Hotel in Dubai, we’ll be recognising excellence in ten categories featuring: Business Leader of the Year, CFO of the Year, Corporate Finance Deal of the Year and the Internal Audit Excellence Award.

With an impressive line-up of speakers, special guests and entertainment, it all adds up to a trulymemorable evening.

To submit a nomination or for more information, visit icaew.com/middleeastawards

Nominations close on 1 October 2014

A WORLD LEADER OF THE ACCOUNTANCY AND FINANCE PROFESSION

400595_ICAEW_MiddleEast2014_Ad_NBAD_DEVERE_207x270_AW_3.indd 1 27/08/2014 15:41

22

The Cloud in the UAE Many CIOs in the country are seeking cloud based solutions to provide the performance, scalability and accessibility demand, which has led to increased awareness of the opportunities offered by cloud computing.

“Customers in the UAE have realised that the change to the cloud is inevitable. The question today is not whether to change or not, but how soon,” poses Perunnelly. “Infrastructure as a service (IaaS) has been very popular among customers who are in the initial stages of consuming public cloud solutions. Microsoft has been successful to a large extent in positioning their cloud solutions

online services and Azure, in the top bracket. In software, early adopters such as salesforce.com have made good inroads into customers’ cloud strategy. Many additional organisations will start evaluating and considering software as a service in the areas of CRM, HRMS, incentives and compensation applications, big data and analytics, etc.”

“The UAE has been at the forefront of Business Analytics and big data adoption in the Middle East with over 40% of CIOs in the country planning investments in these sectors. With ever increasing demands and expectations of customers and citizens, big data and analytics will be the key to success in the areas of government services and population statistics, health care, retail, banking and telecom.”

“High competition, dramatic increase in claim events and

have forced many demanding industries like health care insurance providers to follow alternative approaches to conventional methods of delivering IT services to their internal as well as external customers,” he says.

Many organisations in the UAE now want to take advantage of the major cloud

of IT resources, shared resource usage, and the ability to monitor usage. According to

Data Corporation (IDC) total spending on cloud delivery in the UAE is expected to record

on year. IDC states that growth is happening in the private cloud, but expects public cloud to catch up in the near future as more and more global providers begin to push their offerings aggressively in the region.

Only a handful of organisations in the UAE have gone the full distance in terms of converting these highly virtualised environments to

deployments. Switching to the cloud The very idea of another system overhaul can terrify

ultimately, this transition is easier and more cost-effective than continuing to operate an obsolete ERP system whose annual maintenance cost runs

system cost. Because cloud services are typically sold on a subscription/contract basis, spending is redirected from capital acquisition to pay-as-you-go operations.

Organisations should look for the right opportunity to change

systems to cloud-based systems. They should seriously consider switching to the cloud if they have a pending ERP upgrade, a change in company leadership or strategy, a merger or acquisition, or any changes that require an accounting reformat, new regulatory requirements, or a need for improved governance.

www.thecfome.com

Riding the Cloud

“The UAE has been at the forefront of BA and big data adoption in the Middle East with over 40% of CIOs in the country planning investments in these sectors.”

TECHNOLOGY

25

methods of finance include operating cash flows, property mortgages, leasing and sales/leasebacks. Use of real estate investment trusts, collateralised mortgage obligations and mortgage-backed securities were the lowest-ranked forms of financing.

The CRE function, therefore, should not only be technically competent but also take the relevant initiative when it comes to finding new opportunities for cost savings. Such areas of savings can include:

and equipment

expire and renegotiating them

consolidate holdings across the portfolio

Leasing your CRE

building reasonably well for ten years or more, ownership is generally more cost-effective than leasing. Ownership provides the company with interest and depreciation tax benefits. Overall ownership costs are not encumbered by a landlord/investor’s administrative burden or profit margin. Using its corporate credit, a company can usually place debt on a property at a lower interest rate than is available to commercial real estate companies or investors. Finally, at the end of the holding period the building’s residual value accrues to the corporate owner.

Alternately, a company can acquire an interest in real estate

through a capital lease or an operating lease. The lessee in a capital lease a) must reflect the subject property as an asset and a corresponding liability on company financial statements, and b) is generally deemed to be the owner for tax purposes and may be able to depreciate the property and deduct interest payments.

over a period of ownership, there are many reasons a company might prefer to acquire an interest in real estate through a lease, particularly an operating lease. Companies often prefer an operating lease because it allows them to avoid reporting building related assets and liabilities on their balance sheets. Reducing reported assets and liabilities can enhance key

notably return on assets, return on equity, and debt coverage ratios.

CFO’s role in CREThe CFO’s major concerns regarding real estate is that planning for CRE is rarely well integrated with corporate

is not equally important to all companies, of course. For a distributor, CRE may be a relatively straightforward matter of securing inexpensive warehouses. For others — including companies with a strategy that calls for expansion or cost cutting— real estate is a more complex and important consideration. Companies should also consider outsourcing extra CRE resources to generate a source of income.

A centralised CRE function can provide the CFO with the

real estate data necessary for managing corporate financial property. To do this in the most effective, efficient, value-added way, meetings should be held twice a month and include senior members of the business unit, the CRE and the CFO.

Other problems endured by the CFO include a lack of consolidated information about the company’s real estate holdings, and conflicts between the CRE strategies of business units due to a lack of coordination. Poorly managed CRE becomes a business risk. When facilities are acquired and operated by branch or field-level staff, companies often fail to conduct a rigorous assessment of potential legal liabilities or property-related hazards. They may even fail to develop contingencies, exposing themselves to risks such as disruption of operations, employee health and safety, and

To make the most of CRE, however, CFOs will have to guide their companies past a variety of obstacles, ranging from a fragmented management structure to a lack of accurate, consolidated information about the real

the company, this may call for a centralised structure, the use of technology and outsourcing, and a concerted effort to put real estate issues before the company’s strategic planners.

good CRE management is to free resources tied up in real estate and allow the CFO to reallocate them to revenue-generating areas of the business such as employees, sales and marketing, or manufacturing.

Corporate Real Estate

www.thecfome.com

MARKET WATCH

A company can usually place debt on a property at a lower interest rate than is available to commercial real estate companies or investors.

24

Corporate real estate (CRE) is often one of the largest items on a firm’s balance sheet, yet a concern which often receives little attention from the CFO. After all, this asset is typically managed by the company’s various operating units or by a separate real estate function. And unlike the supply chain or sales operations, its ability to change quickly and influence a company’s strategic goals is not always immediately apparent. CFOs are now taking a fresh look at CRE in terms of its commercial maintenance and viability as an asset. Under pressure to improve financial performance, many have concluded that real estate warrants significant personal

attention. As the CFO’s role has

expanded from the keeper of financial results to one that calls for deeper involvement in strategic planning, many finance executives are coming to recognise that an ill-conceived approach to CRE can hinder an ambitious growth plan or block efforts to reduce the company’s operation.

Capitalising on CREIdeally a CFO should use creative financial structuring to optimise their real estate portfolios. They can most effectively arrive at an optimal decision by considering three perspectives: the corporate real estate market, business

Corporate Real Estate

www.thecfome.com

MARKET WATCH

REAL ESTATE FINANCE

CFOs are !nding their roles becoming more entwined with their respective enterprises real estate strategies. With the advantages of controlling larger amounts of corporate real estate and the related pro!t margins in play, the housing market has ample reason to pique the interest of today’s leading CFOs.

unit needs, and investor preferences. After gathering the relevant information and evaluating the pros and cons of the full range of financial structures, the CFO should make a sound recommendation to the business unit and the finance department. The solution should be acceptable to the marketplace, provide flexibility in the event of an altered business model, and provide the space at the most reasonable cost.

Companies rely on internal financing (operating cash flows) and external financing such as long-term leasing, joint ventures, property mortgages and sale/leaseback arrangements. The top-ranked

CFOs are now taking a fresh look at CRE in terms of its commercial maintenance and viability as an asset.

HOW YOUR CRE CAN BE TURNED INTO A REVENUE GENERATING ASSET

25

methods of finance include operating cash flows, property mortgages, leasing and sales/leasebacks. Use of real estate investment trusts, collateralised mortgage obligations and mortgage-backed securities were the lowest-ranked forms of financing.

The CRE function, therefore, should not only be technically competent but also take the relevant initiative when it comes to finding new opportunities for cost savings. Such areas of savings can include:

and equipment

expire and renegotiating them

consolidate holdings across the portfolio

Leasing your CRE

building reasonably well for ten years or more, ownership is generally more cost-effective than leasing. Ownership provides the company with interest and depreciation tax benefits. Overall ownership costs are not encumbered by a landlord/investor’s administrative burden or profit margin. Using its corporate credit, a company can usually place debt on a property at a lower interest rate than is available to commercial real estate companies or investors. Finally, at the end of the holding period the building’s residual value accrues to the corporate owner.

Alternately, a company can acquire an interest in real estate

through a capital lease or an operating lease. The lessee in a capital lease a) must reflect the subject property as an asset and a corresponding liability on company financial statements, and b) is generally deemed to be the owner for tax purposes and may be able to depreciate the property and deduct interest payments.

over a period of ownership, there are many reasons a company might prefer to acquire an interest in real estate through a lease, particularly an operating lease. Companies often prefer an operating lease because it allows them to avoid reporting building related assets and liabilities on their balance sheets. Reducing reported assets and liabilities can enhance key

notably return on assets, return on equity, and debt coverage ratios.

CFO’s role in CREThe CFO’s major concerns regarding real estate is that planning for CRE is rarely well integrated with corporate

is not equally important to all companies, of course. For a distributor, CRE may be a relatively straightforward matter of securing inexpensive warehouses. For others — including companies with a strategy that calls for expansion or cost cutting— real estate is a more complex and important consideration. Companies should also consider outsourcing extra CRE resources to generate a source of income.

A centralised CRE function can provide the CFO with the

real estate data necessary for managing corporate financial property. To do this in the most effective, efficient, value-added way, meetings should be held twice a month and include senior members of the business unit, the CRE and the CFO.

Other problems endured by the CFO include a lack of consolidated information about the company’s real estate holdings, and conflicts between the CRE strategies of business units due to a lack of coordination. Poorly managed CRE becomes a business risk. When facilities are acquired and operated by branch or field-level staff, companies often fail to conduct a rigorous assessment of potential legal liabilities or property-related hazards. They may even fail to develop contingencies, exposing themselves to risks such as disruption of operations, employee health and safety, and

To make the most of CRE, however, CFOs will have to guide their companies past a variety of obstacles, ranging from a fragmented management structure to a lack of accurate, consolidated information about the real

the company, this may call for a centralised structure, the use of technology and outsourcing, and a concerted effort to put real estate issues before the company’s strategic planners.

good CRE management is to free resources tied up in real estate and allow the CFO to reallocate them to revenue-generating areas of the business such as employees, sales and marketing, or manufacturing.

Corporate Real Estate

www.thecfome.com

MARKET WATCH

A company can usually place debt on a property at a lower interest rate than is available to commercial real estate companies or investors.

24

Corporate real estate (CRE) is often one of the largest items on a firm’s balance sheet, yet a concern which often receives little attention from the CFO. After all, this asset is typically managed by the company’s various operating units or by a separate real estate function. And unlike the supply chain or sales operations, its ability to change quickly and influence a company’s strategic goals is not always immediately apparent. CFOs are now taking a fresh look at CRE in terms of its commercial maintenance and viability as an asset. Under pressure to improve financial performance, many have concluded that real estate warrants significant personal

attention. As the CFO’s role has

expanded from the keeper of financial results to one that calls for deeper involvement in strategic planning, many finance executives are coming to recognise that an ill-conceived approach to CRE can hinder an ambitious growth plan or block efforts to reduce the company’s operation.

Capitalising on CREIdeally a CFO should use creative financial structuring to optimise their real estate portfolios. They can most effectively arrive at an optimal decision by considering three perspectives: the corporate real estate market, business

Corporate Real Estate

www.thecfome.com

MARKET WATCH

REAL ESTATE FINANCE

CFOs are !nding their roles becoming more entwined with their respective enterprises real estate strategies. With the advantages of controlling larger amounts of corporate real estate and the related pro!t margins in play, the housing market has ample reason to pique the interest of today’s leading CFOs.

unit needs, and investor preferences. After gathering the relevant information and evaluating the pros and cons of the full range of financial structures, the CFO should make a sound recommendation to the business unit and the finance department. The solution should be acceptable to the marketplace, provide flexibility in the event of an altered business model, and provide the space at the most reasonable cost.

Companies rely on internal financing (operating cash flows) and external financing such as long-term leasing, joint ventures, property mortgages and sale/leaseback arrangements. The top-ranked

CFOs are now taking a fresh look at CRE in terms of its commercial maintenance and viability as an asset.

HOW YOUR CRE CAN BE TURNED INTO A REVENUE GENERATING ASSET

27

Tasweek IPOMARKET WATCH

www.thecfome.com

formed by the end of 2008, but then the markets went crashing down.”

Despite the ruin that sent a number of enterprises running for cover, Al Awar leaned on the near decade he’d amassed working for Emaar in Dubai and Sorouh Properties in Abu Dhabi and opted to move forward. Witnessing the reticence of the marketplace, Al Awar was keen to stand apart from the crowd by applying an old adage.

Said Al Awar: “I joined Tasweek in 2009, the market was totally on hold. So I put a lot of business plans and aspects together to show what

Witnessing the reticence of the marketplace, Al Awar has been keen to stand apart from the crowd.

Tasweek CEO Masood Al Awar

26

Tasweek IPOMARKET WATCH

www.thecfome.com

TASWEEK’S OFFERING

Gallons of ink have been spilled over how much the global real estate market was turned on its side in 2008. Leading Emirati contractor Tasweek occupies a unique position within the

just after the collapse in 2009. Bearing a strategy which was cautiously honed as the global market began to piece itself back together and with the knowhow of executives who collectively

Tasweek is readying an initial public offering in the coming months.

The company has ascended rapidly on account of the

CEO of Tasweek Masood Al Awar has for the last seven years helped position the UAE real estate concern to include an impressive collection of projects. With the aid of a highly valued CFO and foresight gained in the market previous to heading up the company, Tasweek is on the eve of its biggest venture yet.

guidance of the adept pairing of CEO Masood Al Awar and CFO Sohail Abbas Rajani. With a diverse offering of projects in

Tasweek has attained capital gains of 300 million dirhams ($81.67 million) due largely to the calculated manner the enterprise was formed.

“We are a private joint-stock

CEO Al Awar. “The company shareholders collected the

knowing that there would be a need for a lot of upscale real estate. The company was fully

The adept pairing of CEO Masood Al Awar and CFO Sohail Abbas Rajani has guided Tasweek’s ascendance

27

Tasweek IPOMARKET WATCH

www.thecfome.com

formed by the end of 2008, but then the markets went crashing down.”

Despite the ruin that sent a number of enterprises running for cover, Al Awar leaned on the near decade he’d amassed working for Emaar in Dubai and Sorouh Properties in Abu Dhabi and opted to move forward. Witnessing the reticence of the marketplace, Al Awar was keen to stand apart from the crowd by applying an old adage.

Said Al Awar: “I joined Tasweek in 2009, the market was totally on hold. So I put a lot of business plans and aspects together to show what

Witnessing the reticence of the marketplace, Al Awar has been keen to stand apart from the crowd.

Tasweek CEO Masood Al Awar

26

Tasweek IPOMARKET WATCH

www.thecfome.com

TASWEEK’S OFFERING

Gallons of ink have been spilled over how much the global real estate market was turned on its side in 2008. Leading Emirati contractor Tasweek occupies a unique position within the

just after the collapse in 2009. Bearing a strategy which was cautiously honed as the global market began to piece itself back together and with the knowhow of executives who collectively

Tasweek is readying an initial public offering in the coming months.

The company has ascended rapidly on account of the

CEO of Tasweek Masood Al Awar has for the last seven years helped position the UAE real estate concern to include an impressive collection of projects. With the aid of a highly valued CFO and foresight gained in the market previous to heading up the company, Tasweek is on the eve of its biggest venture yet.

guidance of the adept pairing of CEO Masood Al Awar and CFO Sohail Abbas Rajani. With a diverse offering of projects in

Tasweek has attained capital gains of 300 million dirhams ($81.67 million) due largely to the calculated manner the enterprise was formed.

“We are a private joint-stock

CEO Al Awar. “The company shareholders collected the

knowing that there would be a need for a lot of upscale real estate. The company was fully

The adept pairing of CEO Masood Al Awar and CFO Sohail Abbas Rajani has guided Tasweek’s ascendance

28 www.thecfome.com

Tasweek IPOMARKET WATCH

I have learned from the period of 9 years in Dubai and Abu Dhabi. From day one the board members told me ‘Don’t catch a falling knife’, and I told them ‘Yes, don’t catch a falling knife, catch it only if you’re an expert.’”

The company’s daring foresight has been on display in a number of ways, most clearly via the diversity of projects Tasweek has invested in. While the company has produced a large number of high end real estate with large scale villa projects in key geographies such as Abu Dhabi, a rare opportunity in North Africa has given rise to a daring new project in Morocco.

Marrakech Healthcare City is comprised of a private hospital, boutique hotel and village of apartments. Due to its strategic position, Tasweek has positioned the wellness development as an attraction for both Africans and Europeans who wish to take advantage of this newest addition to the growing medical tourism market. With an eye also on projects centred on education, Tasweek has created a ‘no pain’ pledge to investors based on possessing a foundation stable enough to catalyse plans for a forthcoming IPO.

Taking the company public has involved a series of calculated steps similar to the manner the company has expanded its real estate offerings.

“An IPO means a larger shareholder base. When you have the credibility for formulating effective business plans, people

your brand that it can generate money,” opines Al Awar.

“The idea of an IPO is your business should generate money

enough to pour in money and

Taking the company public has involved a series of calculated steps similar to the manner the company has expanded its real estate o!erings.

STAT FACTS

300mTasweek’s capital gains in AED

1bnReported value of forthcoming IPO in AED

see it grow. Here at Tasweek we also ensure that at all times

strong. Making sure that we are under no obligation of liquidity issues, we have income that covers the operational costs, and we made sure from day one that the fundamentals of the brand will grow within Tasweek. So investors who come on board know that there is a business plan, there’s cash and there is liquidity to continue and deliver

Tasweek’s IPO is planned for Q4 yet the deadline may be extended to January of 2015 to accommodate key preparations.

Central to Al Awar’s performance he explains is the priceless assistance he’s received from his CFO Sohail Abbas Rajani.

Al Awar said: “A CFO is in

company. For example, when you are driving a car you have a navigator. Can a driver win a race without a navigator? I doubt that, because the driver will go off-track without a navigator. So that’s the role of the CFO in this matter. A good relationship between the CEO and the CFO is important to make the company’s ride as smooth as possible.”

Al Awar counts on his CFO as his number two in the company, an indispensable role considering

planning and performance of the company have proven to be throughout its history and will continue to be moving forward.

“We look forward to a very successful 2014 and 2015. The year 2015 is when we’ll see the sector really picking up. This sector will be more sustainable, because we are now working on a much different equation,” states Al Awar.

www.thecfome.com 31

really driving these trends. This will help them truly compete and actually increase revenue and gain market share. In a non-retail context, fluctuation in share price, the status of M&A attention, market share and customer research about brand recognition and take-up are all key factors to monitor and observe.

Making your brand stand outNowadays creating brand reputation is more precarious than ever. Given the speed

click through rates, repeat purchase rates, as well as less tangible metrics (customer loyalty, media coverage, etc.) finance can help marketing not only calculate the incremental value that a brand creates for an enterprise, but also identify where brand value is potentially eroding.

against potential brand attacks, finance should work with marketing to develop a reporting mechanism that captures the drivers of brand value/brand risk.

These do occur, which is why a calculated action plan should be developed jointly by finance and marketing in case of such an assault. The response should include strategies for investment in brand resilience, depending on the scenario. Additionally, finance and marketing should engage all the appropriate stakeholders to respond in a unified manner.

Why brands failWith so much attention and effort exerted on branding, eventually some brands do fail. This is primarily because companies do not address the current market directives and trends.

The usual culprits are improper timing of projecting a brand, lack of understanding of the brand, product shortcomings and inadequate funding. Based on market characteristics, customer requirements, and competitive realities, brand imperatives establish the ground rules identifying and retaining potential customers. These imperatives include

Brand ValuationANALYTICS

of information and the interconnectivity of the social media landscape, information can spread like wildfire. Reputation can be negatively impacted overnight by factors such as consumer reviews, disgruntled employees or even the image of brand ambassadors.

The critical factors in brand evaluation include:

Some brands fail...primarily because com-panies do not address the current market.

www.thecfome.com30

Branding involves propagation of creativity, imagination, impact and image of the company in the eyes of the public. It portrays feelings of trust, loyalty, service, experience, emotion and reputation. ‘Brand’ may be an intangible asset for accounting purposes, but the value of a brand is hard to deny. No company can afford to invest for long in branding without a measurable return on the costs incurred.

Measuring the brandAs a company’s chief risk officer, there really is no one better positioned to undertake the role of brand steward than the CFO. He or she should work in conjunction with marketing to defend and expand a company’s brand.

CFOs should make branding executives realize that they can no longer side step the need for quantifiable benchmarks that drive the rest of the organisation. Marketing and

Brand Valuation

As a company’s chief risk o!cer, there really is no one better positioned to undertake the role of brand steward than the CFO.

ANALYTICS

BRANDVALUATIONQUANTIFYING THE INTANGIBLEBranding is a concept that doesn’t always !t into the balance sheet. What are the factors determining brand worth and why do some brands resonate and others fail?

other activities must be managed and measured by the criteria that guide other strategic investments. Without accountability, resources are wasted and responsibility is diffused. Branding executives should understand they are handicapped by a lack of measurement.

While branding intangibles may be hard to measure, the results are not. How many customers bought how much? How much did it cost to attain their attention? How much profit did the last campaign generate? The answers to such questions can give valuable insight into the cost of branding and help quantify it to a major extent.

For brand owners, the market has really been driven around monitoring retailers to see if they are adhering to pricing compliance of the retail agreements. A CFO should understand across brands and domains what is really going on in the marketplace and what is

www.thecfome.com 31

really driving these trends. This will help them truly compete and actually increase revenue and gain market share. In a non-retail context, fluctuation in share price, the status of M&A attention, market share and customer research about brand recognition and take-up are all key factors to monitor and observe.

Making your brand stand outNowadays creating brand reputation is more precarious than ever. Given the speed

click through rates, repeat purchase rates, as well as less tangible metrics (customer loyalty, media coverage, etc.) finance can help marketing not only calculate the incremental value that a brand creates for an enterprise, but also identify where brand value is potentially eroding.

against potential brand attacks, finance should work with marketing to develop a reporting mechanism that captures the drivers of brand value/brand risk.

These do occur, which is why a calculated action plan should be developed jointly by finance and marketing in case of such an assault. The response should include strategies for investment in brand resilience, depending on the scenario. Additionally, finance and marketing should engage all the appropriate stakeholders to respond in a unified manner.

Why brands failWith so much attention and effort exerted on branding, eventually some brands do fail. This is primarily because companies do not address the current market directives and trends.

The usual culprits are improper timing of projecting a brand, lack of understanding of the brand, product shortcomings and inadequate funding. Based on market characteristics, customer requirements, and competitive realities, brand imperatives establish the ground rules identifying and retaining potential customers. These imperatives include

Brand ValuationANALYTICS

of information and the interconnectivity of the social media landscape, information can spread like wildfire. Reputation can be negatively impacted overnight by factors such as consumer reviews, disgruntled employees or even the image of brand ambassadors.

The critical factors in brand evaluation include:

Some brands fail...primarily because com-panies do not address the current market.

www.thecfome.com30

Branding involves propagation of creativity, imagination, impact and image of the company in the eyes of the public. It portrays feelings of trust, loyalty, service, experience, emotion and reputation. ‘Brand’ may be an intangible asset for accounting purposes, but the value of a brand is hard to deny. No company can afford to invest for long in branding without a measurable return on the costs incurred.

Measuring the brandAs a company’s chief risk officer, there really is no one better positioned to undertake the role of brand steward than the CFO. He or she should work in conjunction with marketing to defend and expand a company’s brand.

CFOs should make branding executives realize that they can no longer side step the need for quantifiable benchmarks that drive the rest of the organisation. Marketing and

Brand Valuation

As a company’s chief risk o!cer, there really is no one better positioned to undertake the role of brand steward than the CFO.

ANALYTICS

BRANDVALUATIONQUANTIFYING THE INTANGIBLEBranding is a concept that doesn’t always !t into the balance sheet. What are the factors determining brand worth and why do some brands resonate and others fail?

other activities must be managed and measured by the criteria that guide other strategic investments. Without accountability, resources are wasted and responsibility is diffused. Branding executives should understand they are handicapped by a lack of measurement.

While branding intangibles may be hard to measure, the results are not. How many customers bought how much? How much did it cost to attain their attention? How much profit did the last campaign generate? The answers to such questions can give valuable insight into the cost of branding and help quantify it to a major extent.

For brand owners, the market has really been driven around monitoring retailers to see if they are adhering to pricing compliance of the retail agreements. A CFO should understand across brands and domains what is really going on in the marketplace and what is

www.cfome.com32

buyer-seller relationships, branding goals, organisational process, technology and most importantly measurement.

It is important to realise that branding imperatives have changed with time. Even the most strategic branding moves may fall flat at times. To surf the tides of change, CFOs should be abreast of emerging market imperatives.

Branding is becoming difficult these days due to too much communication and competition. This has been magnified greatly as a result of the worldwide web. To project your brand amidst the ‘clutter’ of information, the CFO should aim at proper positioning. A proper position is the optimum identity of the brand which makes it stand out from the rest.

Customer connectionsLegendary management guru Peter F. Drucker states that ‘The purpose of business is not to make a sale but to make and keep a customer’.

Due to the multitude of products, customers no longer go by brand names and popularity. They just seek products that are innovative and add value or convenience. Companies have now begun to understand that customers define brands by their experience and even word of mouth, and not by what the companies try to tell them.

Retention branding generates profitability. Existing customers represent recurring revenue with their ongoing support. Motivated by trust and loyalty, existing customers are less price sensitive than new customers.

They are expected to spend at least 20 per cent more on the brands they trust. This makes retention a key factor to sales recovery. When sales dip, some firms frantically try to attract new customers to reverse the slide. A wiser move would be to leverage the customer base.

Ultimately, branding in the customer economy means viewing prospects as candidates for relationships rather than markets for products.

Surviving brand attackThe company should create a framework that can help CFOs identify and execute initiatives to reduce brand risk and build the organisational capacity to dispel brand sabotage before it occurs. The first step entails identifying all the potential threats to your brand, which can include everything from third-party websites posting scathing reviews of your products to disgruntled employees blogging about how poorly they feel you treated them. Building brand risk intelligence not only means identifying potential points of attack, but also narrowing those down to the most serious ones that could breach the trust customers have placed in your brand.

Preventing brand sabotage also requires building awareness of the threat and teaching employees to assume personal responsibility for preempting, detecting, and reducing the possibility of its occurrence. For CFOs, this education begins in the finance department by assessing the staff’s current brand risk awareness and by developing a

targeted training programme to help employees identify brand risks and team with marketing to mitigate them.

By establishing reporting programmes and channels to measure and track potential threats, a company builds its capabilities related to brand risk. These can include leveraging some of the capabilities that are already embedded within social media platforms, building your own feedback generator, or relying on the plethora of third-party solutions focused on reputation management.

A CFO should realise that a brand crisis is a hidden opportunity to improve internal processes. This can be instrumental in the development of key performance indicators (KPIs) that relate to the brand. By setting the cadence for measuring, analysing, and reporting performance, finance can better understand whether the efforts to manage brand risks are actually working.

Brand Valuation

STAT FACTS

71%CFOs surveyed who say their strategic influence has increased

Ultimately, branding in the customer economy means viewing prospects as candidates for relationships rather than markets for products.

ANALYTICS

www.cfome.com32

buyer-seller relationships, branding goals, organisational process, technology and most importantly measurement.

It is important to realise that branding imperatives have changed with time. Even the most strategic branding moves may fall flat at times. To surf the tides of change, CFOs should be abreast of emerging market imperatives.

Branding is becoming difficult these days due to too much communication and competition. This has been magnified greatly as a result of the worldwide web. To project your brand amidst the ‘clutter’ of information, the CFO should aim at proper positioning. A proper position is the optimum identity of the brand which makes it stand out from the rest.

Customer connectionsLegendary management guru Peter F. Drucker states that ‘The purpose of business is not to make a sale but to make and keep a customer’.

Due to the multitude of products, customers no longer go by brand names and popularity. They just seek products that are innovative and add value or convenience. Companies have now begun to understand that customers define brands by their experience and even word of mouth, and not by what the companies try to tell them.

Retention branding generates profitability. Existing customers represent recurring revenue with their ongoing support. Motivated by trust and loyalty, existing customers are less price sensitive than new customers.

They are expected to spend at least 20 per cent more on the brands they trust. This makes retention a key factor to sales recovery. When sales dip, some firms frantically try to attract new customers to reverse the slide. A wiser move would be to leverage the customer base.

Ultimately, branding in the customer economy means viewing prospects as candidates for relationships rather than markets for products.

Surviving brand attackThe company should create a framework that can help CFOs identify and execute initiatives to reduce brand risk and build the organisational capacity to dispel brand sabotage before it occurs. The first step entails identifying all the potential threats to your brand, which can include everything from third-party websites posting scathing reviews of your products to disgruntled employees blogging about how poorly they feel you treated them. Building brand risk intelligence not only means identifying potential points of attack, but also narrowing those down to the most serious ones that could breach the trust customers have placed in your brand.

Preventing brand sabotage also requires building awareness of the threat and teaching employees to assume personal responsibility for preempting, detecting, and reducing the possibility of its occurrence. For CFOs, this education begins in the finance department by assessing the staff’s current brand risk awareness and by developing a

targeted training programme to help employees identify brand risks and team with marketing to mitigate them.

By establishing reporting programmes and channels to measure and track potential threats, a company builds its capabilities related to brand risk. These can include leveraging some of the capabilities that are already embedded within social media platforms, building your own feedback generator, or relying on the plethora of third-party solutions focused on reputation management.

A CFO should realise that a brand crisis is a hidden opportunity to improve internal processes. This can be instrumental in the development of key performance indicators (KPIs) that relate to the brand. By setting the cadence for measuring, analysing, and reporting performance, finance can better understand whether the efforts to manage brand risks are actually working.

Brand Valuation

STAT FACTS

71%CFOs surveyed who say their strategic influence has increased

Ultimately, branding in the customer economy means viewing prospects as candidates for relationships rather than markets for products.

ANALYTICS

35

argues that determination and commitment are crucial to success. “Before you start, you should be totally clear on your lifestyle for that period, to make

time to doing it,” he advises. “Studying for the MCT is not an add-on, it has to become a core part of your life.”

Although he’s a fan of the MCT, Collis believes that it is perceived as being “relatively inaccessible”. If the course were to be redesigned, he suggests that

from the AMCT course without losing its “rigour” and “quality”. He also proposes that a modular approach – one that incorporates

“stepping stones along the way” – might encourage more treasurers

Once he had the MCT under his belt, Collis was keen to gain

So, in 2001, he became deputy treasurer at industrial services specialist Rentokil Initial. He worked with Colin Tyler, the ACT’s current CEO, whom Collis

on my treasury career”. Then, in 2006, he took over from Tyler as treasurer, remaining in this role for four years.

Collis is currently responsible for a team of around 80 people at Zahid Tractor, and he has been instrumental in establishing the company’s brand new enterprise risk management framework,

completed in June 2014. “It’s a great challenge and I’m very pleased with the progress we’ve made to date,” says Collis. “I am proud to be part of successful change in management in a culture that is not my own.”

The MCT has been invaluable

Making TracksMARKET WATCH

www.thecfome.com

3,000The number of people who are employed by Zahid Tractor

1950 The year in which Zahid Tractor was appointed a dealer in Caterpillar machinery and equipment

EDWARD’S TOP TIPS FOR SUCCESS

“Do something that interests you, not something you feel you should do.”

“Research each role carefully, and make sure you join a company with a good, broad treasury function, which allows

personal development in as many areas of treasury as possible.”

‘‘Many people say no too quickly. Be open-minded to new opportunities

and career changes. Listen carefully to what’s on o!er before saying ‘no’.”

“Success in treasury is down to an

attention to detail combined with an ability to see the wood from the trees. Make sure you don’t lose sight of the

detail, but be able to make the broader decisions away from the detail.”

STAT FACTS

34

Making Tracks MARKET WATCH

MAKING TRACKSEdward Collis relinquished his role as group treasurer at Virgin Atlantic to work for a Saudi Arabian heavy machinery supplier. It would have been a mistake if he hadn’t, he tells Sally Percy.

www.thecfome.com

3Zahid Tractor’s worldwide position as a Caterpillar dealer by unit sales

40the number of branches Zahid Tractor has in Saudi Arabia

STAT FACTS

35

argues that determination and commitment are crucial to success. “Before you start, you should be totally clear on your lifestyle for that period, to make

time to doing it,” he advises. “Studying for the MCT is not an add-on, it has to become a core part of your life.”

Although he’s a fan of the MCT, Collis believes that it is perceived as being “relatively inaccessible”. If the course were to be redesigned, he suggests that

from the AMCT course without losing its “rigour” and “quality”. He also proposes that a modular approach – one that incorporates

“stepping stones along the way” – might encourage more treasurers

Once he had the MCT under his belt, Collis was keen to gain

So, in 2001, he became deputy treasurer at industrial services specialist Rentokil Initial. He worked with Colin Tyler, the ACT’s current CEO, whom Collis

on my treasury career”. Then, in 2006, he took over from Tyler as treasurer, remaining in this role for four years.

Collis is currently responsible for a team of around 80 people at Zahid Tractor, and he has been instrumental in establishing the company’s brand new enterprise risk management framework,

completed in June 2014. “It’s a great challenge and I’m very pleased with the progress we’ve made to date,” says Collis. “I am proud to be part of successful change in management in a culture that is not my own.”

The MCT has been invaluable

Making TracksMARKET WATCH

www.thecfome.com

3,000The number of people who are employed by Zahid Tractor

1950 The year in which Zahid Tractor was appointed a dealer in Caterpillar machinery and equipment

EDWARD’S TOP TIPS FOR SUCCESS

“Do something that interests you, not something you feel you should do.”

“Research each role carefully, and make sure you join a company with a good, broad treasury function, which allows

personal development in as many areas of treasury as possible.”

‘‘Many people say no too quickly. Be open-minded to new opportunities

and career changes. Listen carefully to what’s on o!er before saying ‘no’.”

“Success in treasury is down to an

attention to detail combined with an ability to see the wood from the trees. Make sure you don’t lose sight of the

detail, but be able to make the broader decisions away from the detail.”

STAT FACTS

34

Making Tracks MARKET WATCH

MAKING TRACKSEdward Collis relinquished his role as group treasurer at Virgin Atlantic to work for a Saudi Arabian heavy machinery supplier. It would have been a mistake if he hadn’t, he tells Sally Percy.

www.thecfome.com

3Zahid Tractor’s worldwide position as a Caterpillar dealer by unit sales

40the number of branches Zahid Tractor has in Saudi Arabia

STAT FACTS

Don’t discoverit’s counterfeittoner afterit’s too late

1 unlike cheap 2 Non-

1

1 A QualityLogic 2010 study commissioned by HP comparing original HP LaserJet Monochrome print cartridges with nine brands of non-HP toner cartridges available in Europe, Middle East and Africa for the HP LaserJet P1505 and P4015 printers, HP 36A and 64A.

For details, see www.qualitylogic.com/EMEAmonotonertest.pdf. 2 From a 2012 EMEA Lyra Research study, commissioned by HP. Results based on a total of 1050 HP Color LaserJet users who have used both original HP and non-HP toner cartridges, of whom 552

experienced problems with non-HP cartridges.

© 2014 Hewlett-Packard Development Company, L.P.

36

to Collis in his new role. “I don’t think I would be able to set the direction for the treasury team with the same consistency and depth if I didn’t have the MCT,” he admits. Unsurprisingly,

candidates typically have more breadth and depth, even if they have limited experience,” he explains.

But the pool of treasury professionals in Saudi Arabia

Collis also has a responsibility to develop local talent, which makes it even harder for him to source

expats; he is rightly expected to nurture promising locals and guide them through their treasury

“The ACT has done a fantastic job overall in the Middle East of raising the awareness of the

Collis. “Nevertheless, recognition of the ACT in Saudi is still very low and we’re trying, with the support of the ACT, to start to change this.”

While Collis had not been looking to leave Virgin Atlantic when the job with Zahid Tractor came up, he’s very glad he took the plunge. “There’s huge opportunity in Saudi and it’s a great place to work,” he says. “Companies here are very loyal to their employees, big on personal development and really try to encourage the absolute best out of you.”

side of things doesn’t exist here in the same way as it does in Europe, and that’s a real positive. I’m a big fan of relationship banking and I think some of the long-standing relationship banking practices in

the UK have been diluted prior to, and since, the 2008 economic crisis. In the Middle East, there is a huge focus on relationship banking, which I think is a strength.”

Collis says the move to the Middle East has been “hugely positive from both a work and family perspective.” Among his family’s favourite activities are tennis and water sports, and he enjoys scuba diving in the Red Sea with his sons. The move has broadened the family’s horizons, he says, and the quality of life in Saudi Arabia is good.

Although Collis admits to missing the green landscape and varied seasons in the UK, he has adjusted to life in a warmer climate. “When they open the plane door and you step out in Saudi Arabia and feel that blast of heat, it’s fantastic,” he

QUALIFICATIONSACA, AMCT, MCT, FCT 2012!PRESENTCorporate Treasurer and Head of Credit and Risk Zahid Tractor, Jeddah

2010!2012Group Treasurer Virgin Atlantic Airways

2006!2010Treasurer Rentokil Initial plc

2001!2006Deputy treasurer Rentokil Initial plc

1999-2001Central and Eastern Europe Treasury Director Merck & Co (Merck Sharp & Dohme Finance Europe) 1997-1999Treasurer Merck & Co (Merck Sharp & Dohme BV)

1995-1997European Treasury Analyst Merck & Co (Merck Sharp & Dohme Finance Europe)

1994-1995Financial Analyst Glaxo

EDWARD’S CURRICULUM VITAE

explains. Collis plans to stay in Saudi Arabia for a few more years and hopes that his experience in the Middle East may be a good foundation for a CFO role in the future.

Since moving to the Middle East, Collis hasn’t looked back. “Almost without exception, whenever I’ve taken opportunities it’s been positive and has resulted in me developing my career,”

would have been a mistake and I would have missed out.” He says the secret to his success is this openness to new possibilities. “The biggest piece of advice I’d give somebody is to look twice. Often when you look a little bit deeper, there’s lot more there, and my job is absolutely living proof of that.”

www.thecfome.com

Making Tracks MARKET WATCH

-Sally Percy is editor of The Treasurer and Middle East Treasurer

“The hire ERH�ÁVI�WMHI�SJ�XLMRKW�HSIWR X̧�I\MWX�here in the WEQI�[E]�EW�MX�HSIW�MR�Europe, and XLEX W̧�E�VIEP�TSWMXMZI�¶

Don’t discoverit’s counterfeittoner afterit’s too late

1 unlike cheap 2 Non-

1

1 A QualityLogic 2010 study commissioned by HP comparing original HP LaserJet Monochrome print cartridges with nine brands of non-HP toner cartridges available in Europe, Middle East and Africa for the HP LaserJet P1505 and P4015 printers, HP 36A and 64A.

For details, see www.qualitylogic.com/EMEAmonotonertest.pdf. 2 From a 2012 EMEA Lyra Research study, commissioned by HP. Results based on a total of 1050 HP Color LaserJet users who have used both original HP and non-HP toner cartridges, of whom 552

experienced problems with non-HP cartridges.

© 2014 Hewlett-Packard Development Company, L.P.

36

to Collis in his new role. “I don’t think I would be able to set the direction for the treasury team with the same consistency and depth if I didn’t have the MCT,” he admits. Unsurprisingly,

candidates typically have more breadth and depth, even if they have limited experience,” he explains.

But the pool of treasury professionals in Saudi Arabia

Collis also has a responsibility to develop local talent, which makes it even harder for him to source

expats; he is rightly expected to nurture promising locals and guide them through their treasury

“The ACT has done a fantastic job overall in the Middle East of raising the awareness of the

Collis. “Nevertheless, recognition of the ACT in Saudi is still very low and we’re trying, with the support of the ACT, to start to change this.”

While Collis had not been looking to leave Virgin Atlantic when the job with Zahid Tractor came up, he’s very glad he took the plunge. “There’s huge opportunity in Saudi and it’s a great place to work,” he says. “Companies here are very loyal to their employees, big on personal development and really try to encourage the absolute best out of you.”

side of things doesn’t exist here in the same way as it does in Europe, and that’s a real positive. I’m a big fan of relationship banking and I think some of the long-standing relationship banking practices in

the UK have been diluted prior to, and since, the 2008 economic crisis. In the Middle East, there is a huge focus on relationship banking, which I think is a strength.”

Collis says the move to the Middle East has been “hugely positive from both a work and family perspective.” Among his family’s favourite activities are tennis and water sports, and he enjoys scuba diving in the Red Sea with his sons. The move has broadened the family’s horizons, he says, and the quality of life in Saudi Arabia is good.

Although Collis admits to missing the green landscape and varied seasons in the UK, he has adjusted to life in a warmer climate. “When they open the plane door and you step out in Saudi Arabia and feel that blast of heat, it’s fantastic,” he

QUALIFICATIONSACA, AMCT, MCT, FCT 2012!PRESENTCorporate Treasurer and Head of Credit and Risk Zahid Tractor, Jeddah

2010!2012Group Treasurer Virgin Atlantic Airways

2006!2010Treasurer Rentokil Initial plc

2001!2006Deputy treasurer Rentokil Initial plc

1999-2001Central and Eastern Europe Treasury Director Merck & Co (Merck Sharp & Dohme Finance Europe) 1997-1999Treasurer Merck & Co (Merck Sharp & Dohme BV)

1995-1997European Treasury Analyst Merck & Co (Merck Sharp & Dohme Finance Europe)

1994-1995Financial Analyst Glaxo

EDWARD’S CURRICULUM VITAE

explains. Collis plans to stay in Saudi Arabia for a few more years and hopes that his experience in the Middle East may be a good foundation for a CFO role in the future.

Since moving to the Middle East, Collis hasn’t looked back. “Almost without exception, whenever I’ve taken opportunities it’s been positive and has resulted in me developing my career,”

would have been a mistake and I would have missed out.” He says the secret to his success is this openness to new possibilities. “The biggest piece of advice I’d give somebody is to look twice. Often when you look a little bit deeper, there’s lot more there, and my job is absolutely living proof of that.”

www.thecfome.com

Making Tracks MARKET WATCH

-Sally Percy is editor of The Treasurer and Middle East Treasurer

“The hire ERH�ÁVI�WMHI�SJ�XLMRKW�HSIWR X̧�I\MWX�here in the WEQI�[E]�EW�MX�HSIW�MR�Europe, and XLEX W̧�E�VIEP�TSWMXMZI�¶

39

are among the most burnt out in the world.

Nearly two in ten (19 per cent) said they feel totally exhausted at work. Job satisfaction ratings in the Middle East (61 per cent) are lagging behind other markets, such as the UK and Australia.

eFinancialCareers Gulf also stated that many professionals,

sector, are unhappy that the

to meet expectations. 84% of accountants are working

feel they need to hire additional permanent staff.

The Art of Talent Management

too dissimilar to our own,” said Gareth El Mettouri, Associate Director of Robert Half.

Dhabi, more than three quarters

with losing top performers to other job opportunities. This is not surprising, as according

93% plan to continue hiring, whether by creating new roles or replacing departing employees. This compounds what is already

across the UAE.” “Candidates know they are

in demand. Companies are increasing remuneration in order to attract the best talent and businesses that do not look at their own reward and recognition programmes may

While the nature of the Middle East job market is transient, with skilled professionals

and financial reward a key

need to adopt retention programmes in a bid to keep

including both financial and

flexible working, schooling allowance and additional

One of the main reasons finance professionals are

is the lack of good talent management. They are not being trained properly and

been integrated into their work portfolio. Another reason is

among the different departments with accounts which translate into a serious lag in accounting information. A lack of career progression is another factor which compel finance professionals to look for better job opportunities.

hours and stretching their neck to get the work done, they feel they are not adequately compensated. Most of them do

to communicate their needs.

Finance Personnel Crunch

www.thecfome.com

MARKET WATCH

STAT FACTS

64%Finance executives polled who expressed a desire to hire more permanent sta!

38

The onus of ‘creating’ money, irrespective of the performance of the company, is borne by

Satisfaction survey by

Finance Personnel Crunch

www.thecfome.com

MARKET WATCH

FINANCE PERSONNEL CRUNCH The UAE is one of the fastest growing countries in the world. Despite that growth, recent studies have shown that companies are !nding it hard to retain their !nance work force. The following analysis digs deeper into the trend to !nd out just why key number crunchers are jumping ship so quickly.

More than half of survey respondents in the Middle East are now actively looking for a new job.

39

are among the most burnt out in the world.

Nearly two in ten (19 per cent) said they feel totally exhausted at work. Job satisfaction ratings in the Middle East (61 per cent) are lagging behind other markets, such as the UK and Australia.

eFinancialCareers Gulf also stated that many professionals,

sector, are unhappy that the

to meet expectations. 84% of accountants are working

feel they need to hire additional permanent staff.

The Art of Talent Management

too dissimilar to our own,” said Gareth El Mettouri, Associate Director of Robert Half.

Dhabi, more than three quarters

with losing top performers to other job opportunities. This is not surprising, as according

93% plan to continue hiring, whether by creating new roles or replacing departing employees. This compounds what is already

across the UAE.” “Candidates know they are

in demand. Companies are increasing remuneration in order to attract the best talent and businesses that do not look at their own reward and recognition programmes may

While the nature of the Middle East job market is transient, with skilled professionals

and financial reward a key

need to adopt retention programmes in a bid to keep

including both financial and

flexible working, schooling allowance and additional

One of the main reasons finance professionals are

is the lack of good talent management. They are not being trained properly and

been integrated into their work portfolio. Another reason is

among the different departments with accounts which translate into a serious lag in accounting information. A lack of career progression is another factor which compel finance professionals to look for better job opportunities.

hours and stretching their neck to get the work done, they feel they are not adequately compensated. Most of them do

to communicate their needs.

Finance Personnel Crunch

www.thecfome.com

MARKET WATCH

STAT FACTS

64%Finance executives polled who expressed a desire to hire more permanent sta!

38

The onus of ‘creating’ money, irrespective of the performance of the company, is borne by

Satisfaction survey by

Finance Personnel Crunch

www.thecfome.com

MARKET WATCH

FINANCE PERSONNEL CRUNCH The UAE is one of the fastest growing countries in the world. Despite that growth, recent studies have shown that companies are !nding it hard to retain their !nance work force. The following analysis digs deeper into the trend to !nd out just why key number crunchers are jumping ship so quickly.

More than half of survey respondents in the Middle East are now actively looking for a new job.

Tension of Retention An employee’s ability to manage work and personal obligations positively affects his or her job performance, resulting in a more productive as well as happier workplace. This also helps with retention efforts which have now become a major concern of managers.

The employee-manager relationship also plays an important role in staff retention. Among the employees who are not actively looking for a new job, 19 per cent stated their relationship with their line manager keeps

Employers need to ensure that their workers strike the right balance between work and leisure.

It is therefore imperative that employers open the lines of communication to help foster a good relationship between the employee and the manager. Communication should be the key factor. Retention strategies that need to be addressed are working environment, employee relationship, employee support, employee growth and most

The most successful organisations will be able to balance both local and expatriate recruitment to create a team with both the cultural understanding and global exposure to drive real and measurable value across the organisation.

The 2014 Robert Half Middle East Salary Guide revealed that

paying competitively and thereby creating an imbalance amongst staff whose remuneration has not kept pace.

reconsider remuneration plans for their top professionals. Just over half of businesses surveyed

STAT FACTS

93%Number of senior executives in Dubai and Abu Dhabi who plan to continue hiring into the new year

admitted that the number of employee resignations increased following last year’s bonus payout, with only 15% saying that the number decreased, suggesting

maintaining staff retention. This is likely to result in candidates feeling they can get more money elsewhere (a speculation backed by the fact that a high proportion

remuneration expectations have increased over the past 12 months). The Accounting Skill Set When asked what makes candidates from this region the most suitable for their organisation, one quarter said the market/business environment was the chief reason they would look to this part of the world. This was followed by the accounting standards (20 percent) and language skills (16 percent). Other criteria include the regulatory environment, education and cultural awareness.

A favourable economic environment and increased hiring has companies investing in their permanent headcount to manage new projects and initiatives, business expansion and new market penetration. The reality on the ground is that

into all of these requirements “It is also essential that we

ensure that the Middle East is an attractive option for expatriate talent. Our ability as employers to identify and recruit individuals from abroad while concurrently ensuring that local talent have the education, skills and experience required by the market will help address the talent shortage in the immediate and long term future,” stated El Mettouri.

A favourable economic environment and increased hiring has companies investing in their permanent headcount.

Finance Personnel CrunchMARKET WATCH

40 www.thecfome.com

Tension of Retention An employee’s ability to manage work and personal obligations positively affects his or her job performance, resulting in a more productive as well as happier workplace. This also helps with retention efforts which have now become a major concern of managers.

The employee-manager relationship also plays an important role in staff retention. Among the employees who are not actively looking for a new job, 19 per cent stated their relationship with their line manager keeps

Employers need to ensure that their workers strike the right balance between work and leisure.

It is therefore imperative that employers open the lines of communication to help foster a good relationship between the employee and the manager. Communication should be the key factor. Retention strategies that need to be addressed are working environment, employee relationship, employee support, employee growth and most

The most successful organisations will be able to balance both local and expatriate recruitment to create a team with both the cultural understanding and global exposure to drive real and measurable value across the organisation.

The 2014 Robert Half Middle East Salary Guide revealed that

paying competitively and thereby creating an imbalance amongst staff whose remuneration has not kept pace.

reconsider remuneration plans for their top professionals. Just over half of businesses surveyed

STAT FACTS

93%Number of senior executives in Dubai and Abu Dhabi who plan to continue hiring into the new year

admitted that the number of employee resignations increased following last year’s bonus payout, with only 15% saying that the number decreased, suggesting

maintaining staff retention. This is likely to result in candidates feeling they can get more money elsewhere (a speculation backed by the fact that a high proportion

remuneration expectations have increased over the past 12 months). The Accounting Skill Set When asked what makes candidates from this region the most suitable for their organisation, one quarter said the market/business environment was the chief reason they would look to this part of the world. This was followed by the accounting standards (20 percent) and language skills (16 percent). Other criteria include the regulatory environment, education and cultural awareness.

A favourable economic environment and increased hiring has companies investing in their permanent headcount to manage new projects and initiatives, business expansion and new market penetration. The reality on the ground is that

into all of these requirements “It is also essential that we

ensure that the Middle East is an attractive option for expatriate talent. Our ability as employers to identify and recruit individuals from abroad while concurrently ensuring that local talent have the education, skills and experience required by the market will help address the talent shortage in the immediate and long term future,” stated El Mettouri.

A favourable economic environment and increased hiring has companies investing in their permanent headcount.

Finance Personnel CrunchMARKET WATCH

40 www.thecfome.com

43

George RidingINTERVIEW

www.thecfome.com

ground with the teams, and supporting them in customer engagements. This has many

team and support them to be

Which  areas  are  SAP  focusing  squarely  on  the  years  ahead?We are very focused on driving

behind them, and adoption has

12 months, which we expect to

the ease of adoption and the

On the Big Data question, we

at a business’s performance. We now have some amazing customer references that show

“My role helps our MENA customers ascend to the next level in leveraging technology in their business.”

42

George RidingINTERVIEW

www.thecfome.com

GEORGE RIDING

ascend to the next level in leveraging technology in their business.

partner I am responsible for ensuring that we allocate resources in the most effective way within our plan, we do so in a compliant way, and the processes that support the execution of

top of this I have the standard responsibilities around our accounting statements and the robustness of our corporate household, which is extremely important as we expand across the Middle East.

Which  challenges  have  you  faced  which  are  specific  to  this  region?

make sure that SAP is doing business in a compliant way. It’s a constant on going challenge everywhere, but particularly here because of the young talent we have on board, whilst having great potential, haven’t had the level of experience in big multinational companies and therefore are not used to applying the rules we need to comply with.

I need to make sure that our guys are being given the right training to ensure that they know what to do in given

to refer to me and my team when they need to. Personally I address this by getting on the

Walk  me  through  who  SAP  is  as  a  company.Founded in 1972 and headquartered in Walldorf, Germany, with locations in more than 130 countries, SAP SE is the world leader in enterprise software and software-related services. We offer business solutions across a wide range of functions and industries, to help businesses run simple and better. Typically we aim to streamline processes and give greater insight into performance to allow these companies to improve over time.

What  brings  SAP  to  the  MENA  region?We have about 65,000 employees globally and have been present in MENA since 2008. A particularly strong connection to the MENA region is the energy, oil, and gas sector, for which we have many proven solutions and prominent customers. We have a long-growth strategy for MENA, and have been rapidly expanding over the last three to four years, thanks to a board-sponsored growth plan.

How  has  your  role  as  CFO  factored  into  SAP’s  aims?

unit is to be part of the executive leadership team in the Middle

growth of our software business, and help our MENA customers

As a global leader in the provision of software designed to impact the bottom lines of businesses across a range of industries, SAP is already building a strong foothold in the Middle East. Faced with a landscape dominated by the energy sector and a di!erent order of doing business, SAP Middle East’s CFO shares just how he’s forging ahead.

Q&A WITH SAP’S

43

George RidingINTERVIEW

www.thecfome.com

ground with the teams, and supporting them in customer engagements. This has many

team and support them to be

Which  areas  are  SAP  focusing  squarely  on  the  years  ahead?We are very focused on driving

behind them, and adoption has

12 months, which we expect to

the ease of adoption and the

On the Big Data question, we

at a business’s performance. We now have some amazing customer references that show

“My role helps our MENA customers ascend to the next level in leveraging technology in their business.”

42

George RidingINTERVIEW

www.thecfome.com

GEORGE RIDING

ascend to the next level in leveraging technology in their business.

partner I am responsible for ensuring that we allocate resources in the most effective way within our plan, we do so in a compliant way, and the processes that support the execution of

top of this I have the standard responsibilities around our accounting statements and the robustness of our corporate household, which is extremely important as we expand across the Middle East.

Which  challenges  have  you  faced  which  are  specific  to  this  region?

make sure that SAP is doing business in a compliant way. It’s a constant on going challenge everywhere, but particularly here because of the young talent we have on board, whilst having great potential, haven’t had the level of experience in big multinational companies and therefore are not used to applying the rules we need to comply with.

I need to make sure that our guys are being given the right training to ensure that they know what to do in given

to refer to me and my team when they need to. Personally I address this by getting on the

Walk  me  through  who  SAP  is  as  a  company.Founded in 1972 and headquartered in Walldorf, Germany, with locations in more than 130 countries, SAP SE is the world leader in enterprise software and software-related services. We offer business solutions across a wide range of functions and industries, to help businesses run simple and better. Typically we aim to streamline processes and give greater insight into performance to allow these companies to improve over time.

What  brings  SAP  to  the  MENA  region?We have about 65,000 employees globally and have been present in MENA since 2008. A particularly strong connection to the MENA region is the energy, oil, and gas sector, for which we have many proven solutions and prominent customers. We have a long-growth strategy for MENA, and have been rapidly expanding over the last three to four years, thanks to a board-sponsored growth plan.

How  has  your  role  as  CFO  factored  into  SAP’s  aims?

unit is to be part of the executive leadership team in the Middle

growth of our software business, and help our MENA customers

As a global leader in the provision of software designed to impact the bottom lines of businesses across a range of industries, SAP is already building a strong foothold in the Middle East. Faced with a landscape dominated by the energy sector and a di!erent order of doing business, SAP Middle East’s CFO shares just how he’s forging ahead.

Q&A WITH SAP’S

www.thecfome.com 45

John VargheseINTERVIEW

What  are  the  core  values  of  HLB  Hamt?HLB Hamt believes in exerting professionalism in each and

How  did  your  rise  to  the  position  of  managing  partner?  

all the positive aspects garnered from the experience for the better

How  have  you  managed  a  good  working  relationship  with  your  clients?We have established a good

the responsibility of one of the

identify their limitations and

How  has  your  company  mastered  working  in  a  place  as  diverse  as  Dubai?

locations in all of the major

ranging from billions to millions

“We believe in creating values and sustaining those values through everlasting relation-ships which enhance the commitment and perfor-mance of our clients.”

John VargheseINTERVIEW

CRYSTAL CLEAR PRIORITIESIn the auditing and !nancial service sector, HLB Hamt is the hallmark of quality, e"ciency and professionalism. As they celebrate their 15th anniversary in the UAE, the company continues to be driven by the quest to excel beyond even their own standards. In a career spanning 26 years, Managing Partner John Varghese totes with him extensive audit experience from reputed organizations Fraser & Ross and PricewaterhouseCoopers. Due to a business acumen accumulated across a number of industries and an understanding of local rules and regulations in the UAE and GCC business environments, Varghese has helped to position the company as a frontline contender in the UAE. Varghese additionally brings his membership as a fellow of the Institute of Chartered Accountants of India to the table. In a candid interview, Varghese shares the success story of HLB Hamt and his aspirations for the future of the company.

Which  experiences  helped  to  shape  your  career?As a student, while most others found math tough, I realised that numbers and their methodology could be used to simplify life. Naturally, my career choice was auditing and I was lucky enough to work with reputed

& Ross and Price-waterhouseCoopers.

When you work in a country like India which harbours different types of clientele, one

will discover that each client has a different set of

dynamics.Understanding their needs

and catering to their demands have been the biggest learning experiences of my life. The

lessons learned from those initial years of establishing meticulous systems and controls in accounting, whilst maintaining relationships with clients, are themes I have implemented throughout my career.

www.thecfome.com44

www.thecfome.com 45

John VargheseINTERVIEW

What  are  the  core  values  of  HLB  Hamt?HLB Hamt believes in exerting professionalism in each and

How  did  your  rise  to  the  position  of  managing  partner?  

all the positive aspects garnered from the experience for the better

How  have  you  managed  a  good  working  relationship  with  your  clients?We have established a good

the responsibility of one of the

identify their limitations and

How  has  your  company  mastered  working  in  a  place  as  diverse  as  Dubai?

locations in all of the major

ranging from billions to millions

“We believe in creating values and sustaining those values through everlasting relation-ships which enhance the commitment and perfor-mance of our clients.”

John VargheseINTERVIEW

CRYSTAL CLEAR PRIORITIESIn the auditing and !nancial service sector, HLB Hamt is the hallmark of quality, e"ciency and professionalism. As they celebrate their 15th anniversary in the UAE, the company continues to be driven by the quest to excel beyond even their own standards. In a career spanning 26 years, Managing Partner John Varghese totes with him extensive audit experience from reputed organizations Fraser & Ross and PricewaterhouseCoopers. Due to a business acumen accumulated across a number of industries and an understanding of local rules and regulations in the UAE and GCC business environments, Varghese has helped to position the company as a frontline contender in the UAE. Varghese additionally brings his membership as a fellow of the Institute of Chartered Accountants of India to the table. In a candid interview, Varghese shares the success story of HLB Hamt and his aspirations for the future of the company.

Which  experiences  helped  to  shape  your  career?As a student, while most others found math tough, I realised that numbers and their methodology could be used to simplify life. Naturally, my career choice was auditing and I was lucky enough to work with reputed

& Ross and Price-waterhouseCoopers.

When you work in a country like India which harbours different types of clientele, one

will discover that each client has a different set of

dynamics.Understanding their needs

and catering to their demands have been the biggest learning experiences of my life. The

lessons learned from those initial years of establishing meticulous systems and controls in accounting, whilst maintaining relationships with clients, are themes I have implemented throughout my career.

www.thecfome.com44

www.thecfome.com46

John VargheseINTERVIEW

and even thousands in capital. So the biggest challenge is to cater to all of them with the same commitment and expertise.

What  types  of  avoidable  

Sometimes companies do not realize the importance of keeping their accounts up to date and transparent. They do not implement regular follow-ups. At the year-end audit they frantically update the accounts in order to prepare the audited

We generally insist for our clients to have all the accounting information online. Any valuable information which is not provided timely, will not be useful for the management to make the right decisions at the right time.

We keep periodic meetings with our clients to review their

we try to sort it out in an effective and prompt manner. We also pursue a clear quality strategy to deal with any clients who are reluctant to keep the proper books of accounts to

After the global economic turndown, a great deal of regulations have been put into place for accounting standards and operations. Major changes in accounting standards are the

result of worldwide accounting scandals and it indicates that the standards failed to keep up with the sophistication and complexity of business transactions and economic models they were supposed to represent.

On our end, the HLB

periodic reviews of service quality and performance. Based on these observations, they submit reports and recommend areas for improvement for our compliance. We have consistently improved our audit quality by using the latest audit software to ensure that our processes are systematic and disciplined to improve the effectiveness of our

For the past 15 years, our concentration has been on this dynamic country, the UAE. Currently we have 8

with separate divisions for payroll processing, company incorporation, organisational

UAE operations.We aim to spread our wings

to other cities in the GCC such as Doha, Muscat and Dammam. Accordingly we have recently started our operation in Qatar and expect to move to other cities in the near future.

STAT FACTS

8Number of HLB Hamt o!ces across the UAE

2,000+Clients across the Middle East

“We have consistently improved our audit quality by using the latest audit software to ensure that our processes are systematic.”

The largest business awards

in the GCC30th November, Dubai

nominate now at www.starsofbusinessawards.com

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49

It would be an understatement for any CFO to simply proclaim that we are living in testing and volatile times. As the economic determinants of the world continue to fluctuate, the pressures on finance chiefs and their respective companies to perform continue to mount. Certain burdens, such as regulatory uncertainty, are ongoing. Meanwhile others, such as concerns related to data security, have quickly come to the fore. Individually, each concern signifies an area that demands financial leadership. Collectively they illustrate just how integral finance is to the day-to-day operation of any organisation.

Some of the most pressing concerns for CFOs include measuring and monitoring business performance, providing input towards enterprise strategy, and developing talent in service of the finance of an organisation. But CFOs are not fully aware of how well their own finance organisation fulfills some of these duties. Moreover, there’s a widening rift between the importance a CFO attributes to certain activities and how well he or she thinks the finance team performs them.

Core concernsAs the CFO gears up to propel the company toward financial success which doesn’t hinder quality, he can’t help but wonder - will these competing interests ever meet? Listed below are a few key areas which are a cause of constant concern for a CFO:

Cost  control  

Cost-management success

Financial Shades of GreyTROUBLESHOOTING

www.thecfome.com

There’s a widening rift between the impor-tance a CFO attributes to certain activities and how well he or she thinks XLI�ÁRERGI�team per-forms them.

48

Financial Shades of GreyTROUBLESHOOTING

FINANCIAL SHADES OF GREY

www.thecfome.com

AREAS OF CONCERN & CONTENTION FOR A CFOAs the business landscape continues to change post-!nancial crisis, the CFO’s role is continually shifting. We review exactly how and why - and the best ways to reap the bene!ts.

49

It would be an understatement for any CFO to simply proclaim that we are living in testing and volatile times. As the economic determinants of the world continue to fluctuate, the pressures on finance chiefs and their respective companies to perform continue to mount. Certain burdens, such as regulatory uncertainty, are ongoing. Meanwhile others, such as concerns related to data security, have quickly come to the fore. Individually, each concern signifies an area that demands financial leadership. Collectively they illustrate just how integral finance is to the day-to-day operation of any organisation.

Some of the most pressing concerns for CFOs include measuring and monitoring business performance, providing input towards enterprise strategy, and developing talent in service of the finance of an organisation. But CFOs are not fully aware of how well their own finance organisation fulfills some of these duties. Moreover, there’s a widening rift between the importance a CFO attributes to certain activities and how well he or she thinks the finance team performs them.

Core concernsAs the CFO gears up to propel the company toward financial success which doesn’t hinder quality, he can’t help but wonder - will these competing interests ever meet? Listed below are a few key areas which are a cause of constant concern for a CFO:

Cost  control  

Cost-management success

Financial Shades of GreyTROUBLESHOOTING

www.thecfome.com

There’s a widening rift between the impor-tance a CFO attributes to certain activities and how well he or she thinks XLI�ÁRERGI�team per-forms them.

48

Financial Shades of GreyTROUBLESHOOTING

FINANCIAL SHADES OF GREY

www.thecfome.com

AREAS OF CONCERN & CONTENTION FOR A CFOAs the business landscape continues to change post-!nancial crisis, the CFO’s role is continually shifting. We review exactly how and why - and the best ways to reap the bene!ts.

51

priorities. Attacks are becoming more frequent, opportunistic and sophisticated. Given the proliferation of mobile devices, the concern is not only to keep hackers out, but to ward them away from proprietary and private data in the unfortunate case that they gain entry.

The  cost  of  talent

Finding and developing the right talent is invariably a top agenda item for CFOs. Doing so accurately means identifying people not only with the necessary skill sets, but also priceless intangibles—such as curiosity and the ability to team up—which will help finance become a better business partner. All these parameters come at a cost in terms of developing effective performance management systems, compensation systems, training programs and coaching. And while human resources should be the natural support organisation in all these areas, CFOs often find they have to rely on their own teams to get the work done.

Competitive  Threats

While finance chiefs are surging ahead with their growth plans, one area that is proving troublesome is predicting the next steps of competitors. The changing competitive landscape compels the CFO to have an increasing say in strategic decisions, especially corporate or cross-unit decisions, such as deciding which industries to enter/exit and which businesses to grow/shrink. When it comes to competitive forces, CFOs help determine which of the threats to fight and which to ignore.

www.thecfome.com

Financial Shades of Grey

The changing competitive landscape compels the CFO to have an increasing say in strategic decisions.

way, costs may go up. If these guidelines are structured in other ways however, a company’s entire business model may have to change. To combat this issue, CFOs must spend more time studying regulatory affairs.

Security  Concerns

With the commonplace nature of security breaches worldwide, cybersecurity has ascended rapidly on most CFOs list of

TROUBLESHOOTING

50

is what earns a CFO the right to become an agent for transformation. A key to successful transformation will be discovered in finding the right balance between global and local operations that support the growth agenda.

To attain this, companies should consider a globally integrated operating model that pulls back- and middle-office functions into a single organisation agile enough to react swiftly in today’s volatile markets. Rigorous cost management and a disciplined drive for operational efficiencies help fuel profitability. But even as CFOs continue to drive the next iteration of cost take-out, to maximise revenue growth they also need to keep strategic reinvestment in the business on the table. That may require a shift in cash-allocation strategies.

Retention  and  motivation  

of  key  performers

Employees want their contributions to be recognised – in both monetary and non-monetary ways. Timely appraisals and monetary incentives are a key factor in retaining a good employee. Employees need to understand how they are contributing to company success as a direct result of their toil. They should be given regular objectives and as a result constant reviews of their performance. If an employee is not making a substantial contribution to the company’s performance, then a firm decision should be taken regarding whether the individual’s retention is necessary.

www.thecfome.com

Financial Shades of Grey

Uncertainty  of  policy  and  

regulation

CFOs need to ensure that their organisations are flexible enough to respond to more complex governmental regulations, including the ongoing management of the evolving International Financial Reporting Standards as well as mounting pressure to fulfill environmental and labor obligations across multiple geographies. New markets can mean new compliance requirements.

Two main areas of apprehension of the present day CFO are based in corporate taxes and health care. The underlying cause for this is often a lack of clarity on both fronts. If the regulations go one

Even as CFOs continue to drive the next iteration of cost take-out, to maximise revenue growth they also need to keep strategic reinvestment in the business on the table.

TROUBLESHOOTING

51

priorities. Attacks are becoming more frequent, opportunistic and sophisticated. Given the proliferation of mobile devices, the concern is not only to keep hackers out, but to ward them away from proprietary and private data in the unfortunate case that they gain entry.

The  cost  of  talent

Finding and developing the right talent is invariably a top agenda item for CFOs. Doing so accurately means identifying people not only with the necessary skill sets, but also priceless intangibles—such as curiosity and the ability to team up—which will help finance become a better business partner. All these parameters come at a cost in terms of developing effective performance management systems, compensation systems, training programs and coaching. And while human resources should be the natural support organisation in all these areas, CFOs often find they have to rely on their own teams to get the work done.

Competitive  Threats

While finance chiefs are surging ahead with their growth plans, one area that is proving troublesome is predicting the next steps of competitors. The changing competitive landscape compels the CFO to have an increasing say in strategic decisions, especially corporate or cross-unit decisions, such as deciding which industries to enter/exit and which businesses to grow/shrink. When it comes to competitive forces, CFOs help determine which of the threats to fight and which to ignore.

www.thecfome.com

Financial Shades of Grey

The changing competitive landscape compels the CFO to have an increasing say in strategic decisions.

way, costs may go up. If these guidelines are structured in other ways however, a company’s entire business model may have to change. To combat this issue, CFOs must spend more time studying regulatory affairs.

Security  Concerns

With the commonplace nature of security breaches worldwide, cybersecurity has ascended rapidly on most CFOs list of

TROUBLESHOOTING

50

is what earns a CFO the right to become an agent for transformation. A key to successful transformation will be discovered in finding the right balance between global and local operations that support the growth agenda.

To attain this, companies should consider a globally integrated operating model that pulls back- and middle-office functions into a single organisation agile enough to react swiftly in today’s volatile markets. Rigorous cost management and a disciplined drive for operational efficiencies help fuel profitability. But even as CFOs continue to drive the next iteration of cost take-out, to maximise revenue growth they also need to keep strategic reinvestment in the business on the table. That may require a shift in cash-allocation strategies.

Retention  and  motivation  

of  key  performers

Employees want their contributions to be recognised – in both monetary and non-monetary ways. Timely appraisals and monetary incentives are a key factor in retaining a good employee. Employees need to understand how they are contributing to company success as a direct result of their toil. They should be given regular objectives and as a result constant reviews of their performance. If an employee is not making a substantial contribution to the company’s performance, then a firm decision should be taken regarding whether the individual’s retention is necessary.

www.thecfome.com

Financial Shades of Grey

Uncertainty  of  policy  and  

regulation

CFOs need to ensure that their organisations are flexible enough to respond to more complex governmental regulations, including the ongoing management of the evolving International Financial Reporting Standards as well as mounting pressure to fulfill environmental and labor obligations across multiple geographies. New markets can mean new compliance requirements.

Two main areas of apprehension of the present day CFO are based in corporate taxes and health care. The underlying cause for this is often a lack of clarity on both fronts. If the regulations go one

Even as CFOs continue to drive the next iteration of cost take-out, to maximise revenue growth they also need to keep strategic reinvestment in the business on the table.

TROUBLESHOOTING

22nd - 23rd October 2014Park Hyatt Hotel, Dubai, UAEwww.cfomideast.com8th Annual CFO Strategies Forum MENA

Richard SavillDirector of Sales Middle East

Excel4apps

Ziad MakhzoumiCEO

Fakih IVF Group

Khaled El Chidiac

Majid Al Futtaim Ventures

Mark PaverRegional Finance Director MEAI

Harsco Infastructure

Adnan Anwar

National Bank of Fujairah

Matein KhalidChief Investment Strategist

Fortes Holdings

Richard Turner

Jagal Group Nigeria

Roberto WyszkowskiPartner

ShiftIN Partners

CONTACT Hammad Khilji | hammadk@naseba.com | +971 43 67 13 83

Bronze Sponsor Supporting Partners Strategic Partner

SPEAKERS INCLUDE

15% Discountfor CFO Middle East Magazine

subscribers.

Use the reference code

CFOME14CPI when registering.

Knowledge Partners Media Partners

Why you should attend? Network with over 100 CFOs from leading organisations in MENA

Choose from 6 specialized workshops and listen to 5 panel discussions

addressing the most pressing issues facing CFOs in the region

Discover latest strategies and best practices from international and

Be recognised at the 7th Annual MENA CFO Awards 2014

52 www.thecfome.com

Financial Shades of Grey

Externally, CFOs may worry about competitors and the economic environment, but internally, they have another fear: their organisation’s ability to execute. In particular, they may grow concerned with the implementation of the company’s aims when up against existing and new strategies, business plans and priorities. The fear is magnified as companies expand globally and must juggle a multitude of issues related to foreign accounting, tax, legal issues, compliance and fraud risks.

Data  Challenges

While there’s really no limit to the amount of data gathered, the question is how that data, particularly about customers, is used in a logical, meaningful fashion. Most companies today assign ownership of analytics to finance, which innately knows how to balance the risk/reward equation.

Opportunity  costs

CFOs have indicated a bias toward pursuing opportunities over limiting risks on growing/scaling business opportunities. They are under continuous pressure from CEOs to focus squarely on cost control. This sets up a delicate balancing act between investing for growth and maintaining aggressive cost agendas. How CFOs manage them may spell the difference between a successful business move and a dreadful loss.

Risk  management

When bad things happen, they can occur as an unexpected series of correlated or

uncorrelated events that could add up to a significant loss. Identifying risk is a challenge in itself. Combating risk with the correct measure of action and timely intervention is a whole new ball game in itself.

A CFO should sharpen his intuition and apply his expertise in spotting internal and external risks as well as taking corrective action against them.

Time  Constraints

Time is an asset which is not recyclable or irrecoverable, and as many CFOs may attest to —

exhaustive. On average, finance chiefs put in

12 to 15-hour days—a

pace that is simply not sustainable, whether personally or professionally. Remedying the situation takes planning, delegation and the ability to let go of the little things. It also requires the willpower to place limits on internal and external demands. This means devising a system for limiting the number of your direct reports and picking your battles. It requires scheduling both personal time off and time to think effortlessly on the next strategic move of your domain of responsibilities.

A CFO should sharpen his intuition and apply his expertise in spotting internal and external risks as well as taking corrective action against them.

TROUBLESHOOTING

22nd - 23rd October 2014Park Hyatt Hotel, Dubai, UAEwww.cfomideast.com8th Annual CFO Strategies Forum MENA

Richard SavillDirector of Sales Middle East

Excel4apps

Ziad MakhzoumiCEO

Fakih IVF Group

Khaled El Chidiac

Majid Al Futtaim Ventures

Mark PaverRegional Finance Director MEAI

Harsco Infastructure

Adnan Anwar

National Bank of Fujairah

Matein KhalidChief Investment Strategist

Fortes Holdings

Richard Turner

Jagal Group Nigeria

Roberto WyszkowskiPartner

ShiftIN Partners

CONTACT Hammad Khilji | hammadk@naseba.com | +971 43 67 13 83

Bronze Sponsor Supporting Partners Strategic Partner

SPEAKERS INCLUDE

15% Discountfor CFO Middle East Magazine

subscribers.

Use the reference code

CFOME14CPI when registering.

Knowledge Partners Media Partners

Why you should attend? Network with over 100 CFOs from leading organisations in MENA

Choose from 6 specialized workshops and listen to 5 panel discussions

addressing the most pressing issues facing CFOs in the region

Discover latest strategies and best practices from international and

Be recognised at the 7th Annual MENA CFO Awards 2014

52 www.thecfome.com

Financial Shades of Grey

Externally, CFOs may worry about competitors and the economic environment, but internally, they have another fear: their organisation’s ability to execute. In particular, they may grow concerned with the implementation of the company’s aims when up against existing and new strategies, business plans and priorities. The fear is magnified as companies expand globally and must juggle a multitude of issues related to foreign accounting, tax, legal issues, compliance and fraud risks.

Data  Challenges

While there’s really no limit to the amount of data gathered, the question is how that data, particularly about customers, is used in a logical, meaningful fashion. Most companies today assign ownership of analytics to finance, which innately knows how to balance the risk/reward equation.

Opportunity  costs

CFOs have indicated a bias toward pursuing opportunities over limiting risks on growing/scaling business opportunities. They are under continuous pressure from CEOs to focus squarely on cost control. This sets up a delicate balancing act between investing for growth and maintaining aggressive cost agendas. How CFOs manage them may spell the difference between a successful business move and a dreadful loss.

Risk  management

When bad things happen, they can occur as an unexpected series of correlated or

uncorrelated events that could add up to a significant loss. Identifying risk is a challenge in itself. Combating risk with the correct measure of action and timely intervention is a whole new ball game in itself.

A CFO should sharpen his intuition and apply his expertise in spotting internal and external risks as well as taking corrective action against them.

Time  Constraints

Time is an asset which is not recyclable or irrecoverable, and as many CFOs may attest to —

exhaustive. On average, finance chiefs put in

12 to 15-hour days—a

pace that is simply not sustainable, whether personally or professionally. Remedying the situation takes planning, delegation and the ability to let go of the little things. It also requires the willpower to place limits on internal and external demands. This means devising a system for limiting the number of your direct reports and picking your battles. It requires scheduling both personal time off and time to think effortlessly on the next strategic move of your domain of responsibilities.

A CFO should sharpen his intuition and apply his expertise in spotting internal and external risks as well as taking corrective action against them.

TROUBLESHOOTING

www.thecfome.com 55

SME CURRENCYMARKET WATCH

more than a year. The longer yields hover lower, the more of a drag they can be on the Dollar, limiting its upward mobility.

Hurdles ahead for the Dollar in September include the monthly jobs report on September 5, and a Federal Reserve meeting on September 16 to 17. Further improvement on the jobs front would keep the Fed on a path to raising rates next year, which at

under the Dollar.

EUR What will the end of the third quarter hold? There are a number of variables that will continue to sway currency markets towards the end of the third quarter, but ultimately the euro’s direction should come from the European Central Bank’s monetary policy outlook. It should not be forgotten that the September ECB’s policy announcement will need to be taken in the context of what investors are facing in the months ahead. There still remains a high degree of external risk stemming from geopolitical concerns (Ukraine, Iraq, Gaza) as well as the Scottish referendum on the 18th of the month. Furthermore, speculation over the outcome of the ECB’s stress tests/asset quality review on European banks going into October could sway markets temporarily.

Once markets get past geopolitical risk, referendums and stress test results, focus will continue to fall back on where the Eurozone economy is headed and what will need to be done to support it. At the central bank’s August meeting,

policy makers acknowledged the external downside growth risks for the economy, but also said that it was too soon to measure any prolonged negative impact.

Perhaps that was slightly optimistic. While Russia is only Germany’s eleventh largest trading partner, the government announced that exports fell 15.5 per cent in the first half of this year. The pace of export declines to Russia picked up over the second quarter, which certainly did not help growth figures.

Growth in Italy and France turned negative over the second quarter, while Germany’s 0.7 per cent q/q growth rate seen earlier this year dropped to zero per cent. The Eurozone growth outlook remains weak according to economic data. At the end of August flash PMI surveys, which monitor growth in the manufacturing and service sectors, came in below forecast suggesting a slower pace of growth for the Eurozone continues and that the recovery process remains hampered.

What was more disturbing was that the inflation component of the PMI survey showed firms cutting prices for the 29th consecutive month despite the extraordinary easing of practices taken by the ECB in June to halt deflationary tendencies. Indeed, the lack of private sector loan growth and slack in the economy remain a primary threat to deflationary tendencies that may already be occurring.

Consumer prices rose 0.4 per cent y/y in July, which is the same level that was seen at the height of the financial crisis in

ECONOMIC INDICATORS

3-month deposit: 0.23%

GDP: 4.0% (ann.) Q2

Inflation: 2.0% July

Unemployment: 6.2% Jul

Trade deficit: -US$ 41.5 billion June

There still remains a high degree of external risk for the Euro stemming from geo- political concerns in the Ukraine, Iraq, Gaza and Scotland.

www.thecfome.com54

SME CURRENCYMARKET WATCH

USDThe forecast calls for smoother sailing for the US currency which has been on a tear for the better part of the summer.

The US economy has regained a bounce in its step, thanks to the strongest stretch of monthly hiring in more than a decade. Moreover, trends in housing have been positive and could add another tailwind to the economy over the balance of this year. Consumers continue to spend and growth continues to quicken for manufacturing and services companies. Steady

signs of a strengthening US economy have caught Federal Reserve officials’ eyes and have the central bank on course to end its bond buying stimulus in October and raise interest rates next year. Mounting US optimism has rewarded the Dollar with its most meaningful rally in a while and has it poised for ongoing appreciation.

The buck’s outperformance also traces back to weakness abroad in places like Europe and Japan. The Eurozone economy flat-lined during the second quarter while Japan

shifted into reverse and contracted nearly seven per cent. Sputtering growth abroad points to more stimulus overseas at a time when the Fed is leaning the other way and contemplating when to raise rates from record lows.

Bear in mind, though, that risks remain and lurk near the surface for the US Dollar. Take US bond yields, for instance. They help shape how attractive investors perceive the US currency. The yield on the 10-year note recently sank below 2.40 per cent, the lowest in

MONEY WATCHThe team at Western Union Business Solutions shares the following comprehensive outlook on the three major currencies in the market – the USD, EUR and GBP.

STAT FACTS

5%USD’s growth vs. the Euro in 2014

www.thecfome.com 55

SME CURRENCYMARKET WATCH

more than a year. The longer yields hover lower, the more of a drag they can be on the Dollar, limiting its upward mobility.

Hurdles ahead for the Dollar in September include the monthly jobs report on September 5, and a Federal Reserve meeting on September 16 to 17. Further improvement on the jobs front would keep the Fed on a path to raising rates next year, which at

under the Dollar.

EUR What will the end of the third quarter hold? There are a number of variables that will continue to sway currency markets towards the end of the third quarter, but ultimately the euro’s direction should come from the European Central Bank’s monetary policy outlook. It should not be forgotten that the September ECB’s policy announcement will need to be taken in the context of what investors are facing in the months ahead. There still remains a high degree of external risk stemming from geopolitical concerns (Ukraine, Iraq, Gaza) as well as the Scottish referendum on the 18th of the month. Furthermore, speculation over the outcome of the ECB’s stress tests/asset quality review on European banks going into October could sway markets temporarily.

Once markets get past geopolitical risk, referendums and stress test results, focus will continue to fall back on where the Eurozone economy is headed and what will need to be done to support it. At the central bank’s August meeting,

policy makers acknowledged the external downside growth risks for the economy, but also said that it was too soon to measure any prolonged negative impact.

Perhaps that was slightly optimistic. While Russia is only Germany’s eleventh largest trading partner, the government announced that exports fell 15.5 per cent in the first half of this year. The pace of export declines to Russia picked up over the second quarter, which certainly did not help growth figures.

Growth in Italy and France turned negative over the second quarter, while Germany’s 0.7 per cent q/q growth rate seen earlier this year dropped to zero per cent. The Eurozone growth outlook remains weak according to economic data. At the end of August flash PMI surveys, which monitor growth in the manufacturing and service sectors, came in below forecast suggesting a slower pace of growth for the Eurozone continues and that the recovery process remains hampered.

What was more disturbing was that the inflation component of the PMI survey showed firms cutting prices for the 29th consecutive month despite the extraordinary easing of practices taken by the ECB in June to halt deflationary tendencies. Indeed, the lack of private sector loan growth and slack in the economy remain a primary threat to deflationary tendencies that may already be occurring.

Consumer prices rose 0.4 per cent y/y in July, which is the same level that was seen at the height of the financial crisis in

ECONOMIC INDICATORS

3-month deposit: 0.23%

GDP: 4.0% (ann.) Q2

Inflation: 2.0% July

Unemployment: 6.2% Jul

Trade deficit: -US$ 41.5 billion June

There still remains a high degree of external risk for the Euro stemming from geo- political concerns in the Ukraine, Iraq, Gaza and Scotland.

www.thecfome.com54

SME CURRENCYMARKET WATCH

USDThe forecast calls for smoother sailing for the US currency which has been on a tear for the better part of the summer.

The US economy has regained a bounce in its step, thanks to the strongest stretch of monthly hiring in more than a decade. Moreover, trends in housing have been positive and could add another tailwind to the economy over the balance of this year. Consumers continue to spend and growth continues to quicken for manufacturing and services companies. Steady

signs of a strengthening US economy have caught Federal Reserve officials’ eyes and have the central bank on course to end its bond buying stimulus in October and raise interest rates next year. Mounting US optimism has rewarded the Dollar with its most meaningful rally in a while and has it poised for ongoing appreciation.

The buck’s outperformance also traces back to weakness abroad in places like Europe and Japan. The Eurozone economy flat-lined during the second quarter while Japan

shifted into reverse and contracted nearly seven per cent. Sputtering growth abroad points to more stimulus overseas at a time when the Fed is leaning the other way and contemplating when to raise rates from record lows.

Bear in mind, though, that risks remain and lurk near the surface for the US Dollar. Take US bond yields, for instance. They help shape how attractive investors perceive the US currency. The yield on the 10-year note recently sank below 2.40 per cent, the lowest in

MONEY WATCHThe team at Western Union Business Solutions shares the following comprehensive outlook on the three major currencies in the market – the USD, EUR and GBP.

STAT FACTS

5%USD’s growth vs. the Euro in 2014

CAPITALISE ON CHANGE

2014 ACTMIDDLE EASTANNUALCONFERENCEThe Ritz-­Carlton DIFC, Dubai

27-28 OCTOBER

actmiddleeast.org/annualconference

EARLY BOOKING DISCOUNT

CONNECTING MINDS

CFO Magazine readers get 20% off by using the code CFOME20 when booking online

“THIS IS NOW CLEARLY THE PRE-­EMINENT CORPORATE TREASURY

CONFERENCE AND NETWORKING EVENT IN THE REGION.”

Ricky Thirion, Etihad Airways

www.thecfome.com56

SME CURRENCY

2009 and well below the central bank’s two per cent target rate. The bigger problem is that

long period of time, which can

Currency markets are already pricing in the possibility of a move towards quantitative easing measures by the ECB early next year. The month of September might actually see some investors bringing forward the timeline for policy action by the ECB, which would ultimately help to weaken the currency or at least limit its upside from here.

ECONOMIC INDICATORS

BoE Interest Rate: 0.5%

GDP: 0.8% Q2 (q/q)

Inflation: 1.6% July

Unemployment: 6.4% June

EUR ECONOMIC INDICATORS

3-Month Deposit Rate: 0.19%

GDP (annual rate): 0.70%

Inflation (annual rate): 0.40%

Unemployment: 11.5%

Trade Balance: EUR 16.8 billion

STAT FACTS

13GBP has returned to its previous rate of 13 months prior

GBPComing into August some analysts were predicting that it is now “game over” for Sterling following some aggressive selling in July. Was this fall really the beginning of a deeper correction lower or just a temporary levelling out? Mark Carney’s latest monetary policy guidance ahead of September’s Scottish Independence vote are currently pointing to more potential losses for the Pound in the coming weeks.

Sterling suffered its biggest one-day fall in nearly six months after the Bank of England’s Quarterly Inflation Report in August caused markets to unwind bets on Governor Carney raising interest rates before 2015. The Bank of England said that with wage growth still so weak, it was not in any hurry to begin hiking borrowing costs. The

showing that British wages fell

despite the UK’s unemployment rate hitting its lowest point since 2008.

More losses for sterling followed later in August, triggered by unexpectedly weak UK inflation data which gives the BoE more room to hold off on raising rates. Sterling has plunged six cents in the space of just five weeks against the Dollar, coming close to five-month lows towards the end of August. This has also created problems for Sterling against other currencies including the Euro.

The latest UK wage growth and inflation figures will be key focal points again in September while minutes from the BoE’s September meeting, due to be released on September 17, are likely to be overshadowed somewhat by the Scotland vote a day later. Nevertheless, the minutes could help Sterling build part of a recovery. In August, two BoE MPC members voted for higher interest rates. If this 7-2 vote becomes 6-3, and Scotland also votes against breaking away, then the Pound could snap back.

Currency markets are already pricing in the possibility of a move towards quan-titative easing meas-ures by the ECB early next year.

MARKET WATCH

CAPITALISE ON CHANGE

2014 ACTMIDDLE EASTANNUALCONFERENCEThe Ritz-­Carlton DIFC, Dubai

27-28 OCTOBER

actmiddleeast.org/annualconference

EARLY BOOKING DISCOUNT

CONNECTING MINDS

CFO Magazine readers get 20% off by using the code CFOME20 when booking online

“THIS IS NOW CLEARLY THE PRE-­EMINENT CORPORATE TREASURY

CONFERENCE AND NETWORKING EVENT IN THE REGION.”

Ricky Thirion, Etihad Airways

www.thecfome.com56

SME CURRENCY

2009 and well below the central bank’s two per cent target rate. The bigger problem is that

long period of time, which can

Currency markets are already pricing in the possibility of a move towards quantitative easing measures by the ECB early next year. The month of September might actually see some investors bringing forward the timeline for policy action by the ECB, which would ultimately help to weaken the currency or at least limit its upside from here.

ECONOMIC INDICATORS

BoE Interest Rate: 0.5%

GDP: 0.8% Q2 (q/q)

Inflation: 1.6% July

Unemployment: 6.4% June

EUR ECONOMIC INDICATORS

3-Month Deposit Rate: 0.19%

GDP (annual rate): 0.70%

Inflation (annual rate): 0.40%

Unemployment: 11.5%

Trade Balance: EUR 16.8 billion

STAT FACTS

13GBP has returned to its previous rate of 13 months prior

GBPComing into August some analysts were predicting that it is now “game over” for Sterling following some aggressive selling in July. Was this fall really the beginning of a deeper correction lower or just a temporary levelling out? Mark Carney’s latest monetary policy guidance ahead of September’s Scottish Independence vote are currently pointing to more potential losses for the Pound in the coming weeks.

Sterling suffered its biggest one-day fall in nearly six months after the Bank of England’s Quarterly Inflation Report in August caused markets to unwind bets on Governor Carney raising interest rates before 2015. The Bank of England said that with wage growth still so weak, it was not in any hurry to begin hiking borrowing costs. The

showing that British wages fell

despite the UK’s unemployment rate hitting its lowest point since 2008.

More losses for sterling followed later in August, triggered by unexpectedly weak UK inflation data which gives the BoE more room to hold off on raising rates. Sterling has plunged six cents in the space of just five weeks against the Dollar, coming close to five-month lows towards the end of August. This has also created problems for Sterling against other currencies including the Euro.

The latest UK wage growth and inflation figures will be key focal points again in September while minutes from the BoE’s September meeting, due to be released on September 17, are likely to be overshadowed somewhat by the Scotland vote a day later. Nevertheless, the minutes could help Sterling build part of a recovery. In August, two BoE MPC members voted for higher interest rates. If this 7-2 vote becomes 6-3, and Scotland also votes against breaking away, then the Pound could snap back.

Currency markets are already pricing in the possibility of a move towards quan-titative easing meas-ures by the ECB early next year.

MARKET WATCH

59

Countdown to Q4PROJECTIONS

www.thecfome.com

As a business heads towards Q4, it is never too late to review performance and set a revised, more strategic plan for the future.

Business owners traditionally abhor Q4 and view it with trepidation. With the right approach to business planning however, the fourth quarter should be one of rejoicing and sighs of relief because goals were reached or are within sight, quotas are on track and business owners are prepared and

Perhaps this all only exists in a perfect world as in reality desired quotas are often not

signing contracts, contracts

business plans don’t get written

As a business heads towards Q4, it is never too late to

for the future. So what are the key Q4 activities that will ensure an entrepreneur steers an their enterprise in the right direction?

Failing to prepare is preparing to fail

achieve all of the goals set for the year, it is never too late to evaluate plans. Businesses should start by reviewing

encountered and how the business responded. Was there a contingency plan in place; was an entrepreneur’s reaction to unexpected events proactive or reactive? A well

strategic plan will take into account the various scenarios

how to respond appropriately. Although there will always be the unknown, by reviewing

58

Countdown to Q4PROJECTIONS

COUNTDOWN TO

Q4The dreaded Q4 is a scary time of year. It’s a period when entrepreneurs realise that certain goals haven’t been attained, quotas not yet reached, and budgets not adhered to. Yet only the most successful enterprises prove to be quick, agile and nimble

- and the challenge of Q4 can just as easily result in a time of celebration, achievement and goals met. The following analysis explains why it’s never too late to start successfully planning your Q4 delivery strategy.

www.thecfome.com

59

Countdown to Q4PROJECTIONS

www.thecfome.com

As a business heads towards Q4, it is never too late to review performance and set a revised, more strategic plan for the future.

Business owners traditionally abhor Q4 and view it with trepidation. With the right approach to business planning however, the fourth quarter should be one of rejoicing and sighs of relief because goals were reached or are within sight, quotas are on track and business owners are prepared and

Perhaps this all only exists in a perfect world as in reality desired quotas are often not

signing contracts, contracts

business plans don’t get written

As a business heads towards Q4, it is never too late to

for the future. So what are the key Q4 activities that will ensure an entrepreneur steers an their enterprise in the right direction?

Failing to prepare is preparing to fail

achieve all of the goals set for the year, it is never too late to evaluate plans. Businesses should start by reviewing

encountered and how the business responded. Was there a contingency plan in place; was an entrepreneur’s reaction to unexpected events proactive or reactive? A well

strategic plan will take into account the various scenarios

how to respond appropriately. Although there will always be the unknown, by reviewing

58

Countdown to Q4PROJECTIONS

COUNTDOWN TO

Q4The dreaded Q4 is a scary time of year. It’s a period when entrepreneurs realise that certain goals haven’t been attained, quotas not yet reached, and budgets not adhered to. Yet only the most successful enterprises prove to be quick, agile and nimble

- and the challenge of Q4 can just as easily result in a time of celebration, achievement and goals met. The following analysis explains why it’s never too late to start successfully planning your Q4 delivery strategy.

www.thecfome.com

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ENDORSED BY OFFICIAL HOST OFFICIAL

COMMUNICATIONS PARTNER

MEYDAN HOTEL, DUBAI, UAE19 - 20 NOVEMBER 2014

WOMENOMICS

60

that could occur.

Planning for the future

or prepare planning and seek

capitalists or other external sources. Working with the

and adjust their overall strategy and tactics for the future. Additionally, resellers should invest in research

introduce new brand features

adding new sales outlets. Suppliers should continue

product reliability, production scheduling and capacity utilisation. Both parties should continue to invest in technology

the supply chain.

Q4 can surely grow into a love/hate relationship. This period however, is the perfect time to reset goals and objectives. Plans can be adjusted; attitudes can change.

with intention. It is the

and effort to strategically plan

being that will be in the race for the long haul. A business will never have a “perfect” plan. A strategic plan is an active

as the business changes and

goes: “A good plan today is better than a perfect plan

Every strategy needs to be

those changes and recalibrate

littered with the wreckage of

and thus didn’t survive. Q4 is

and objectives. Plans can be adjusted, attitudes can change.

the good that has occurred during the trading year, it will help to develop a plan that is focused on the positive aspects of the business and how owners

stressful than Q4 for a business owner and it can surely grow into a love/hate relationship. Entrepreneurs relish the pressure of Q4 calendars being

texts with updates on the largest

to the love/hate relationship

in it to win it.

www.thecfome.com

Countdown to Q4PROJECTIONS

Study the market

entrepreneurs to consider expanding their business

explore licensing opportunities

strategic alliances with other resellers.

Strategic planning isn’t just what pops out of people’s

conversations. Strategic planning is the intentional and deliberate process of reviewing the business for new ideas and

process behind the ideas and discussions. Strategic planning

Q4 allows an organisation to set a course, detour when

OFFICIAL SPONSORS

ENDORSED BY OFFICIAL HOST OFFICIAL

COMMUNICATIONS PARTNER

MEYDAN HOTEL, DUBAI, UAE19 - 20 NOVEMBER 2014

WOMENOMICS

60

that could occur.

Planning for the future

or prepare planning and seek

capitalists or other external sources. Working with the

and adjust their overall strategy and tactics for the future. Additionally, resellers should invest in research

introduce new brand features

adding new sales outlets. Suppliers should continue

product reliability, production scheduling and capacity utilisation. Both parties should continue to invest in technology

the supply chain.

Q4 can surely grow into a love/hate relationship. This period however, is the perfect time to reset goals and objectives. Plans can be adjusted; attitudes can change.

with intention. It is the

and effort to strategically plan

being that will be in the race for the long haul. A business will never have a “perfect” plan. A strategic plan is an active

as the business changes and

goes: “A good plan today is better than a perfect plan

Every strategy needs to be

those changes and recalibrate

littered with the wreckage of

and thus didn’t survive. Q4 is

and objectives. Plans can be adjusted, attitudes can change.

the good that has occurred during the trading year, it will help to develop a plan that is focused on the positive aspects of the business and how owners

stressful than Q4 for a business owner and it can surely grow into a love/hate relationship. Entrepreneurs relish the pressure of Q4 calendars being

texts with updates on the largest

to the love/hate relationship

in it to win it.

www.thecfome.com

Countdown to Q4PROJECTIONS

Study the market

entrepreneurs to consider expanding their business

explore licensing opportunities

strategic alliances with other resellers.

Strategic planning isn’t just what pops out of people’s

conversations. Strategic planning is the intentional and deliberate process of reviewing the business for new ideas and

process behind the ideas and discussions. Strategic planning

Q4 allows an organisation to set a course, detour when

63

In the case of the Claimant, the forensic accountant will be asked to quantify the damages allegedly suffered as a result of the Defendant’s action or inaction. In response, the Defendant might engage a forensic accountant to contest the analysis prepared by the Claimant’s accountant. In these cases, the forensic accountant usually prepares their own independent damage estimate and possibly even, a counterclaim.

The Claimant in a case will seek to prove:

i. Liability: The Claimant must prove damage and that the Defendant is at fault.

ii. Damages. Once the Claimant has proven liability, it must then establish and quantify the extent to which it has suffered loss and damage. By way of illustration, in a breach of contract case, the Claimant would usually try to prove that it lost a certain

of the Defendant’s breach (‘causation’). In most cases, the Claimant must prove that the damage was incurred as a direct result of the Defendant’s act.

When performing a damages calculation, the basic steps performed by the forensic accountant will include, among other things:

client involved in the dispute

of the applicable rules of recovery together with

Forensic Accountants MARKET WATCH

www.thecfome.com

Once the battleground of hardened career auditors seeking to add another string to their bow, forensic accountants were traditionally used in dispute processes as independent expert witnesses, offering their opinion on the value of a claim.

However, the role and make-up of forensic accountants in disputes is evolving from their previously

strategic approach adopted by the new breed of forensic accountants that work alongside multi-disciplinary investigation teams.

What is a “Forensic Accountant”?To some, perhaps not as many as forensic accountants would like, the term “Forensic

image of a sunglasses-donning sleuth sitting in a high-tech laboratory, quickly getting to the bottom of a complex fraud by applying an unlikely hypothesis to a vast amount of data – a result of television shows such as CSI, which have adopted the term “forensic” and applied its literal meaning very liberally.

While the image is true to a degree, particularly given the latest generation of analysis tools, a forensic accountant is primarily an accountant who performs their work with the knowledge

dissemination in a court proceeding or similar setting, and therefore needs to be capable of withstanding interrogation from any counterparty.

Mechanics of a Damage ClaimA forensic accountant may be hired by either the Claimant or the Defendant in a dispute.

STAT FACTS

6.7%Average revenue growth forecast for the forensic accounting industry

62

Forensic Accountants MARKET WATCH

www.thecfome.com

THE CHANGING ROLE OF FORENSIC ACCOUNTANTS Whilst combatting misconceptions generated by popular culture and expectations which run rampant in the business landscape, forensic accountants bring an ever developing skill set to their respective markets.

63

In the case of the Claimant, the forensic accountant will be asked to quantify the damages allegedly suffered as a result of the Defendant’s action or inaction. In response, the Defendant might engage a forensic accountant to contest the analysis prepared by the Claimant’s accountant. In these cases, the forensic accountant usually prepares their own independent damage estimate and possibly even, a counterclaim.

The Claimant in a case will seek to prove:

i. Liability: The Claimant must prove damage and that the Defendant is at fault.

ii. Damages. Once the Claimant has proven liability, it must then establish and quantify the extent to which it has suffered loss and damage. By way of illustration, in a breach of contract case, the Claimant would usually try to prove that it lost a certain

of the Defendant’s breach (‘causation’). In most cases, the Claimant must prove that the damage was incurred as a direct result of the Defendant’s act.

When performing a damages calculation, the basic steps performed by the forensic accountant will include, among other things:

client involved in the dispute

of the applicable rules of recovery together with

Forensic Accountants MARKET WATCH

www.thecfome.com

Once the battleground of hardened career auditors seeking to add another string to their bow, forensic accountants were traditionally used in dispute processes as independent expert witnesses, offering their opinion on the value of a claim.

However, the role and make-up of forensic accountants in disputes is evolving from their previously

strategic approach adopted by the new breed of forensic accountants that work alongside multi-disciplinary investigation teams.

What is a “Forensic Accountant”?To some, perhaps not as many as forensic accountants would like, the term “Forensic

image of a sunglasses-donning sleuth sitting in a high-tech laboratory, quickly getting to the bottom of a complex fraud by applying an unlikely hypothesis to a vast amount of data – a result of television shows such as CSI, which have adopted the term “forensic” and applied its literal meaning very liberally.

While the image is true to a degree, particularly given the latest generation of analysis tools, a forensic accountant is primarily an accountant who performs their work with the knowledge

dissemination in a court proceeding or similar setting, and therefore needs to be capable of withstanding interrogation from any counterparty.

Mechanics of a Damage ClaimA forensic accountant may be hired by either the Claimant or the Defendant in a dispute.

STAT FACTS

6.7%Average revenue growth forecast for the forensic accounting industry

62

Forensic Accountants MARKET WATCH

www.thecfome.com

THE CHANGING ROLE OF FORENSIC ACCOUNTANTS Whilst combatting misconceptions generated by popular culture and expectations which run rampant in the business landscape, forensic accountants bring an ever developing skill set to their respective markets.

65www.thecfome.com

a complete picture, particularly in cross-border disputes.

The new breed of forensic accountantThe new breed of forensic accountant has at its disposal a wide range of skill sets required to identify the hard to reach information, the differentiating factor or, simply put, the intelligence that might be the difference between winning and losing a case.

In frontier markets, tax

online public records are scarce and often incomplete. It is important therefore, to be able to call upon a network of in-country sources, to be able to identify and analyse all available intelligence. Using this intelligence, the most successful

forensic accountants can produce robust expert advice based on the best available information.

The complete picture

the facts so in most cases the party

open to both interpretation and questioning, so facts are preferred wherever possible.

Not having the complete picture may result in either the client being unable to properly quantify and plead their loss, or the client being unable to appropriately interrogate the opposing expert’s testimony. Inevitably, in these cases, substantial time and costs may be wasted. A good forensic accountant never takes the

Forensic Accountants

assumptions used to underpin a damages claim at face value.

A failure of intelligenceClients need to understand the dangers of not involving forensic accountants early on in the case.

a damages claim relating to the

the intelligence early enough in the case the Claimants were unable to demonstrate that the

The Claimant needed to provide evidence that its product had unique attributes, that the same attributes had been misappropriated and used to create a competing product

Frustratingly, in the event, this ‘failure of intelligence’ proved critical – lesson learned.

The Claimants’ legal team was unaware that if involved early in the case, forensic accountants may have been able to assist in

using for example, Forensic IT or Cyber Crime specialists or even by gathering additional intelligence to support the case.

In another recent case, short of evidence to support their case, the client and his attorney turned to Forensic Accountants for advice – the intelligence team were able to collect supplementary documentary evidence used in support of the client’s position, and even, to

which helped the client win its damages claim. Choosing forensic accountants with access to the right cross-disciplinary skill set and involving them in disputes as soon as possible more often than not, proves money well spent.

MARKET WATCH

64 www.thecfome.com

instructing counsel

and undisputed facts and assumptions upon which the case is based

documentary evidence and data is necessary and available

information, documentation and data, as required

calculation(s)

damages; and

the provision of both written and oral testimony.

Types of Damages ClaimsThe basis for a damages claim

Damages claims typically/always require a breach of legal duty and typically, in the common law context, usually arise from either of the following:

i. A ‘breach of contract’; or ii. A ‘tort’

A breach of contract claim involves lodging a claim that an agreement between, or amongst, two or more parties was breached. There are numerous instances where this may apply. Common examples may include claims in respect of:

agreements

of supply agreements

manufacture of intellectual property

agreements

investment agreements

outs

In instances of breach of contract, any resulting damages must be traceable solely to the breach.

In the context of a civil case, a tort is taken to mean a wrong which unfairly causes someone else to suffer loss or harm, resulting in a legal liability. The Claimant in a tort claim will assert that the Defendant owed a legal duty to the Claimant and that this duty was breached. For example, a company might sue

may face a claim resulting from the disruption caused by one of their vehicles that was involved in an accident, blocking access to a company’s premises.

Damages are typically either compensatory or punitive in nature. In the case of compensatory damages, the Claimant is usually entitled to recover those damages that would put it in the same position that it would have been in had the wrongful event not occurred.

recovery of indirect damages (as a result of ‘consequential’ losses), these damages may be recovered if such losses should have been within the reasonable contemplation of the parties at the time the relationship was entered into.

The traditional approachA forensic accounting expert testifying in court must be able to support and explain the assumptions they have used and conclusions they have reached in calculating damages, and it

is vital that their opinions be deemed reliable by the court.

The most successful forensic accountants are those who not

analyse the information provided to them by their instructing client and legal team, but also utilise their experience and identify new information to help complete or corroborate the story, or to disrupt, dismantle and call into question the veracity of the opposition’s claims.

Traditional forensic accountants and experts rely heavily upon searches of commercial databases and analyst reports from brokers/investment banks to identify additional information to inform their analysis.

While relevant for many

public sources might not provide

Forensic Accountants

STAT FACTS

39%Global finance executives surveyed who reported corruption occurring frequently in their countries

MARKET WATCH

65www.thecfome.com

a complete picture, particularly in cross-border disputes.

The new breed of forensic accountantThe new breed of forensic accountant has at its disposal a wide range of skill sets required to identify the hard to reach information, the differentiating factor or, simply put, the intelligence that might be the difference between winning and losing a case.

In frontier markets, tax

online public records are scarce and often incomplete. It is important therefore, to be able to call upon a network of in-country sources, to be able to identify and analyse all available intelligence. Using this intelligence, the most successful

forensic accountants can produce robust expert advice based on the best available information.

The complete picture

the facts so in most cases the party

open to both interpretation and questioning, so facts are preferred wherever possible.

Not having the complete picture may result in either the client being unable to properly quantify and plead their loss, or the client being unable to appropriately interrogate the opposing expert’s testimony. Inevitably, in these cases, substantial time and costs may be wasted. A good forensic accountant never takes the

Forensic Accountants

assumptions used to underpin a damages claim at face value.

A failure of intelligenceClients need to understand the dangers of not involving forensic accountants early on in the case.

a damages claim relating to the

the intelligence early enough in the case the Claimants were unable to demonstrate that the

The Claimant needed to provide evidence that its product had unique attributes, that the same attributes had been misappropriated and used to create a competing product

Frustratingly, in the event, this ‘failure of intelligence’ proved critical – lesson learned.

The Claimants’ legal team was unaware that if involved early in the case, forensic accountants may have been able to assist in

using for example, Forensic IT or Cyber Crime specialists or even by gathering additional intelligence to support the case.

In another recent case, short of evidence to support their case, the client and his attorney turned to Forensic Accountants for advice – the intelligence team were able to collect supplementary documentary evidence used in support of the client’s position, and even, to

which helped the client win its damages claim. Choosing forensic accountants with access to the right cross-disciplinary skill set and involving them in disputes as soon as possible more often than not, proves money well spent.

MARKET WATCH

64 www.thecfome.com

instructing counsel

and undisputed facts and assumptions upon which the case is based

documentary evidence and data is necessary and available

information, documentation and data, as required

calculation(s)

damages; and

the provision of both written and oral testimony.

Types of Damages ClaimsThe basis for a damages claim

Damages claims typically/always require a breach of legal duty and typically, in the common law context, usually arise from either of the following:

i. A ‘breach of contract’; or ii. A ‘tort’

A breach of contract claim involves lodging a claim that an agreement between, or amongst, two or more parties was breached. There are numerous instances where this may apply. Common examples may include claims in respect of:

agreements

of supply agreements

manufacture of intellectual property

agreements

investment agreements

outs

In instances of breach of contract, any resulting damages must be traceable solely to the breach.

In the context of a civil case, a tort is taken to mean a wrong which unfairly causes someone else to suffer loss or harm, resulting in a legal liability. The Claimant in a tort claim will assert that the Defendant owed a legal duty to the Claimant and that this duty was breached. For example, a company might sue

may face a claim resulting from the disruption caused by one of their vehicles that was involved in an accident, blocking access to a company’s premises.

Damages are typically either compensatory or punitive in nature. In the case of compensatory damages, the Claimant is usually entitled to recover those damages that would put it in the same position that it would have been in had the wrongful event not occurred.

recovery of indirect damages (as a result of ‘consequential’ losses), these damages may be recovered if such losses should have been within the reasonable contemplation of the parties at the time the relationship was entered into.

The traditional approachA forensic accounting expert testifying in court must be able to support and explain the assumptions they have used and conclusions they have reached in calculating damages, and it

is vital that their opinions be deemed reliable by the court.

The most successful forensic accountants are those who not

analyse the information provided to them by their instructing client and legal team, but also utilise their experience and identify new information to help complete or corroborate the story, or to disrupt, dismantle and call into question the veracity of the opposition’s claims.

Traditional forensic accountants and experts rely heavily upon searches of commercial databases and analyst reports from brokers/investment banks to identify additional information to inform their analysis.

While relevant for many

public sources might not provide

Forensic Accountants

STAT FACTS

39%Global finance executives surveyed who reported corruption occurring frequently in their countries

MARKET WATCH

www.thecfome.com 67

APPSTECH TALK

WALLY

LOGMEIN

To begin with, this app lets you record all of your expenses in a systematic way – enter the amount spent, location, time and the category of expense (food, clothes, transport, and so on). Another notable feature is that the user can scan and save images of receipts. The app can identify the amount, date, venue and category automatically, saving you valuable time! Wally supports multiple global currencies so that even if you are on a business trip or family vacation, you can keep track of your daily expenses. The application offers a weekly, monthly and yearly breakdown of your spending – divided categorically – in the form of an easy pictorial representation that’s a lot easier to read and understand than a complicated Excel sheet or an unending pile of bank statements. An added plus is that by using the app you can access your expenses anywhere and at any time.

LogMeIn is perhaps one of the most useful apps you’ll come across. Following a few basic instructions, the app allows you to remotely access your computer using your Android device. You may be in a client meeting, where you need to urgently get ahold of additional information to close the deal with very limited time on-hand. Using LogMeIn, you can easily get all the files on your computer without having to travel at all! Of course, you do have to ensure that your computer has the LogMeIn software installed.

iPhone

AVAILABLE ON

Free

COST

App Store and Google Play

AVAILABLE ON

Basic version and services – Free

COST

www.thecfome.com66

APPSTECH TALK

AT YOUR FINGERTIPS SUPERCHARGE YOUR BUSINESS WITH

THESE FANTASTIC MOBILE APPS!

EVERNOTEThis is an excellent app for business professionals across any industry sector. Evernote is a one-stop-solution for all your business needs – it allows you to take notes, save images and record audio notes. More importantly, the app makes all of your data accessible across all devices you use creating a cohesive platform. It also enables sharing information with other users including partners, managers and employees. Additionally, for frequent travellers, it saves travel plans, maps and other documents. If your business requires you to be constantly on-the-go, Evernote is the perfect app to stay connected with your staff – and business – 24/7!

Mobile devices such as iPad, iPhone, iPod Touch, Android, Windows Phone and

BlackBerry

AVAILABLE ON

Free

COST

www.thecfome.com 67

APPSTECH TALK

WALLY

LOGMEIN

To begin with, this app lets you record all of your expenses in a systematic way – enter the amount spent, location, time and the category of expense (food, clothes, transport, and so on). Another notable feature is that the user can scan and save images of receipts. The app can identify the amount, date, venue and category automatically, saving you valuable time! Wally supports multiple global currencies so that even if you are on a business trip or family vacation, you can keep track of your daily expenses. The application offers a weekly, monthly and yearly breakdown of your spending – divided categorically – in the form of an easy pictorial representation that’s a lot easier to read and understand than a complicated Excel sheet or an unending pile of bank statements. An added plus is that by using the app you can access your expenses anywhere and at any time.

LogMeIn is perhaps one of the most useful apps you’ll come across. Following a few basic instructions, the app allows you to remotely access your computer using your Android device. You may be in a client meeting, where you need to urgently get ahold of additional information to close the deal with very limited time on-hand. Using LogMeIn, you can easily get all the files on your computer without having to travel at all! Of course, you do have to ensure that your computer has the LogMeIn software installed.

iPhone

AVAILABLE ON

Free

COST

App Store and Google Play

AVAILABLE ON

Basic version and services – Free

COST

www.thecfome.com66

APPSTECH TALK

AT YOUR FINGERTIPS SUPERCHARGE YOUR BUSINESS WITH

THESE FANTASTIC MOBILE APPS!

EVERNOTEThis is an excellent app for business professionals across any industry sector. Evernote is a one-stop-solution for all your business needs – it allows you to take notes, save images and record audio notes. More importantly, the app makes all of your data accessible across all devices you use creating a cohesive platform. It also enables sharing information with other users including partners, managers and employees. Additionally, for frequent travellers, it saves travel plans, maps and other documents. If your business requires you to be constantly on-the-go, Evernote is the perfect app to stay connected with your staff – and business – 24/7!

Mobile devices such as iPad, iPhone, iPod Touch, Android, Windows Phone and

BlackBerry

AVAILABLE ON

Free

COST

www.thecfome.com68

HAIKU DECK This innovative app is a fantastic for creating impactful business presentations. Apart from access to images from the Web, Dropbox, Instagram, etc., the app also allows the integration of pie charts, bar diagrams and other graphics into the presentation. So next time you

app’s simplicity and clean features will allow you to easily produce a professional presentation which leaves your clients, senior directors and other stakeholders impressed!

iOS and several other platforms

AVAILABLE ON

Free

COST

LINKEDIN PULSEThis popular app will completely change the way you access your daily news. LinkedIn Pulse enables you to get all your stories in one news feed offering a truly seamless experience. As the name suggests, the app is a part of LinkedIn and users have the option to log in using their LinkedIn accounts. The application delivers news stories from most major publications and users can customise their content – so that what you read is personalised based on your interests. What is particularly attractive about LinkedIn Pulse is its ability to download news for offline reading, so you don’t have to worry about internet connectivity.

App Store and Google Play

AVAILABLE ON

Free

COST

APPSTECH TALK

www.thecfome.com68

HAIKU DECK This innovative app is a fantastic for creating impactful business presentations. Apart from access to images from the Web, Dropbox, Instagram, etc., the app also allows the integration of pie charts, bar diagrams and other graphics into the presentation. So next time you

app’s simplicity and clean features will allow you to easily produce a professional presentation which leaves your clients, senior directors and other stakeholders impressed!

iOS and several other platforms

AVAILABLE ON

Free

COST

LINKEDIN PULSEThis popular app will completely change the way you access your daily news. LinkedIn Pulse enables you to get all your stories in one news feed offering a truly seamless experience. As the name suggests, the app is a part of LinkedIn and users have the option to log in using their LinkedIn accounts. The application delivers news stories from most major publications and users can customise their content – so that what you read is personalised based on your interests. What is particularly attractive about LinkedIn Pulse is its ability to download news for offline reading, so you don’t have to worry about internet connectivity.

App Store and Google Play

AVAILABLE ON

Free

COST

APPSTECH TALK

Opinion: CIMAPERSONALITIES

www.thecfome.com70

CFOs AS TODAY’S BUSINESS LEADERSBy Geetu Ahuja, Head of GCC at CIMA

Kenneth Blanchard, the author of the best-selling book ‘The One Minute Manager’ once said: “The key to successful leadership today is influence, not authority.”

This statement could not be more true in the case of today’s C-suite executives, particularly that of the CFO.

In the wake of the global financial crisis, the role and responsibilities of a CFO have undergone a transformational shift. CFOs are no longer restricted to keeping a tight hold over their organisation’s purse strings, their job function now extends to wearing multiple hats, including that of a leader, planner, visionary, creative head and

many, many more.Globally, CFOs are

becoming instrumental in driving new initiatives, adding even more dimensions to their ever-expanding responsibilities. As creative catalysts, the CFO and finance team are deeply embedded in the processes of innovation. They partner early with other departments to identify concepts with market potential, replace rigid financial metrics with staged measurements to avoid eliminating ideas too soon, and accept that failure is a tolerable outcome for projects along the path to commercialisation.

Closer to home, a similar scenario is seen in practice. As Middle Eastern markets expand and businesses open up to new ventures and investment opportunities, CFOs have a huge responsibility to connect the dots and present a clear understanding of how the different parts of their organisation can create value whilst remain mindful of the potential pitfalls.

As an organisation’s torchbearer, a CFO should encourage and facilitate an innovative mindset across all business areas and management levels. Developing such a framework will not only help in creating an organisation that thrives on innovation and productivity but also becomes open to failures and sees missteps as impetus for the development of areas that need closer attention. In order to understand and execute a wider organisational strategy, a CFO has to embed his extended finance team in the innovation process to help build the business case for upcoming ideas.

The role of a new age CFO is not without challenges. In the words of Bill Gates, “As we look ahead into the next century, leaders will be those who empower others.” As a business leader, a successful CFO will be the one who can demonstrate strong business acumen to inspire and bring out the best in an organisation’s work force.

“A CFO should encourage and facilitate an innovative mindset across all business areas and management levels.”

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