Group Chief Financial Officer
Al Fahim Group
Total years of experience :20 years, 4 Months
Directly responsible for the strategic financial management of Al Fahim Group, over 50 years old family business group with commercial interests spanning automotive, oil and gas, hospitality and travel, real estate and investments having a group turnover and total assets of almost USD 1 Billion and over USD 2 Billion respectively. Reporting to the Group Chairman and various internal Boards including the Board of Directors. A member of the Budget Management Committee, Operational Management Committee, Real Estate Committee, Oil and Gas Board and Investment Committee.
Monitor and enhance the overall financial strategy for the Group and ensure execution through implementation of appropriate plans, polices, processes and procedures. Actively support decision making at Senior management and Board levels concerning matters of financial/commercial/investment nature. Monitor Group’s operating and capital budgets. Oversea the group treasury operations by developing appropriate strategies and monitoring liquidity positions, facility utilizations, funding costs, loan maturities, interest rate hedging and currency exposures.
Oversea the MIS budgeting and reporting division to ensure timely and accurate reporting to all business units on all the group commercial interests. Oversea the credit control division to ensure credit approvals and reviews are done as per the set approved guidelines.
Closely involved in the due diligence exercise and financing of core investment decisions, real estate investment projects and automotive expansion projects.
Key accomplishments/initiatives:
• Overhauled the finance department organizational chart by identifying key senior personnel changes, clarifying roles and responsibilities, streamlining transaction processes and re-engineered control by revising and enhancing authority matrixes.
• Managed to change the culture with the finance function to that of a financial partner with a greater focus on service and robustness of reporting and quality of technical financial and pragmatic commercial advice to the business and key stakeholders. Oversaw SLA reporting with user departments.
• Re-negotiated better financial terms with financial counterparties including financial covenants and interest rates. Savings exceeding AED 40 Million.
• Refinanced long term debt through new syndicate and bilateral loans. Funds raised in excess of USD 300 Million.
Lead and manage audit engagements for large international and local multi national clients by actively communicating the audit strategy, business work plans and expectations to staff and giving effective feedback. Delegate responsibility and authority appropriately to meet internal audit reporting deadlines. Ensure meeting strict clients’ international and national reporting deadlines by making appropriate adjustments when progress is not as planned or requirements change. Prepare yearly budgets and cost analysis for the portfolio of audit assignments.
Research and advise clients on technical accounting issues in accordance with International Financial Reporting Standards (“IFRS”). Lead and actively coordinate the activities of the Consumer Industrial Product and Service (“CIPS”) audit group. Lead assignments of evaluating the policies, procedures and controls of clients’ business finance structures. Prepare audit client management reports and present findings back to the client Board and senior management.
Key achievements
• Achieved revenue optimization targets while efficiently and effectively controlling chargeable hours on assigned audit engagements.
Major led and managed audit assignments:
• Tecom Investment FZE and Tatweer LLC (members of Dubai Holding) and their subsidiaries;
• Dubai International Financial Center (DIFC) Authority;
• Masterfoods Middle East FZE (part of the Mars Inc. Group);
• MTN Irancell - part of the MTN International Mauritius Group
• Dubai Chamber of Commerce, Al Saud Investments, IBM Middle East, Sony Broadcasting, Eurasian Natural Resources Group, Richemont (Cartier) FZE, Rolex, Chanel Limited FZE
1996 Certified Public Accountant (CPA) Maryland, USA Authorized active CPA license from Maryland State Board of Public Accountancy. Member of Maryland Association of Certified Public Accountants. 1994 – 1995 East Carolina University North Carolina, USA Master of Science in Accounting from AACSB International accredited business school, with Distinction, GPA 3.7. An elected member of Beta Gamma Sigma Business Honor Society in recognition of high scholarship achievement. Recipient of the Foreign Business Student Scholarship. 1991 – 1993 University of North Carolina at Charlotte North Carolina, USA Bachelor of Science in Accounting, GPA 3.1. Elected treasurer of the Accounting Society and member of the International Student Club.