Karim Shihabi

Finance Director: of “shared Services”; core business in marine and offshore operations within the Oil & Gas sectors, Oil support, Towage, Salvage Operations, Underwater services, Integrated offshore solutions.
 Treasury Function: enhance working Capital; particularly Quick Ratio to be 97% instead of 65%.
Structure LC to enhance Risk management and improve the terms of the LCs such as Back to Back, transferable, and Deferred LC; moreover, improve cash flow position through discounting LC amounting to USD 30 m.
Financing long term Assets (Vessels) with long Terms Loan (capital Lease); similarly, short term assets (working Capital with short term loan).
 Budgeting and forecast: prepare annual Budget and forecast to assist Board of Director (Bod) and CEO monitoring operation performance and KPIs on a monthly basis instead of annual basis.
 Financial closing: develop monthly and annual closing checklist, to enhance accuracy and timeliness of financial reporting, to be on 8th working days in instead of mid of the month.
Provide Financial reports & analysis and opinion at the group level and presenting the results to the BoD, which assist in decision making process.
 Business Plan: in cooperation with technical and commercial, l conduct business plan for each proposed project/ Tender and potential investment along with IRR, PV and payback period. IRR improved to 22% instead of 15%, and provide recommendation based on the internal benchmark.
 Strategy and Business Plan: advisor to the CEO and Board regarding strategy and corporate business plan based on the above inputs.
Developed SPVs for vessels based on projects to mitigate financial and legal risks.
 Governance & Risk Management: initiate Corporate Governance manual at the Group level and assisting in risk assessment function with operation.
Review contracts and negotiate it with stakeholders to ensure that it is in line with governance and risks are mitigated

Advisor for the Board for all subsidiaries which include diversify industries

 Treasury function: review all FOL for all subsidiaries to ensure that all FOLs are complying with Treasury checklist across the gross the group.
Initiate credit line for the whole group which decreased the financing cost by 1.5% with the group main bank.
Consolidate insurance across the group both General the medical insurances which decreased the cost by 15% due the pool volume.
Assess the working capital requirements for subsidiaries, in order to provide the short term loans for subsidiaries through the pool account at the head office, which reduced the working capital cost by 1% for subsidiaries.
 Combined financial reporting: analysis of the quarterly the combined financial report, instead of annual, for all subsidiaries and providing financial opinion at the group level and presenting the results to the BoD and CEO.
Establish Dashboard to the Bod which include Financial and operational KPIS through utilize the suitable “business Intelligence” system.
 Corporate Governance, Financial and HR policies: developed with Deloitte Governance manual and policies & procedures at the Group level and assisting in risk assessment function with operation, and cascade them to the subsidiaries.
 Business Plan: Asses the business plan conducted by subsidiaries and operational recommendation to the Board

• Financial reporting to the holding Company (Shaker Group) in KSA
• Analyzing the financial statements against budget and prior year
• Updating the company business plan and follow up the progress with senior management
• Prepare financial packages on a monthly basis and present to the Board Of Directors
• Identifying all risk exposures related to the New Vision
• Handling financial, technical and operational matters from compliance perspective.
• Developing & enforcing financial & operational policies and procedures

Responsibilities include:
• Creating new or updating existing financial process documentation in conjunction with the business units
• Guiding and assisting business units in identifying and evaluating internal controls over financial reporting
• Preparing or updating internal control test plans, conducting control testing, assessing the effectiveness of the controls, and providing recommendations for improvement
• Identifying applications interfaces, preparing application control test plans in conjunction with manual test plans, and conducting application control testing
• Assisting in preparing Enterprise Risk Management (ERM) framework, and identifying major risks and corresponding controls
• Developing Corporate Governance Frame work which was presented and approved by the Board of Directors
• Preparing a quarterly summary of internal control changes and evaluating their impact

• Mapping and summarizing Financial Statement Closing Process (FSCP) and developing Risk & Control matrix.
• SOX narrative documentation, developing test scripts and testing of internal controls over financial reporting.
• Performing Entity Level Control “Tone at the Top” testing.
• Performing key controls rationalization
• Presenting deliverables to Executive Sponsors and Project Directors
• Generating recommendations for improvement

• Supervising and monitoring accounting and purchasing functions
• Preparing financial statements and related disclosure on monthly basis
• Analyzing financial information for decision making
• Reporting monthly to management regarding major issues / implications
• Enhancing business processes and accounting procedure throughout the company to ensure the accuracy and timeliness of information
• Preparing budgets and forecasts and comparing actual vs. budget
• Managing treasury function and cash flow management