The CFO Middle East | Issue 13 by The CFO Middle East

Vol. 2 ISSUE 13

A tribute to Dominic De Sousa, Founder and Chairman, CPI Media Group

TGS KOYa chartered accountants page 26

Ready for Take-off Saudi Arabian Airlines’ CFO & CIO Muhammad Ali Albakri on the firm’s ambitious five-year roadmap

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Weathering the storm MANAGEMENT Dominic De Sousa Chairman Nadeem Hood Group CEO Rajashree Rammohan Publishing Director EDITORIAL Group Editor Jeevan Thankappan jeevan.thankappan@cpimediagroup.com +971 4 375 5678 Editorial Assistant Adelle Louise Geronimo adelle.geronimo@cpimediagroup.com +971 4 375 5683 Contributing Editors Annie Bricker annie.bricker@cpimediagroup.com +971 4 375 1643 James Dartnell james.dartnell@cpimediagroup.com +971 4 375 5684 ADVERTISING Commercial Director - Business Division Chris Stevenson chris.stevenson@cpimediagroup.com +971 4 375 5674 Group Sales Director Kausar Syed kausar.syed@cpimediagroup.com +971 4 375 1647

By some measures, it’s been the worst start to a year in recent memory in terms of international markets. Judging by IMF figures, the current economic picture of the world doesn’t look very promising. Concerns about a slowdown in China’s economy, plummeting oil prices and falling currencies have cast a pall over the economic outlook for 2016, especially for the Middle East region, where most economies are still oil-dependent. While this might be an opportunity for GCC countries to undertake structural reforms and diversify their economies, CFOs should brace themselves for changes in exchange rates, interest rates and equity prices. The silver lining is that even in the midst of a slowdown, emerging markets tend to grow faster than mature markets, and industry pundits urge CFOs to make productivity a core business strategy to offset negative impact. Using the oft-repeated cliché, every crisis is an opportunity and financial heads should look to invest in systems to gain process efficiencies, thwart fraud and expand their customer base leveraging new channels. This has to be underpinned by technology infrastructure upgrades that can boost operational efficiencies and improve employee productivity. This is also a good time to review annual budgets to cut corners, and keep an eye on key performance indicators. Pay more attention to key factors such as staffing, inventory and receivables. Increasingly, liquidity should also be on top of the list. Needless to say, in a slowing economy, cash management is going to be tricky for any CFO with payment cycles stretching, which makes it crucial to closely watch cash flows and preserve them to support business growth. The time has never been more opportune for CFOs to take the bull by the horns, and be proactive in finding new ways to improve operations, build cash, eliminate waste, and build on value-creating opportunities to cushion the effects of difficult economic conditions on their businesses.

DESIGN Neha Kalvani neha.kalvani@cpimediagroup.com Analou Balbero analou.balbero@cpimediagroup.com Photographer Charls Thomas

Jeevan Thankappan Group Editor

Production Manager James Tharian Data Manager Rajeesh Melath

Printed by Printwell Printing Press © Copyright 2016 CPI. All rights reserved. While the publishers have made every effort to ensure the accuracy of all information in this magazine, they will not be held responsible for any errors therein.

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tHE CFO MIDDLE EAST

Advisory Panel The CFO Middle East’s Advisory Panel comprises a dynamic group of experts and leaders in various aspects of finance. As industry captains arriving from world-leading organisations and specialising in financial strategies, accounting and management, these key personalities will play a vital role in ensuring the delivery of relevant and accurate analyses of the latest trends and issues in the business community.

Ahmad Darwish Ahmad Darwish is a Board Member and Secretary General of the UAE’s Accountants and Auditors Association (AAA), an organisation tasked with the promotion and development of the accounting profession in the country. He is also the Senior Manager for Financial Accounting at DP World UAE and oversees the management accounting, treasury and asset management divisions of the company. With his extensive financial expertise Darwish is also the first Emirati to chair the UAE Members Advisory Committee of the ACCA. Hanady Khalife Hanady Khalife is the Director of Operations, Middle East and Africa, of the Institute of Management Accountants (IMA). She is responsible for training providers, business partners, universities, governmental entities, amongst others. Khalife is also an expert consultant specialising in assisting clients develop and implement strategic business plans and build partnerships with key industry stakeholders. Michael Armstrong Michael Armstrong, FCA is the Regional Director for the Middle East, Africa and South Asia (MEASA) of ICAEW. He is responsible for the ICAEW’s work across the MEASA region, collaborating with key stakeholders, engaging with businesses across the region, supporting ICAEW members and working with both public and private sectors on raising awareness of the relevance of chartered accountancy catalysing

economic growth. Armstrong has extensive experience advising financial institutions and energy and natural resources companies in addition to having held several leadership and advisory positions in business and government. David Thomasson David Thomasson is the founder and Managing Director of Phoenix Financial Training. David is a fellow of CIMA and worked in the accountancy industry for many years before moving into training in the 1990s. PHOENIX offers courses leading to Professional Finance Qualifications in ACCA, CIMA and ICAEW in Dubai and India. Offering a range of bespoke financial courses in Financial Awareness Building and Corporate Treasury Phoenix’s student body ranges from independent students to practitioners of private companies and sovereign wealth funds. Lindsay Degouve de Nuncques Lindsay Degouve de Nuncques is the UAE Head of the Association of Charted Certified Accountants (ACCA). Her role entails spearheading discussions with regulators, business leaders and important stakeholders to strengthen the ACCA’s network and profile in the region. Degouve de Nuncques has spent more than eight years with ACCA in various senior roles. Geetu Ahuja Geetu Ahuja is the Head of GCC for the Chartered Institute of Management Accountants (CIMA). Responsible for

developing the growth of operations and positioning the global brand of CIMA across the GCC region, Ajuha establishes strategic partnerships with global and regional entities. She is also responsible for overseeing the launch of various region specific CIMA nationalisation programmes in the GCC. Paul Gyles Paul Gyles is the Regional CFO and Board member for all ISG Group companies – an international construction services company delivering fit out, construction, engineering services and a range of specialist solutions. He is responsible for the finance, HR, IT, admin and legal functions for ISG’s Middle Eastern outfit. A key aspect of the role is project funding and raising external financing by working with both Arab and international banks. Gyles is also the Chairman of the Steering Committee of the MECA CFO Alliance, the largest CFO networking group in the Middle East. Amer Khansaheb Amer Khansaheb is the president of the CFA Society Emirates. He is the Managing Director of Khansaheb Investments, an investment company with investments in construction, real estate and infrastructure. His expertise includes real estate management, construction management and financial analysis. Amer graduated from the American university in Beirut with a degree in Civil & Environmental Engineering. In 2009, he received his MSc in Project Management from the British University in Dubai. He has been a CFA charterholder since 2009.

CONTENTS

8 News The latest developments in local finance

14 The ICAEW Excellence Awards We bring you the highlights of the Middle East Accountancy & Finance Excellence Awards.

17 Treasury talk Peter Matza, Engagement Director, Association of Corporate Treasurers (ACT), discusses the firm’s recently held Middle East Annual Conference.

18 Where credit’s due The MECA CFO Alliance celebrates its inaugural annual GCC Finance Excellence Awards.

21 Financiers of the future Phoenix Financial Training Founder and Managing Director David Thomasson reflects on his firm’s third annual graduation ceremony.

34 31 Ready or not? We take a look at KPMGâ&#x20AC;&#x2122;s latest research on how CFOs are facing increasing pressure to give greater emphasis to combating cybercrime.

32 MBA pitfalls Stafford Global CFO Philippe Riewer shares insights on the shortcomings of MBA courses in teaching students about corporate finance.

The future of Islamic banking Ashar Nazim, Global Islamic Banking Centre, EY, discusses opportunities for an industry that saw the GCC contribute $91 billion worth of assets in 2015.

40 Consolidation call

Research from law firm Baker & Mckenzie reveals record levels of cross-border mergers and acquisitions activity in 2015.

44 Finance function effectiveness Fintan Somers, Founder, SomersConsult, shares a work programme that can transform the finance function of organisations.

Dominic De Sousa 1959-2015

On 16th December, 2015, Dominic De Sousa, Founder and Chairman of CPI Media Group, publishers of The CFO Middle East, passed away from cardiac arrest. Dom was many things to many people. An entrepreneurial publisher who defied traditional norms of the industry. A singer who delighted audiences with his soothing voice. A selfless wildlife lover who made it his life’s mission to rescue and rehabilitate sick and injured animals. Known for being full of life and infectious charisma, he died doing what he loved most – singing on stage at our sister publication BBC Good Food Middle East’s annual awards ceremony at Jumeirah Zabeel Saray’s MusicHall. Born to Goan parents in Kenya, Dom was raised in South London. After studying biochemistry at the University of London, De Sousa joined Reed Business Publishing as an advertising salesman on Middle East Computing, laying the foundations for his future career. After a short stint with Alain Charles Publishing, he moved to Dubai in 1994 and launched CNME, our sister publication. Starting from a small back office in bustling Deira, CPI Media Group is now one of the leading B2B publishers in the region, thanks to Dom’s never-say-die character and unflinching belief in company employees. Today, CPI boasts more than 25 magazines, Web portals and numerous vertical industry awards programmes. In stark contrast to other publishers, Dom wanted his staff to succeed, encouraging them to become his partners rather than employees. Constantly discovering new interests and giving credence to new ideas, he egged on everyone at CPI to think differently and act with clarity of thought. For those of us who remain at CPI, he is quite simply irreplaceable. The number of lives he touched across multiple industries in the Middle East is humbling and we, his colleagues, have been overwhelmed by the messages and tributes from those who knew, respected and loved him. He will be missed more than we can express in words, but his legacy lives on in the magazines he helped create and nurture, and the employees whose professional lives have been so greatly enhanced through his faith and support. Rest in peace Dom.

News

ICAEW, PwC strengthen finance and accounting sector in Qatar

Menacorp named as DFM’s top securities brokerage firm

Fathi Ben Grira, Menacorp

Michael Armstrong, FCA and ICAEW

Accountancy firm The Institute of Chartered Accountants in England and Wales (ICAEW) and PwC’s Academy have launched their newly developed accounting and finance course in Qatar to give increasing weight to the country’s efforts in the sector. The ICAEW Accounting Skills Certificate (ASC) is a bilingual course taught in English and Arabic designed to cover the foundation knowledge and skills in accounting and finance and to allow participants to develop and practice core accounting and finance techniques. The six-month structured training programme serves as a platform for various professional qualifications. Michael Armstrong, Regional Director for the Middle East, Africa and South Asia (MEASA), FCA, ICAEW, said, “A robust and wellfunctioning financial sector is essential for sustainable economic growth – and this has to be supported by top talent. However, Qatar does not currently have enough skilled accounting and finance professionals to support the needed economic growth. The ASC qualification is a great stepping-stone into a full professional chartered accountancy qualification, providing students with the knowledge they need to embark on their careers and gain essential practical experience.”

Menacorp was the number one securities brokerage firm by trading value and market share for the full year 2015, according to the official data published by the Dubai Financial Market (DFM). This is the third year that the company has achieved the top spot in the DFM, the main exchange of the United Arab Emirates. Fathi Ben Grira, Chief Executive Officer, Menacorp, said, “Since the

establishment of the DFM in 2000, no other firm has achieved such an outstanding performance for three consecutive years. Menacorp occupies a unique position in the market as it is the only financial services firm in the country to be licensed on the four UAE exchanges (DFM, ADX, Nasdaq Dubai and Dubai Gold and Commodities Exchange) and to offer access to regional and selected international markets. For 2016, we shall keep on implementing the vision of our Chairman Hamad Ghanem Bin Hamoodah which is built on two pillars: consolidation of our leadership in UAE markets and diversification by offering access to more markets to our clients.” Menacorp is backed by one of the largest and most diversified Emirati conglomerates, the Abu Dhabi-based Bin Hamoodah Group – the company’s main shareholder.

e-Dirham system sees high customer satisfaction The Ministry of Finance (MoF) has revealed results of a study on customer satisfaction regarding e-Dirham system. The study was conducted in collaboration with the National Bank of Abu Dhabi (NBAD) and Nielsen Global Marketing Research Company. Results showed that 80 percent of users are satisfied with the performance of the e-Dirham system as an electronic payment method instead of using cash. His Excellency Younis Haji Al Khoori, Undersecretary, MoF, stressed the importance and the role of the e-Dirham system for ministries, local and federal government entities, as it is an effective electronic payment method with the highest levels of performance, accuracy standards and ease of use. The system also offers high levels of safety for customers in revenue collection for government or non-government services.

“This study confirms the success of the e-Dirham system, which is reflected through the outstanding customer satisfaction scores and its growing popularity as an electronic means of payment,” he said. “The e-Dirham system provides government institutions with a database, detailed report and prompt financial operations, aids in implementing control, audit and conformity operations, as well as measuring their speed and efficiency. This supports decision making processes and enhances the effectiveness of financial and human resources.” The report also revealed that the e-Dirham system displayed a satisfaction rate of 97 percent for directors and owners of printing centres and services and 87 percent overall satisfaction rate for individuals dealing with printing centres and business services.

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News

Dana Gas appoints new CFO Dana Gas has appointed Chris Hearne as the Chief Financial Officer of the company. Prior to joining Dana Gas, Hearne was with Serica Chris Hearne, Dana Gas Energy, an international oil exploration and production company listed on the AIM market in London, where he served as Chief Financial Officer and Director from 2005. He also has over 20 years’ experience within the oil industry having been CFO and Senior Vice President of Erin Energy, a NYSE listed company with oil assets across Africa, and with Intrepid Energy North Sea Limited. Dr. Patrick Allman-Ward, CEO of Dana Gas, said, “We are delighted that Chris Hearne has joined Dana Gas. His record of accomplishment at Intrepid and Serica and his wealth of experience in corporate

finance and capital markets will be a real asset to the company and shareholders alike. Hearne’s appointment completes a triumvirate of key leadership positions, with Iman Hill joining as Technical Director and General Manager for UAE and Egypt in September 2015 and Duncan Maclean’s appointment to Legal and Commercial Director with effect from the 1st December 2015. “We look forward to leveraging their collective experience in the oil and gas sector to drive our plans for growth in 2016 and beyond. We have an exciting mix of exploration programmes in Egypt and significant development projects, the Gas Production Enhancement Agreement in Egypt and the Zora Gas Field project in the UAE. Hearne, Hill and Maclean will be key in supporting me and the rest of the team to ensure the successful delivery of these projects, especially during this period of global economic and oil price uncertainty.”

NBAD commits $10 billion to finance sustainable business growing super-region National Bank of Abu Dhabi that stretches from Africa (NBAD) has committed to lend, through the Middle East invest and facilitate a total of to Asia – and filling it is $10 billion of financing within going to be a big task. As the the next 10 years to projects leading bank in the Middle focused on environmentally East, we want to make a sustainable activities. real contribution to the The commitment, which is a Alex Thursby, Group CEO, NBAD region’s ability to rise to the first for a GCC bank, supports the research from NBAD’s, ‘Financing the energy challenge. We believe that even in the current climate of low oil prices, future of energy report’, which identified the transition towards more renewable a funding gap of $48 trillion dollars sources in the energy mix will continue required in the next 20 years to meet because the underlying drivers are longglobal energy demand, with renewables term and strong. It is for this reason that playing a critical role in the energy mix of we have made this commitment of $10 the future. billion today. Through our Sustainable Alex Thursby, Group CEO of NBAD, Business team we hope to become a said, “The world is heading towards a positive force in the banking sector in the very significant funding gap for energy region, accelerating the transition to a globally. This is particularly true across much needed new world of energy.” the West-East Corridor, the rapidly

UAE banks to see earnings decline in 2016 In a recent report, Standard & Poor’s said it expects negative earnings growth for banks in the United Arab Emirates in 2016 and lacklustre performance in 2017. The report highlighted that during the last financial crisis, oil prices dropped as they have recently. Then, a steep decline in prices for real estate and the liquidity squeeze revealed excess leverage and weak funding structures for certain government-related entities (GREs), as well as a lack of proper underwriting practices at some UAE banks. After an initial shock to banks that led to a visible deterioration in performance in 2009 and 2010, liquidity began to flow back into the financial system in 2010 on the back of stronger oil prices. The credit cycle turned as early as 2012, and declining credit losses made way for a recovery in bank earnings. However, the report points out that this time it is expected that these will remain low for a longer period. Given the role of such a commodity in the economy in the region, the uncertainty of how long oil prices will remain weak will force businesses and governments to adopt a conservative stance. This may then result to weak spending for infrastructure and private-sector investments, and rein in bank lending. Standard & Poor’s expects a slowdown in credit growth and continued weaker deposit growth, with a renewed but manageable deterioration in asset quality.

$5.4 BN

M&A deal value in the MENA region in Q3 2015, 37 percent lower compared to same period in 2014. Source: EY

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INDICATORS THAT

BITCOIN

GROWTH ISNâ&#x20AC;&#x2122;T SLOWING DOWN IN 2016

DAILY TRANSACTION VALUES

$17.559B

$9.863B

$362M

$7.562B

$289M

$2.434B

$216M

$397M

$15M

Bitcoin venture capital funding

bitcoin users

Total - all time: $927M

Based on 4,000 respondents

$469M $362M $95M $2M 2015

2014

2013

2012

494% increase in total to-date VC investment from end of 2013

TOP 10 LARGEST BITCOIN ACCEPTING RETAILERS

THE BIGGEST BUYERS OF BITCOIN

USA

MALE

MILLENIALS

INDIA BRAZIL

90% 55% aged 19 - 34

GEN X

EUROPE

CHINA

8 out of 10 transactions are made in Yuan

33% aged 35 - 54

100,000+ Retailers accepting bitcoin globally

Source: BargainFox

EVENT

ICAEW

ICAEW hosts annual Excellence awards Some of the Middle East’s best and brightest in accountancy and finance were celebrated at The Institute of Chartered Accountants in England and Wales’ fifth annual Middle East Accountancy & Finance Excellence Awards.

ndustry professionals from across the Middle East attended the gala event, which included keynote addresses from Andrew Ratcliffe, ICAEW President, and legendary BBC chief news correspondent Kate Adie, OBE. The ceremony was held at Jumeirah Beach Hotel in Dubai under the patronage of H.E. Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Culture, Youth and Community Development for the UAE, with the support of The British Embassy in the UAE. H.E. opened the proceedings with a keynote address in which he praised the efforts of ICAEW in contributing to the development of accountancy and finance professionals in the region. Michael Armstrong FCA, ICAEW Regional Director for the Middle East, Africa and South Asia, said, “We are honoured that His Highness Sheikh Nahyan bin Mubarak Al Nahyan has extended his support to the Middle East Accountancy & Finance Excellence Awards for the fifth consecutive year. “It gives us great pleasure to celebrate the region’s best talent in the accountancy and finance profession. These are the finance professionals who are continually demonstrating the highest professional and ethical standards. Their contribution helps not only their respective organisations, but also their local economies as they help build robust financial systems necessary for sustainable economic growth.”

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There were awards across 12 categories, including the prestigious Business Leader of the Year award, which was won by Sayyida Rawan Ahmed Al Said, Managing Director and CEO of Takaful Oman Insurance. Sajjad Haider, Founder of Sajjad Haider & Co. took home the Outstanding Contribution to the Profession by an Individual award, NASS Group’s Hemant Joshi was named CFO of the Year, and Zafar Husain Rizvi from DSR won the Professional Training for ICAEW Chartered Accountant of the Year. Winners were selected by a judging panel comprising nine of the region’s most respected industry professionals. The judging committee this year were: Bashir Siman OBE; UKTI Special Representative to the UAE for Financial Services; Dr. Hadi Shahid, Founder and Managing Partner of Alliott Hadi Shahid; Dr. Jeanette Vinke, Senior Lecturer at the American University of Sharjah and advisery board member of ICAEW Middle East; Mark Beer OBE, Chief Executive and Registrar of the DIFC Courts; Dr. Sameer Al Ansari, Founder and CEO, PE+ Capital Advisors; Stephen Williams, CFO of Gulf International Bank; Steven Ralls, Senior Principal, Financial Audit and Examination, Abu Dhabi Accountability Authority; Surya Subramanian, Group Chief Financial Officer, Emirates NBD; and Umar Saleem, CFO, DEPA.

Winners: Outstanding Contribution to the Profession by an Individual Sajjad Haider, Founder, Sajjad Haider & Co. Business Leader of the Year Sayyidah Rawan Ahmed Al Said, Managing Director and CEO of Takaful Oman Insurance CFO of the Year Hemant Joshi, Director of Corporate Services, NASS Group Young Finance Professional of the Year Zaheer Abbas Suchedina, Associate – Consumer and Industrial Markets at KPMG Business Finance Team of the Year The Emirates Group ICAEW Chartered Accountant of the Year Zafar Husain Rizvi, Director ICAEW Programs at DSR Professional Training JLT Internal Audit Excellence Award Gulf Drilling International Excellence in Financial Reporting Emirates NBD Corporate Finance Deal of the Year DEWA Excellence in Development of the Country’s Future Business Leaders Petroleum Development Oman (PDO) Excellence in the Training & Development of Finance Professionals PwC’s Academy

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EVENT

ACT

Treasury talk

The Association of Corporate Treasurers (ACT) recently hosted its Middle East Annual Conference in Dubai. The firmâ&#x20AC;&#x2122;s Engagement Director Peter Matza reflects on proceedings.

ne of our largest and most diverse line-ups of speakers geared up to deliver on a huge range of treasury, business and finance topics at the event. Our opening keynote speaker, Her Excellency Reem Al Hashimy, UAE Minister of State and Director General, Bureau Dubai Expo 2020, delivered an incisive critique of her leadership in organising Expo 2020, likening it to the range of competencies that treasurers need in their roles. The challenge of bringing to life an event likely to attract 25 million visitors over six months in 2020 and interacting with 1 billion or more online seems incredibly daunting. Defined in terms of risk management, operations, controls, governance and people management, however, and the problems take on familiar treasury forms. Excellent panel discussions covering the ways treasurers can be strategic,

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tactical, sophisticated and adaptable showed the range and depth of treasury talent that is making its presence felt in the region. Tactical treasurers in the cash management field are having to deal with unprecedented regulatory change affecting their financial service providers in areas such as KYC, payments and the digitisation of trade finance. Sophisticated treasurers are having to learn the skills - and occasional dark arts - of taking a seat at the board table not just to talk about bringing financial and business strategy together but influencing and persuading C-suite decision makers. The challenges of technology featured in many of the dayâ&#x20AC;&#x2122;s discussions. They covered exactly what is happening in treasury systems, where regulators are pushing for change in payments or cross border pooling. The ways treasurers cope with the speed of information flows was also a hot topic. Plenty of answers were given, lots of experience

was shared and there was no shortage of service providers willing and able to make solutions happen. All this and more points to a theme I have remarked on before. The Middle East treasury profession is rapidly maturing and wanting to take its place in the broader business community. Day two The second day of the conference kicked off with a popular question time panel discussion and ACT Middle East Chair, Matthew Hurn,supporting the beginning of a UAE tax regime to include VAT, personal income tax and corporation tax - not a speech for the faint-hearted. The theme of diversifying the regional economy away from hydrocarbon income came up on a later macroeconomic panel which looked at changing tourism patterns in Dubai. Other sessions during the day looked at corporate-bank relationships and whether they need qualitative as well as quantitative performance measures. Meanwhile, operational treasury was brought starkly into focus by the acting head of treasury for UNRWA based in Jordan, who talked with impressive commitment about the impact of managing finance to support humanitarian operations. Lastly, Anfal Mahmood, of the finance team at Etihad Airways, discussed the need for talent development and retention, having earning a Distinction in her CertTF at the start of her treasury career.

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EVENT

MECA

Where credit’s due A variety of finance professionals were recently celebrated at MECA’s inaugural GCC Finance Excellence Awards.

he regional MECA CFO conference and the first GCC Finance Excellence Awards were held on 9th December, 2015 at the RitzCarlton, JBR in Dubai. Moazzam Ali Shah scooped the top prize of the evening, taking home the coveted CFO of the Year award, while Qamar Hamid was named Strategic CFO of the Year. A range of other finance roles were honoured, with Syed Abu Fawwad being named Controller of the Year, James Adams Treasurer of the Year and Sohail Zuberi winning the Shariah Governance Professional of the Year prize. Ghulam Reza Bhojani won the ACCA of the Year, Basel Omer Abu Ali was named Management Accountant of the Year, Mansoor Al Mulla CPA of the Year, Muhammad Junaid Khan was crowned Auditor of the Year, and Azam Mehmood was the pick of local contestants, winning the UAE Chartered Accountant of the Year award. Dubai Free Zone Authority, meanwhile, was awarded the evening’s top prize for group effort, being named the Finance Team of the Year. A panel of 10 judges comprising senior executives and top finance professionals scrutinised more than 100 nominations to select the winners. MECA’s founder Saleem Sufi was delighted with the enthusiasm that surrounded the event. “We received a strong response from the

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finance community after the programme was announced last August,” he said. CEOs and top executives from the award partnering companies participated to present the awards to the winners, while His Highness Sheikh Faisal Bin Saud Khalid Al Qasimi graced the occasion as the guest of honour.

The various award categories were partnered and sponsored by a variety of names including SAP, Thomson Reuters, Grant Thornton, Crowe Horwath, aafaq Islamic Finance, ACCA, IMA, AAA, ICPAP and DIFC. More than 200 CFOs and senior finance executives attended the ceremony.

feature

Phoenix Financial Training

Financiers of the future Phoenix Financial Training’s Founder and Managing Director – and CFO Middle East advisory panel member - David Thomasson proudly reflects on his firm’s third annual graduation ceremony.

ver the years at Phoenix, we have helped thousands of students realise their dream of achieving a professional finance qualification. We have always been very close to our students and have always known how important this success is to them. However, in recent years this has been brought home to us even more as we introduced our annual PFT Graduation event. On 14th December 2015 we held our third annual graduation for successful ACCA candidates. We have always strived to ensure that the guest list is as inclusive as possible by allowing graduates to bring along family and friends. We therefore see all age ranges at the ceremony, and it is truly humbling for us to understand just how important this achievement is to the whole family – this is especially true in this region where the personal and financial sacrifices of parents and siblings facilitate the success of our graduates. After welcoming everyone to Dubai World Trade Centre’s Multaqa Ballroom, it was my pleasure to hand over the platform to three of our leading tutors – Preethy, Nikhil and Zainab – who all explained their different personal and

“

As I have often said, the UAE needs worldclass professionals to underpin the ongoing development of world-class businesses.”

professional journeys. These spanned different countries, but for all three of them, the integrity, knowledge and professionalism of their qualification has underpinned the flexibility which has facilitated their career path, in their case culminating in a career in teaching rather than as a CFO. Kindly supported by Stuart Dunlop, MENASA regional director for the ACCA, we presented certificates to our two hundred 2015 graduates. In addition, it was my pleasure to present awards for outstanding achievement to Prachi Mehta, Ramkumar Raman and Eman Al Suwaidi. After being awarded many exemptions, Prachi qualified as an ACCA and is currently building a successful career here in Dubai with Deloitte whilst also studying for her ICAEW exams. Eman is one of our growing number of Emirati affiliates and works for the UAE State Audit Institute,

while Ramkumar - the youngest ACCA qualified accountant in the region - is looking to pursue his education further in the USA before embarking on a career in banking. It is wonderful to see the professionalism and drive of our people as they proceed through their qualification. Some are yet to commence their careers. We spend a lot of time at Phoenix working with them to develop job and internship opportunities, but many have already progressed – and number of local CFOs are recent graduates of ours. As I have often said, the UAE needs worldclass professionals to underpin the ongoing development of world-class businesses. As I look at these young people, I am proud to see that we are playing our part by providing what I am sure will be many talented CFOs of the future.

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COVER

Muhammad Ali Albakri

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Ready for take-off Fuelled by a vast transition in its finance and IT departments, Saudi Arabian Airlines is reaching for the skies. Company CFO and CIO Muhammad Ali Albakri tells James Dartnell about his ambitious five-year roadmap to transform the carrier by optimising its network map.

uhammad Ali Albakri holds a rare and unique vantage point in his job. As CFO and CIO of Saudi Arabian Airlines, he has access to – and a large degree of control over - some of the company’s most precious assets – its financial performance and decisionmaking, and data that spans the enterprise. This gives Albakri a unique platform from which he can observe and influence the business. This insight has allowed him to paint a holistic picture of the transition in which Saudia finds itself. “We are in the process of redesigning the airline,” he says. Albakri has played a key role in defining the company’s longterm roadmap, and finance has played a pivotal role in that change. “From 20072013 the company underwent its IT transformation. Then, from 2013-2015, it was the turn of our finances. From now until 2020, we will see the resultant transformation of the entire airline,” he says. After a great deal of

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development for the organisation, Saudia and Albakri are determined to launch a new era for the company. Having laid the financial foundations for change, the company has begun a five-year plan that encompasses 25 new initiatives. Chief among them is the drive to reshape Saudia’s flight network, the company’s ‘SV2020’ plan. “We need to optimise our profit per flight by increasing load factor,” Albakri says. “That requires a rethinking of our network, and offerings to the different markets in which we operate.” At the core of the company’s improvement plans is making real-time, concise decisions about the best possible routes the airline should be selling. Saudia targets three segments of the traveller market. Its primary customers are those on its domestic flights, reaching 29 destinations within Saudi Arabia. Next is its international network, encompassing flights across the GCC, to Europe and North America, and third is the religious market, with passengers

arriving for Hajj. The company is currently looking to extend its reach to South America and to additional flights in the Far East. “We’re expanding our network through our Sky Team Alliance,” Albakri says. “We need to optimise our network for our fleet. We cannot afford to be in a cocoon and stick to purely regional or domestic markets. We have to protect our market share while looking for network growth.” The airline industry is one of notoriously tight profit margins, and Albakri is all too aware of the difficulties the company faces in a competitive Middle Eastern market. “The open skies policy is both an opportunity and a threat,” he says. “On the one hand, every airline in the world lands in Saudi Arabia, but on the other, we face fierce competition from regional and mega carriers, who have access to the Kingdom.” Critical customers also have to be placated and satisfied. “The reality is that we have realised that we need to reshape the airline. That will

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COVER

Muhammad Ali Albakri

give us strength to compete better and raise demand. Today’s passengers are extremely savvy to the services on offer and have high expectations. They have so many touch points ” Having impressed in his role as the company’s CIO, Albakri was given the dual role of CFO in the early stages of 2013. As soon as he took over, he realised a series of changes were needed in the department’s operations. “We sought to instigate a widespread transformation,” he says. “Saudia had multiple entities which brought its set of challenges. We have our holding company, the airline and other private companies, some of which were in the midst of IPOs. Processes had to be standardised.” Albakri realised that automation would be the key Saudia’s success, which they “could not achieve” without it. “Our finances lagged in the use of automation and IT,” he says. “I also wanted to lift our overall bookkeeping capabilities; our financial planning, risk management and strategic partnerships.” Under Albakri’s guidance, Saudia underwent a restructuring process to “right-size” and increase efficiency across the organisation. In 2008, he decided to invest in SAP technology, and although the company could not immediately realise its full potential, it has set the foundations for long-term success in both finance and IT. “Our investment was huge but usage initially limited,” he says. “We started by using it for our passenger revenue account system, and we are now using it to calculate flight profitability. This is a tremendous help for performance monitoring and our network planning capabilities.” The technology enhancements have had a positive ripple effect both in the finance department, and in terms of the company’s SV2020 strategy. Having partnered with Amadeus, Saudia is now fed real-time data that enhances its decision-making capabilities. “On a day-

“

From 2007-2013, Saudia underwent its IT transformation. Then, from 2013-2015, it was the turn of our finances. From now until 2020, we will see the resultant transformation of the entire airline.”

to-day and hour-by-hour basis, we have information on our sales records,” Albakri says. “The minute the door of the aircraft closes, we know our profit and loss for that flight.” Albakri also decided that more local talent was needed in the finance department. He has hired 100 Saudis who are trained in revenue accounting, replacing the 600 outsourced staff he used in India. A number of other important strategic decisions have been taken as part of the roadmap. While the airline acquired 100 new aircraft in 2007, the decision has been taken to invest in a great deal more by 2020, with the hope of raising the

number of the airline’s annual passengers to 45 million. Crucial to the chances of this success is Jeddah’s location in the west of KSA, which could provide an excellent strategic pivot for the airline to grow. With the city’s King Abdulaziz Airport due to open a new terminal in 2017, he believes the targets of SV2020 will be more achievable. “The new terminal will be a city in itself,” he says. “We want this to be a hub for Saudia, mainly through transit traffic.” The drive to complete SV2020 has already taken a major step, with Saudia routes to the Maldives, Ankara, Munich and Algiers due to be announced this year.

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Interview

TGS Koya Chartered Accountants

The right balance Beginning its UAE journey as ‘Caliber Middle East Chartered Accountants’ in 2005, Managing Partner P.P. Kunhamad Koya has since overseen the firm’s integration into the TGS Global accountancy network, as well as a landmark 2015 rebranding as TGS Koya Chartered Accountants. He discusses the firm’s growth.

ell me about the origins of your firm. I started my professional practice in India in 1988 through M/s. P.P. K.K. & Associates in Calicut. We built up a reasonable presence in the region and we have a great team including one partner, based in Calicut, to handle the practice in India. My friends had inspired me to explore opportunities in the UAE, and I started my Dubai practice in September 2005 under the name ‘Caliber Middle East Chartered Accountants’, with two staff members. We have now rebranded our firm as TGS Koya Chartered Accountants. I had a very humble beginning for the first three years, travelling a lot between India and the UAE, and once I was more established, I focused more on the UAE, which helped me to put the firm on the map in this region.

Over the last three years, since we have become part of TGS Global, we have grown faster and our reputation has significantly improved. When we talk in terms of our work at TGS Koya Chartered Accountants, the quality has significantly gone up and we are investing more in training our team to meet growing challenges in the economy. Being part of the international network also helps us to serve large multinational companies. The 2012 change of us becoming part of the international network, TGS Global, has helped us increase our clientele of multinationals and a lot of work is referred to us by our network.

What is the importance of being part of an international network like TGS? In short, it has helped our firm to make our internal systems stronger, improve our clientele, serve multinational companies and improve our acceptability in the local market. What effect and importance has the If you ask me, ‘Why TGS Global?’ my rebrand had for the company? first point of reference is the growth of the I continued my practice as a standalone network since its inception. It was formed firm in the region from the year 2005 to in 2012 by two firms, one from the United 2012. During those years, my practice Kingdom and one from France, and in a grew but that came with a lot of limitations very short span of time it has established and challenges. When you are not a part of itself internationally and is ranked among a reputed network, you can limit yourself the top 20 international networks in the to local work and the acceptability of it world. The network won the ‘Rising Star is limited, which is difficult. Another key Network Award’ in 2014 organised by the challenge is that investment in research International Accounting Bulletin, and by and training has a ceiling until you are the end of 2016, it is expected to have a part of a large network. presence in 50 countries.

When I first interacted with the network’s leadership back in 2012, I saw great enthusiasm, and I was sold on the idea of becoming a part of it. The way the network has grown in a very short span of time makes me immensely proud. What local expertise can you bring to your international network? Having a presence in the UAE for a decade has helped us become very familiar with local laws and regulations, as well as giving us a sharp knowledge of the market. This is the core expertise we bring to the network. We, TGS Koya Chartered Accountants, are the first member firm of the network in the Middle East, which is a great source of pride for us. Our aim is to help our network grow in the region and advise its leadership in taking the right decisions for growth in this market. What is your main accounting advice for regional companies? My main accounting advice for regional companies is to have a strong system of accounting and reporting, which will help professional firms give better service, and act as strategic advisers to help companies grow their business in the region and help them enter new markets. Regional companies can create a lot of value for themselves by seeking valuable advice from professional firms as they carry vast experience.

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“

If you ask me, ‘Why TGS Global?’ my first point of reference is the growth of the network since its inception.”

P.P. Kunhamad Koya, Managing Partner, TGS Koya Chartered Accountants

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Insight

Grant Thornton

Integrated performance management:

How is it aligned with shareholder value? Grant Thornton’s associate director of business consulting, Komil Ahmetov, gives his take on why integrated performance management tools are essential in delivering the promise of strategic planning.

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No matter how sound the strategy or advanced the technology, solutions that do not prioritise integration often fail to meet expectations.”

n order to enhance shareholder value and align employees’ efforts with that overarching objective, businesses have been introducing and implementing various performance management tools and techniques. These include strategy implementation dashboards, balanced scorecards, planning and budgeting methodologies, management reporting dashboards, product and service costing methodologies among others. When these tools are implemented in a fragmented manner without a cohesive approach and strong integration across the organisation – in terms of strategy, people, processes and systems - they do not create a strong link between employees’ performance and shareholder’s wealth, nor do they lead to transparency throughout the organisation. The implementation of these tools is costly, and if they do not

lead to the desired alignment, the capital invested can be futile, which often requires additional funds for integration. The pathway of successful companies indicates that when there is a clear strategy to effectively integrate performance management tools across the organisational elements of strategy, people, processes and systems, an enhanced alignment is achieved between shareholder’s interest and employees’ actions. Alongside this, the integration of different tools leads to cost savings and implementation of cost-efficient solutions. Companies often adopt business management and improvement methodologies in fragmented ways. Frequently following a need to set a direction, businesses develop a corporate strategy with their internal resources or with the involvement of a professional consultancy firm. Once the strategy is in place, the consultants

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leave and the strategy team is disbanded with limited follow up on the strategic implementation at a later stage. Often, planning, budgeting and forecasting is implemented using standard IT solutions available in the market. Later, planning, budgeting and forecasting are managed by a business planning unit under the CFOâ&#x20AC;&#x2122;s supervision. Individuals involved in strategic planning do not necessarily play a pivotal role in the planning, budgeting and forecasting cycle. Balanced-scorecard methodology is introduced to cascade the strategic objectives at both a departmental and individual level. This can also be supported by the introduction of career plans for employees. The initiative can be driven by the HR unit of an organisation. And again, the individuals dealing with the strategy development and planning, budgeting and forecasting cycle do not always play a pivotal role

making, responds to shifting market dynamics, intelligently allocates and utilises critical resources, and consistently meets shareholder expectations. No matter how sound the strategy or advanced the technology, solutions that do not prioritise integration often fail to meet expectations. With a plummet in oil prices, overhaul in public finances, impending taxation in the region, reduction in the liquidity of banks and a risk of possible hikes in the interest rate, spending smart and being cost-aware is more important than ever before. Integrated performance management will ensure that costs are well controlled, given any costs are traced with the value they bring. In turn, this will ensure that investments within the organisation deliver value and that businesses continue to retain and enhance their competitive advantage in the market over a prolonged period.

in this process. As a result, businesses fall into a natural trap â&#x20AC;&#x201C; disintegrated business management methodologies, which result in disjointedness at key interfaces, which may erode shareholder value in an organisation. With the successful introduction and implementation of integrated performance management tools, strategic plans are strongly integrated with budgets and forecasts. There will be support from all functions and commitment will be strong and sustainable. Alongside this, the frameworks for corporate strategy, resource allocation and planning, performance management, and consolidation will be strongly integrated. Whatâ&#x20AC;&#x2122;s more, there will be an alignment of the strategic thought process with the operational thought process. This shapes and influences business outcomes, improves decision-

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survey

Cybersecurity

Ready

or not?

New research from KPMG reveals that the UAE is unprepared when it comes to cybersecurity investment.

ybersecurity is becoming increasingly challenging for firms in the UAE, and organisations need to be better prepared to ward off attacks, KPMG’s 2015 UAE Cyber Security Survey has found. The survey focused on UAE organisations’ readiness and ability to respond to cyber-attacks and assessed responses from the UAE over a period of two months. As the range of cyber-threats multiplies, CFOs across the GCC are under increasing pressure to give greater emphasis to combating cybercrime at a company board level. At a glance, verticals such as oil and gas and banking and financial services seem most at risk, but other verticals such as healthcare – where highly confidential patient information is the prize – are also at great risk. A third of respondents who participated in the survey indicated that they had been hacked in the past 12 months and took between two weeks to a month to recover. Over half of the respondents that had been hacked didn’t know that they were being targeted by cybercriminals. Furthermore,

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only 50 percent of respondents said that they had cyber-attack contingency arrangements in place. Nitin Khanapurkar, Partner, KPMG Lower Gulf, said, “The UAE is on the list of the top 10 destinations targeted by cybercriminals and it comes as no surprise that cyber-threats have been growing across key sectors like financial services, oil and gas, technology, government, retail, construction and healthcare. “The objective of the 2015 KPMG Cybersecurity Survey was to assess UAE organisations’ readiness and ability to respond to cybersecurity threats and the survey has thrown up some interesting insights.” Many boards in the UAE do not have a comprehensive or accurate view of their cyber-risks because threat intelligence and cyber monitoring have often been inconsistently implemented, KPMG says. The survey also found that more UAE organisations need to better understand their threat profiles – including who, where and why they are likely to be targeted. To respond to these growing threats, KPMG has created a ‘cyber incident

response’ that focuses on actionable results, rules of evidence, with technical security analysis and testing to help organisations stay prepared to deal with a cyber-attack. The Middle East has already witnessed a number of high profile attacks in the last few years, but evidence suggests that their number and severity are due to increase. The 2012 Shamoon virus that was unleashed on Saudi Arabia’s Aramco caused outages to 30,000 of the company’s PCs, while the Stuxnet worm launched on Iran in 2010 caused severe damage to critical infrastructure. “One of the most common causes of a failed response is lack of adequate preparation,” added Khanapurkar. “KPMG can help assist organisations with establishing clear lines of communication, policies and procedures and rules of engagement, in order to set the groundwork for a successful response if, or when, an incident occurs. On a parallel track, our teams work continuously to keep current on the latest technical methods, tools, and certifications for incident response.”

INSIGHT

Philippe Riewer

What an MBA won’t teach you about finance Stafford Global’s CFO Philippe Riewer shares his thoughts on why a number of well respected MBA courses are failing their students by guiding them towards ill-thought out finance decisions.

he aim of an MBA is not to provide specialist knowledge in corporate finance, but most programmes will typically devote one or two modules to the subject. Inevitably, the result leaves students with incomplete knowledge. Worse still, they might rely on concepts and frameworks which have been invalidated or are of questionable use. The potential upshot of this - investment decisions that do not take account of a full range of risks. Here, I take a look at the common mistakes that can result from shortcomings in courses that do not comprehensively cover finance education. 1. The capital asset pricing model. William Sharpe’s CAPM formula is a cornerstone of most corporate finance modules. It is a smart theory with elaborate mathematical underpinning and is simple enough for managers to apply. It is, however, too simplistic and flawed. The computation of the beta risk is based on past observations, which are not necessarily representative of future market risk. During a general liquidity crisis, such as the one observed in October 2008, at the height of the financial crisis, all betas converged to one and even the most elaborate diversification strategy failed to protect portfolios. The CAPM formula is therefore not a reliable way to assess risk. 2. The net present value method of assessing investments. It follows from the above that the flawed CAPM derived discount rate used in the NPV formula could lead to the acceptance of risky projects and the rejection of high return/ low risk ones.

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3. The weighted average cost of capital and the optimal gearing ratio. Here again, students are led to believe that the WACC can be minimised, while in fact, it is subject to interest rate changes and other market disruptions. Many ‘optimally geared’ companies went bankrupt almost overnight during the last financial crisis. It is simply impossible to achieve an optimal gearing ratio, as the WACC formula implies. 4. Valuation methods. Here, the problem is that finance modules introduce an array of valuation methods aimed at valuing stocks, bonds and companies, but fail to highlight the fundamental economic principles that underpin the value of any asset. Regardless of the result given by various valuation methods, it is the balance of supply and demand which determines the price of any asset. Overlooking this basic economic truth leads many students to completely erroneous valuations. Worse still, it leads them to an overconfidence in their ability to determine the value of an asset, and thus to huge disappointment when this computed value is later disproved by the market. 5. Chapters dedicated to dividend policy and capital structure are usually convoluted and describe many differing approaches over many pages before coming to the inescapable conclusion that, ‘it all depends’. Students, therefore feel short-changed, as no clear answer is given to these questions except that things ‘depend’ on taxation, industry, ownership and so on. 6. Option theory. This is overly technical and overlooks the importance of supply

and demand, as well as reversion to the mean. This important chapter of any textbook also ignores the fact that the concept of option applies far more widely than to the calls and puts described in the literature. For example, a surplus in cash is usually considered as a waste of shareholder value because it is not put to any use. This pushes managers to invest any surplus at the cost of making serious mistakes and incurring losses. Instead, surplus cash should be considered as a call option, which allows the firm to take advantage of unforeseen opportunities such as buying assets or competitors cheaply thanks to their temporary undervaluation. This important point is completely ignored in most finance modules. 7. One final and more general criticism of most curriculums is that some grounding in economics is a prerequisite to mastering finance. How can managers be expected to make sound financial decisions if they do not understand the key macroeconomic theories and concepts related to inflation, exchange rates, interest rates and the resulting policy options? In many ways, this lack of understanding of economics represents the biggest knowledge gap faced by most MBA students. My advice to managers would therefore be to take an economics course before or alongside their finance class in order to plug the gap in fundamental knowledge on the subject. As a prerequisite to studying finance, economics should be considered as important as mathematics.

SPECIAL FEATURE

The future of Islamic banking EY’s Global Islamic Banking Centre Partner Ashar Nazim discusses opportunities for an industry that saw the GCC contribute $91 billion worth of assets in 2015.

he pulse of the global Islamic banking industry lies within the nine markets of Bahrain, Qatar, Indonesia, Saudi Arabia, Malaysia, United Arab Emirates, Turkey, Kuwait and Pakistan. Together, they account for 93 percent of international commercial banking assets, estimated globally to exceed $1 trillion in 2015. The Gulf Cooperation Council (GCC) countries added $91 billion in Shariacompliant assets, representing a yearon-year growth of c. 18 percent share. With the exception of Turkey and Indonesia, Islamic banking has gained share in all markets in 2015, demonstrating the immense success and resilience of the industry. Twentytwo international Islamic banks now have $1 billion or more in shareholder equity, making them better positioned to lead the future regionalisation of the industry. In relative terms, however, they are still only one third of the size of their largest traditional peers in home markets, and also lag in terms of return on equity. The industry today is yet to reach 100 million customers. The potential captive market is six times bigger, but requires a different banking model. A digital-first strategy has to be the

stimulus for Islamic banks to sign up the next 100 million customers over the next decade given the still-developing legal and regulatory infrastructure in most Islamic finance markets. This exciting journey is only just beginning. There are a number of extraordinary opportunities in the making that will influence the regionalisation of the industry. Emerging markets will remain central to global growth over the next decade. A group of 25 rapidgrowth markets (RGMs) are reshaping the world economy and global trade flows; 10 of these 25 RGMs have a large Muslim population. In SouthEast Asia, the coming together of the ASEAN Economic Community in 2015 is one of the key milestones towards a larger, integrated financial market. Elsewhere in Asia, the China-led Asian Infrastructure Investment Bank is preparing to launch with $100 billion capital from 56 shareholder countries. China’s ambitious development

framework, the Belt & Road Initiative, has accelerated economic activity in the region; notable initiatives being the China-Pakistan Economic Corridor. Looking to the GCC, the lower oil price, the need to create more jobs for nationals and the drive for economic diversification are set to transform the role of financial institutions in the region. Most Islamic banks are still attempting to transform their rather generalist business model to more direct integration with priority sectors of the Islamic economy. There is increasing pressure on these banks to help priority sectors such as transportation, retail, telecommunication and SMEs to name a few — that have the greatest impact on the economy and create employment opportunities. The current industry infrastructure — talent development, advocacy, applied research, regulations, capital markets, product design, accounting and rating amongst others — is not fit to support the exciting journey ahead. This requires immediate attention, funding and political will to make it happen. It is also an opportunity for each of the nine key Islamic banking markets to create more specialised hubs for themselves.

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“

A digital-first strategy has to be the stimulus for Islamic banks to sign up their next 100 million customers over the next decade.”

The external operating environment is certainly getting tougher, given the prevailing lower oil price and the resulting impact on banking system liquidity and infrastructure spend. Islamic banks are in a better position to weather this storm due to the simpler nature of their balance sheets, basic products and localised operations. However, they do not appear to be ready for the digital changes that are impacting the way customers engage with banks. A fundamental review of their operating models at this stage will be critical to the success of Islamic banking across the organisation of Islamic cooperation markets. This will be an interesting year for Islamic banking – if not a critical one – to demonstrate its relevance to emerging new economic environment.

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Ashar Nazim, Global Islamic Banking Centre Partner, EY

FEATURE

Saudi & UAE e-Intensity

State of the ‘net Just how ready is the Middle East for digitalisation? Boston Consulting Group’s 2015 e-Intensity Index shows that the UAE and Saudi Arabia have made good progress across enablement, engagement and expenditure in their drive to have thriving digital economies.

ountry-specific socioeconomic conditions play a catalytic role in spurring a sustainable and robust local Internet economy. Similarly, the Internet serves as a powerful instrument and vehicle for national economic growth and development. An undeniable reciprocal relationship therefore exists between a country’s digital economy and overall economic activity. Boston Consulting Group’s 2015 e-Intensity Index measures the maturity of all 28 members of the EU, most of Latin America and Asia, and 14 African countries. It provides a detailed overview of the depth and reach of digital activity across these nations as well as gauging each respective country’s supply of Internet infrastructure and demand for and use of Internet services. Since the inaugural edition in 2011, BCG has published an e-Intensity Index every year except for 2014. The index consists of three major components, comprising a total of 28 metrics with different weightings: • Enablement accounts for 50%

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of the total weighting. It measures various aspects of fixed and mobile infrastructure deployment. • Engagement, which accounts for 25%, measures how actively businesses, governments, and consumers are embracing the Internet. • Expenditure, also accounting for 25%, measures the proportion of money spent on online retail and advertising. It comes as no surprise that the UAE, which enjoys a high GDP per capita and currently has approximately 9 million Internet users – and one of the highest smartphone penetration rates in the world – leads the Middle East

“

when it comes to the maturity of its Internet economy. With a score of 129, the UAE managed to edge out a slew of other nations and cement a 30th place ranking in the global 2015 BCG e-Intensity Index, a tool that measures the maturity of 85 Internet economies. It also comes as no surprise that Saudi Arabia, which enjoys a high GDP per capita and one of the highest smartphone penetration rates in the world, has been featured. In fact, the Kingdom’s score of 88 – and ranking of 45 – places it ahead of countries such as Bulgaria, Chile and Argentina. The UAE’s score of 129, meanwhile, places it ahead of major countries such

In recent years, the UAE has continued to further advance its ‘Smart City’ agenda. And seamless, easy connectivity – between people, governments, businesses, and communities – is at the crux of any ‘Smart City’ initiative.” 37

Bahrain Ruan van Rensburg ruan@luxactuaries.com Cyprus Dimitris Dimitriou dimitris@luxactuaries.com India Yogesh Agarwal yogesh@luxactuaries.com Turkey Seda Ekizoglu seda@luxactuaries.com UAE Shivash Bhagaloo shivash@luxactuaries.com

FEATURE

Saudi & UAE e-Intensity

as China and Russia, its smaller geographical size playing to its advantage in this regard. The UAE in focus Since 2011, the UAE has moved up an impressive eight positions in the ranking. Today, the country’s greatest strength is its engagement level – with a score of 121 and a ranking of six compared to 13, 20, and 42 in 2013, 2012, and 2011, respectively. When it comes to enablement, the UAE achieved a score of 156 in 2015 and a ranking of 19 – which means it has fallen six spots since 2013. From an expenditure perspective, and with a score of 93, the country took 45th place this year; it ranked 60th, 57th, and 56th in 2013, 2012, and 2011 – in that exact order. These figures further indicate that the UAE has all the essential elements of a thriving Internet economy – one powered by a comprehensive e-infrastructure, an established digital marketplace, high levels of Internet engagement, and wide access to technological innovations. “The UAE’s e-Intensity Index ranking demonstrates that the country stands at the forefront of the ‘Internet of Things’ revolution,” explains Hermann Riedl, Partner and Managing Director at BCG Middle East. “In recent years, the UAE has continued to further advance its ‘Smart City’ agenda. And seamless, easy connectivity – between people, governments, businesses, and communities – is at the crux of any ‘Smart City’ initiative.”

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UAE Internet engagement ranking

2011

42 2012

20 2013

13 2015

Saudi Internet expenditure ranking

2011

74 2012

76 2013

79 2015

He adds, “And this in turn will create positive ripple effects throughout the UAE’s entire economy.” Saudi Arabia in focus Since 2011, Saudi Arabia has moved up an impressive five positions in the rankings. Today, the country ranks highest in terms of engagement – with a score of 94 and a ranking of 36 compared to 33, 36 and 57 in 2013, 2012, and 2011, respectively. When it comes to enablement, Saudi Arabia achieved a score of 107 in 2015 and a ranking of 41 – which means it has fallen just one spot since 2011. From an expenditure perspective, and with a score of 55, the country took 57th place this year; it ranked 79th, 76th, and 74th in 2013, 2012, and 2011 – in that exact order. These figures further indicate that Saudi Arabia is also making technological progress, and is certainly showing a great deal of willing in terms of its investment into Internet-related technology. “Saudi Arabia’s e-Intensity Index ranking demonstrates that the country has reached an inflection point for a digital revolution,” Riedl says. “Still, today, in Saudi Arabia, the Internet space is rife with opportunities for growth. To maintain a solid e-Intensity Index ranking and a sustainable competitive advantage, the country will therefore have to boost its e-commerce prowess, finetune its innovation ecosystem,

“

To maintain a solid e-Intensity Index ranking and a sustainable competitive advantage, Saudi Arabia will have to boost its e-commerce prowess, fine-tune its innovation ecosystem, and keep delivering cutting-edge connectivity solutions.”

and keep delivering cuttingedge connectivity solutions. And this in turn will create positive ripple effects throughout Saudi Arabia’s entire economy.”

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EDITORIAL

SUBSCRIPTION

Christopher Stevenson

James Dartnell

Rajeesh Melath

Tel: +971 4 375 5674 chris.stevenson@cpimediagroup.com

Tel: +971 4 375 5684 james.dartnell@cpimediagroup.com

Tel: +971 4 3755682 rajeesh.nair@cpimediagroup.com

RESEARCH

Baker & Mckenzie

Consolidation call Research from law firm Baker & Mckenzie reveals record levels of mergers and acquisitions activity in 2015 both internationally and in the Middle East.

ast year set a record for crossborder M&A activity post-financial crisis, according to a report by law firm Baker & McKenzie. With corporate deal-making activity at record highs, many companies are also executing record levels of crossborder transactions, a global trend reflected in the Middle East. The Cross-Border M&A Index revealed that overall M&A activity in 2015 reached $4.28 trillion, of which 39 percent were cross-border deals - $1.66 trillion on 5,441 deals - up 17 percent on value over the prior year and enough to set a new post-crisis record. Full year cross-border deals included $1.06 trillion in cross-regional deals, up seven percent, and $595 billion in intra-regional deals, up 40 percent. Deals between the EU and North America account for 76 percent of all cross-regional activity by value. While the industrial sector led by volume with 195 cross-border deals globally, the healthcare and consumer sectors were in a class of their own by value, with $219.2 billion and $152.8 billion in deals, respectively. The Index, which analyses the number, size and complexity of cross-border deals, stands at 331 for Q4 2015, well ahead of the prior quarter’s 254. The Index also surged past the prior record set in Q2 2014 at 278, as it crossed 300 for the first time in its sixyear history, and has remained above 200 since Q1 2014. “2015 has seen record breaking crossborder deals by value in the Middle East, despite a backdrop of political and economic change,” says Will Seivewright,

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Corporate/M&A partner, Baker & McKenzie Habib Al Mulla, based in the UAE. “Looking ahead to 2016 and beyond, notwithstanding low oil prices and macroeconomic uncertainty, we expect our clients to be opportunistic, particularly in relation to cross-border deals, and for continued deal activity in the UAE.” “The past year has been remarkable for M&A activity in the Middle East, with currency appreciation across a variety of regions bolstering companies to fund acquisitions,” says George Sayen, Head of Corporate Practice Group, Baker & McKenzie’s associated firm in Riyadh. “Liberal regulatory efforts, especially in countries like Saudi Arabia and the UAE, should incentivise deal-making and support cross-border activity.” The value of cross-regional deals targeting the Middle East increased significantly over the last year, and the region experienced record levels in the value of cross-border deals. The Middle East Index for Q4 2015 is 546.5, a massive increase on Q4 2014’s 154.1, and far exceeding the previous record of 344.9 set in Q3 2012. Inbound Middle East M&A activity Cross-regional deals targeting the Middle East totalled 80 deals valued at $9.73 billion in 2015, with the UAE featuring as the target country for three out of the top five M&A deals into the region. The top countries by value driving investment into the region were the US, China and the Netherlands, with acquisitions valued at $3.21 billion, $1.75 billion and $1.57 billion respectively. The US was also the top bidder country

George Sayen, Head of Corporate Practice Group, Baker & McKenzie

by volume with 39 deals, followed by the UK and China with 10 and six deals respectively. The computer software sector was the top target industry in the Middle East by both volume and value, with 23 deals exceeding $2 billion in value. Outbound Middle East M&A Cross-regional deals fuelled by the Middle East totalled 105, valued at $76.35 billion, with the UAE driving two of the top five outbound deals. The US was the top target country by both value and volume, with 21 deals valued at $44.73 billion. South Africa and Turkey followed the US in terms of deal value, with deals valued at $11.37 billion and $3.45 billion respectively, while Spain and Turkey were the top target countries behind the US by deal volume, with 11 deals each. The top sector for outbound M&A by value was the pharmaceutical sector with four deals valued at $46.02 billion, while the computer software sector led by volume with nine deals valued at $90 million.

Analysis

Balance sheet

Is the balance sheet eliminating itself?

IFRS expert Kurt Ramin, MBA, CPA/CFE, discusses his ‘three Ps’ model for performance reporting.

“

Value is mostly determined by the income statement and the balance sheet doesn’t tell you much about the value of the company.” That’s what IASB chairman Hans Hoogervorst said in a November 2015 ACCA webcast (Accounting for the future’). Here might be some reasons causing that thinking: Intangibles and weightless assets are now the major components of market capitalisation for a large number of entities. Physical objects are becoming software code (software imbedded in products, 3D printing, IoT, etc.). Just-in-time (JIT), outsourcing and electronic payment systems are reducing working capital. Long-lasting accounting debates on debt versus equity definitions, currency translation, inconsistent discounting and valuation methods, netting and deferred taxes and the use of various presentation formats for the balance sheet do not help the “image” of the balance sheet either. Is the new leasing standard for the use of physical infrastructure assets a last ditch effort to put ‘glamour’ back into the balance sheet? Currently, both major accounting standard setters in the United States, the FASB and the IASB, are proud of their mostly converged standard on ‘Revenue from contracts with customers’ (Topic 606 and IFRS 15) to be implemented by 2018. (IFRS: “IFRS 15 is effective for annual periods beginning on or after 1st January 2018. Earlier application is permitted.” The FASB has a slightly more detailed revised implementation date provision). The revenue standard is an important milestone for better performance reporting and it will be interesting to watch how it is applied by various industries and supply chains. One of the

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“

“If we know where objects are all the time, we need less value-based control mechanisms. This opens the door for a new approach and paradigm change in performance reporting.”

main features of this product and service related revenue reporting standard is to focus on separating objects (i.e. contracts) from value (price) during the assessment using the five step model (“separate performance obligations”) outlined in the revenue standard. The revenue recognition standard is a good starting point for continuing work by both standard setters on a new financial performance reporting standard (now called ‘primary financial statements’ by the IASB). The original idea for this standard was to integrate the reporting format along the lines of the direct presentation version of the cash flow statement (operating, investing and financing). Now there are less clear objectives for a new performance related standard. Hopefully, as a result of further work, the standard setters will then use the opportunity to request better reporting on people-related expenses (from salaries to share-based payments and travel expenses) supporting the unstructured reporting and disclosure requirements by the various regulators, voluntary non-financial reporting standards and management comments. During the 32nd session of the UNCTAD-Isar session at the beginning of November in Geneva I had the opportunity to present my own thoughts on a new model (‘Ramin-Lew model’) for performance reporting. The key feature of the model is

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separating objects and value for three object classes (products, people and physical infrastructure, which we are calling the three Ps). Through various technology advancements, the tracking, recognition and identification of objects is now possible as compared to a couple of years ago. If we know where objects are all the time, we need less value-based control mechanisms. This opens the door for a new approach and paradigm change in performance reporting. Simply stated, we focus on cash flow for a period and add or deduct accounting estimates (accruals) to reconcile to financial data. Data not covered by the 3Ps (e.g. taxes and deferred taxes) will be part of the owner’s equity. Using a matrix presentation, we then forecast data using the same principles (3Ps and financial reconciliation). For most entities, the 3Ps cover 70 to 90 percent of the data and everybody at least understands products, people and physical infrastructure. The disclosure section on the data aligns the 3Ps for past and future information and comments on 3P-related information, intellectual capital (intangibles) social and relational capital and other material including risk assessment. The focus is clearly on sustainability performance and not just financial performance. This makes information more comparable on an entity and industry basis. The proposed model focuses on entity reporting, including segments or industry

data. Each entity has to define their own objects within the 3P taxonomy and can create 3P subclasses. This is similar to allowing extensions in an XBRL taxonomy. A definition and description of the business model along the lines of a MD&A or management commentary should introduce general information about the entity. Entity identification and entity information repositories are important for making information accessible and keeping it transparent. See the work of the Global Legal Entity Identifier Foundation in this regard. SMEs are ideally suited to apply the proposed model: they usually don’t have a complex product flow, a small number of people and usually have a service-related physical infrastructure. We are currently looking for entities that are interested in further field-testing of our model. It is expected that larger companies will face considerable IT changes implementing the new revenue standard. This might be an opportunity to take a look at the three Ps model at the same time. Separating objects from valuation will strengthen valuation standards and will have a positive and overarching effect on the accounting and audit profession. New skill sets will be required to consult on object tracking and an enlarged set of integrated capitals.

With change comes risk

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SomersConsult

The finance function effectiveness work programme Fintan Somers, CEO, SomersConsult

inance Function LIFT is the operating model I have used over the past 20 years to transform finance functions in the Americas, Europe and the Middle East. It is a simple model based on defining and executing change objectives across three dimensions: Team effectiveness, function effectiveness and technology effectiveness. Underpinning all of this is a heavy emphasis on team engagement, empowerment and communication. In my last article, I provided an overview of the approach that I take to developing the team effectiveness programme . A key input to this process is a top-down evaluation of function effectiveness. This will generally also include obtaining feedback from my executive committee colleagues and other users about how they perceive the function. After all, if the team does not know how effectively the function is perceived, how are they to gauge team effectiveness? But, I hear you thinking, how do I judge finance function effectiveness? Function effectiveness is about leadership: defining the goals of the function and translating these into measurable objectives and effective processes for achieving these objectives. It’s as simple as that. I define my success as a CFO by delivery a single goal: supporting the CEO and the executive team in building a sustainable and profitable business in a manner

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compliant with the policies and interests of the business. Of course this goal is not simple. It has several themes embedded in it that I have covered in earlier articles. These include the importance of relationships and influencing outcomes, the difference between developing a true strategic partnership with the business and a ‘push-over’ partnership, the need to assure sustainability when building profits, our role as a line-of-defence to assure compliance, and finance’s critical leadership role in creating a first class enterprise financial management culture across the business. An important part of the transformation programme is to ensure that this goal and these themes are communicated and agreed by key stakeholders as well as by the finance team. To support the delivery of the overall goal I use nine building block objectives for finance function effectiveness 1. Communication: Develop presentations of the financial performance, investment/funding required and strategies of the business for a variety of key stakeholders. Assure influence on outcomes through effective communication. 2. Strategy: Support the development, communication and agreement of strategy. 3. Team: Build and maintain a finance team with the skills needed to fulfill the core purpose of the role.

4. Modelling and plans: Lead the preparation, presentation and agreement of plans. Develop financial models that permit modelling under varying assumptions about external environment and key performance drivers. 5. Systems and processes: Develop and maintain efficient systems and processes that support all financial, management, regulatory, taxation and other reporting requirements under the control of the finance function. 6. Investment and funding: Develop the investment and funding programmes required to support the execution of business strategy including, where appropriate, business and financial cases. 7. Compliance: Statutory and regulatory reporting compliance. 8. Management information: Develop management information that permits reporting of trends on key financial performance, drivers and outcomes including, but not limited to products, segments, geographies, responsibility, and ratios and comparison of actual with plans and forecasts. 9. Stewardship: Assure appropriate stewardship of financial resources and reputation in the development of the business. Every year, I develop and agree work programmes for improving delivery against each of these key objectives. The transformation process is but the first of many future ‘constant change’ programmes that put the function on the journey to greatness.

SURVEY

CGMA

Brand barometers

An EMEA survey of CFOs has revealed that accountants should be tasked with measuring company brand value.

ew research from Chartered Global Management Accountant (CGMA) has found that CFOs in Europe, the Middle East and Africa (EMEA) can apply the discipline of management accounting to measuring the value of intangible assets. ‘The Digital Finance Imperative’ says that while the majority of a corporation’s value derives from intangible assets such as customer sentiment and brand, few finance professionals surveyed say they can access the right data to measure and monitor these critical elements of their business – just 16% in the case of customer sentiment. Intangible assets have increased in importance over the last few years and today account for 80% of the value of companies that make up the S&P 500 Index. Respondents to the EMEA survey believe the top value drivers for their businesses are customer satisfaction (75%), quality of business processes (62%) and customer relationships (62%). The report, sponsored by Oracle, argues that CFOs can reduce bias in decision making by applying professional

objectivity to ensure good governance, and ensuring that decisions are made in line with the overall strategy and stakeholder interests. When asked about the extent to which finance has been realigned to support new value drivers, only 10% of respondents reported that finance in their organisation has been fully engaged with regard to ‘providing nonfinancial measures of progress towards strategic intent.’ However, the survey found that finance professionals in EMEA are struggling to access and analyse data around intangible assets. For instance, only 16% of respondents are able to assemble and analyse data on customer sentiment and only 16% have access to data about the impact of their brand on their business. Only 29% say they can measure the quality of their business process. “Finance is well placed to become the rudder of modern business, but to do so it needs to be able to draw on relevant data from across the entire organisation using modern, cloud-based ERP and performance management systems,” said Arun Khehar, regional VP, Oracle Applications. “Without this capability,

there is a risk that digitally-savvy lines of business will bypass finance altogether; generating their own strategic insights to take directly to management.” Dr. Noel Tagoe, FCMA, CGMA, executive director of education, Chartered Institute of Management Accountants (CIMA) and one of the report’s authors commented, “As digitisation makes it more difficult for businesses to differentiate and earn a premium, the quality of decision making has become essential to success, and finance can take the lead in ensuring this quality. It has the enterprise-wide overview and skill required to work with diverse internal stakeholders, ensuring that the business assembles, analyses, and applies data to improve performance.” In addition, CIMA and the American Institute of Certified Public Accountants conducted interviews with senior finance professionals to inform its interpretation of the survey results. The survey was answered by 367 respondents in 29 EMEA countries. Most respondents were in senior finance roles.

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