Chief Financial Officer
Dammam Airports Company
Total years of experience :27 years, 1 Months
DACO was established in 2017 as the operator and developer of King Fahd International Airport, Alhasa Airport and Alqaisumah Airport. DACO is implementing SAR 4 billion infrastructure modernization program to double capacity.
Reporting to CEO and the Executive Committee. Responsible for Finance and Treasury. Chair of the Bids and Awards Committee (BAC), the Policies and Procedures Committee, and Member of the Risk Management Committee. Delivered DACO’s long term corporate strategy and the 5-year business plan.
Selected Achievements are:
• Negotiated 40% price reduction for the new operation and maintenance contracts
• Reduced operation costs by SR 107 mm in 2020 and 2021 by leading a COVID-19 cost reduction initiative.
• Increased revenues by SAR 35 mm by implementing initiative for exploiting revenue leakage opportunities.
• Generated SR 13mm of additional revenues through investment of excess cash.
• Raised SR 300 million financing for DACO’s capital projects at a competitive rate
• Collected over SR 80 mm of long outstanding receivables by creating of the credit control and collection unit.
• Successfully Implemented IFRS and VAT. Restructured Finance and Bids and Awards Processes.
• Grew aeronautical revenue by delivering an incentive scheme for Airlines and another for people annual bonus.
• Leading towards full digitization of the Aeronautical revenue processes and the implementation of Microsoft Dynamics.
SPG is the 2nd largest tissue manufacturing and paper recycling company in the Gulf and ME regions with annual capacity of 136, 000 tons, 10 subsidiaries across 7 countries, and 2000 employees.
Reporting to CEO and BODs. Responsible for Finance, Treasury and Shared Services. Owned and managed the relationships with banks, investors, auditors, and CMA.
Selected Achievements are:
• Effectively set the stage for the future capacity increments, automation, branding, pricing and sales strategy by engaging the CEO and executive team in developing the long term strategy of SPG.
• Successfully implemented the SAP ERP system through effective steering of the ERP committee.
• Successfully implemented the International Financial Reporting Standards (IFRS),
• Restructured SPG loans and increased available facilities by 30% following the establishment of Treasury Dept.
• Collected SR110 millions of long outstanding receivables by establishing the credit control and collection unit.
• Achieved effective and dynamic cash management during difficult times.
• Eliminated SR 25 million of annual losses by downsizing loss-making subsidiaries.
• Led transformation working streams and achieved centralization and transformation of the Finance Department.
• Oversaw the creation and implementation of the costing and pricing systems.
ADC is the master developer of Aqaba city, a business and leisure hub on the Red Sea. Invest in strategic public private partnerships, real estate properties, infrastructure of industrial and tourism zones and Aqaba’s seaports and airport.
Led Finance and IT, served on the bids and awards committee, and served as board member of ADC’s subsidiaries.
Selected Achievements are:
• Achieved steady advancement of ADC’s strategic objectives by delivering the long term strategy and business plan.
• Instigated the new south port investment decision by delivering a valuation of the various investment alternatives.
• Increased return on investments by USD 15mm by applying a strategy for short term investment of excess cash.
• Accomplished strategic risks awareness and control by implementing the risks assessment and monitoring system.
• Strengthened the financial position of ADC by correctly applying the PPP IFRS to the Financial Statements of ADC.
• A accomplished a standard and faster investment process through the development of ADC’s Investment Policy.
Provided audit and IPO services to large asset managers and investment funds including REITs, ETFs, private equity funds, and hedge funds. Clients portfolio served were Manulife, Invesco, Transamerica, Integra, and Claymore. Managed (35) staff and managers and over 20, 000 chargeable hours annually. Also, performed audit quality reviews (AQRs).
Selected Achievements:
• Increased annual audit fees by average 20%.
• Liaised with our valuation team over resolution of derivative and real estate valuation issues
• Assessed the risk gaps in the internal valuation processes of capital market clients under Basel II Framework.
• Reviewed valuations of public and private equities, fixed income securities, and derivatives.
• Worked with Canadian GAAP, US GAAP, and IFRS and implementation of new accounting standards.
• advised clients on complex accounting issues and implementation of new accounting standards.
• Coordinated and delivered presentations at several client events and seminars.
• Served on the asset management IFRS working group, the On-Call Accounting Advisory Group, the people evaluation committee, and the in-house instructor program. Drafted news-letters for new IFRSs.
Provided audit services to real-estate funds, public real estate investment companies, and property management companies. Clients served were LaSalle Investment Management, JP Morgan real-estate funds, Equity Residential PLC, and Center Point Properties PLC. Gained experience in US GAAP. Also audited internal controls and general computer controls under SOX 404 and PCAOB Standard #2. Reviewed valuations of real-estate properties using discounted future cash flow method. Completed over 350 trainee hours and served equivalent hours as instructor. Enjoyed working in a very competitive, supportive, empowering and rewarding US environment at PwC.
Delivered the annual audits of banking, construction, and 5-star hotel clients. Conducted business valuations and created policy and procedure manuals. Developed a logical, creative and prized on-the-job technical and leadership training for Deloitte seniors. Advised clients on the development of their internal control environment and on resolving complex accounting and system issues.
Clients served were Arab Bank, Abu Dhabi Islamic Bank, Abu Dhabi National Insurance Co., Abu Dhabi National Hotels Co., Abu Dhabi National Industrial Projects Group, Square contracting, Galfar Construction and others.
FIFCO is a public shareholding hyper growth start-up company investing in lending businesses, joint ventures, real estates, and capital markets.
Led the finance, administrative and investment functions of FIFCO. Co-developed the long term strategy and medium term business plan of FIFCO. Creatively developed a stock valuation and rating model to support trading decisions, a budgetary control system on Oracle, and a quantitative models for business units performance measurement.
Master of Commerce (MCOM) in Finance and Fund Management, UNIVERSITY of NEW SOUTH WALES, Sydney-Australia, 2002
Bachelor Degree in Accounting, UNIVERSITY of JORDAN, Jordan, 1994