Board Member
MINI EXCHANGE
Total years of experience :18 years, 8 Months
Mini Exchange is the Middle East's fastest growing e-commerce business. Oversaw strategic development; a
fundraising of $1.1m by way of one of the region's first convertible notes; and a $3m Series A equity financing.
Al Gosaibi is a multi-billion dollar conglomerate with activities in shipping and logistics, oil and gas,
manufacturing, and hospitality and leisure; and significant real estate and securities portfolios. The business was
responsible for the Middle East's largest non-Sovereign corporate default, which resulted in legal claims of $6bn
from over 100 banks. Joined the business as Group CFO in order to lead debt renegotiations with the banks,
whilst entirely restructuring and turning around the operations of the group. Key achievements included:
Transactions
• Oversaw the financial restructuring of claims against the group of over $6bn. Negotiated the commercial
shape of the deal, led commercial negotiations with the steering committee of banks, and was key to legal
documentation process. Given the high profile of the situation, the process is currently with the Saudi courts
awaiting approval. Debt trading at over 20c/$ on announcement, from a low of 5c/$ in June 2013.
• Led process and negotiation of confidential disposal of a major operating business, valued at several
hundred millions dollars. Deal complicated by significant regulatory pressure, and the involvement of an
external brand owner. In preparation for disposal of the business, led significant operational restructuring to
improve EBITDA from 6% to 18% and increase dividends by over 50%.
• Led disposal of two foreign assets (value >$100m), with proceeds used to settle debt claims from two
international lenders at under 30c/$ in a complex four-party transaction.
• Raised trade finance lines of over $10m for subsidiaries which had seen credit lines withdrawn due to the
issues at Group.
Operational turnaround
• Led the operational restructuring of the group, from a traditional family business with an informal reporting
and reporting structure towards best practice governance standards.
• Performed strategic review of business units, providing board recommendations on exit/ invest decisions.
• Set up and managed entirely new Finance, IT and HR departments, including recruitment in to key
management positions. Oversaw development and implementation of policies and procedures in to each
department.
• Implemented management and financial reporting system including monthly reporting from, and review of,
subsidiaries. Oversaw implementation of ERP system (Microsoft Dynamics). Completed first ever annual
group-wide budgeting process.
• Due to the lack of external finance, implemented group-wide cash management procedures, resulting in
reduction in debtor days from 63 to 53, and an improved ability to finance growth projects across the group
from internal resources.
• Led thorough review of Group balance sheet, resulting in material adjustments. Ultimately led to monthly
reconciled accounts at Group level for the first time.
• Engaged Big 4 audit firm, delivering audited consolidated group accounts for the first time.
• Overall responsibility, with the CEO, for approximately 5, 000 staff and revenue of $280m.
Developed his role from London whilst assisting in the establishment of a new function for Deloitte in Dubai.
Grew the practice from zero revenue including significant new business wins whilst the team expanded from
three to ten. Major projects included:
• Commercial restructuring of Nakheel, Dubai's second largest real estate developer;
• Leading financial restructuring of the Investment Dar, a Kuwaiti investment vehicle; and
• Leading the balance sheet restructuring of Warid Telecom, a Pakistani mobile operator.
Working with distressed businesses either with a lending bank or the debtor company as client, developed an
understanding of debt structuring and options analysis in respect of under-performing businesses. Advised on the
commercial decisions the stakeholders must take in order to achieve the most valuable outcome for the client,
utilising core business diagnostic, financial analysis and negotiation skills, in over 15 transactions.
Corporate Finance - M&A Transaction Services
Broad experience whilst training for the ACA qualification, performing audits for a wide range of clients from
mid-market companies to large PLCs.
Research Assistant Asked to undertake a short-term role by a professor at the university, focussing on the review and development
Awarded academic scholarship
English, Economics, Geography
. Holder of an