Chief Financial Officer
The Bridge Co.
Total years of experience :20 years, 10 Months
Objectives of the Role:
- Conduct a thorough evaluation of the existing accounting departments’ practices, processes, and systems for the parent company and its 9 subsidiaries.
- Lead the restructuring efforts to optimize the accounting departments’ structure and workflow. Streamline processes, assign clear responsibilities, and enhance collaboration to maximize efficiency and productivity.
- Establish standard accounting policies and procedures for the group.
- Design and implement efficient and timely closing and reporting protocols, and robust budgeting system.
- Take charge of the implementation process for Microsoft Dynamics 365 system for finance.
- Conduct a comprehensive evaluation of the organization's current business structure. Identify potential areas for improvement, cost-saving measures, and opportunities for synergies across subsidiaries and departments.
- Develop clear communication protocols for the contractual relationship between the parent company and its subsidiaries.
- Provide strategic financial guidance on the investments in Germany and Poland.
- Conduct thorough research to identify a reputable tax and financial advisory firm. Engage their services to ensure compliance with local tax regulations, optimize tax efficiency, and receive expert financial advice for the company's operations.
Achievements:
Investment and Corporate Restructuring:
Amrit Investment and Touristic Development PJSC
• Actively led negotiations with the Supreme Council for Tourism to document the obligations of the Ministry of Tourism in the project, which resulted in creating a new investment opportunity equivalent to $ 150M.
Alfajr CJSC
• Developed the financial damage report, attended the sessions before the judicial financial committee to explain, justify the basis for calculating the damage resulting from the withdrawal of a bank conglomerate from a syndicated loan contract, and effectively defended it, which resulted in winning the case against banks worth $ 23M as damage compensation.
Al-Cournish CJSC (View Touristic Establishment)
• Developed an integrated administrative, operational and financial plan and set up internal control systems. Elevated the Company from accumulated losses exceeded 50% of capital to an annual return on investment of 5% from 2016 to 2020.
Al-Risala Company (Milkman Dairy Factory)
• Efficiently developed and implemented a rescue plan for the plant (in March 2021) which resulted in raising the daily production from 8% to 25% and increasing monthly operating profits from 18% to 23% within 3 months ensuring the stability of production and distribution. This also transformed the company into an investment opportunity to compete in the local market.
Transport Institutions (2 transportation companies and a motor car integrated services company)
• Enhanced the performance of transport institutions by developing contracting protocols, developing internal control systems, and training department managers to implement them effectively. This led to signing contracts with a monthly income of $ 200K.
Group Finance Management:
• Established the Communication Protocols among group companies and borrowing/lending policies and procedures.
• Distinction of developing Cascading Model between the company and its subsidiaries.
• Designed a Unified Financial Reporting System and ensured proper implementation & full compliance by all subsidiaries.
• Supervised the development of a Unified Chart of Accounts to be used by all companies and for the levels (1) Financial Statements, (2) Primary Financial Items, (3) Notes, (4) Category/Function.
• Developed and established financial reporting guidelines and methodology, reporting checklists, and reporting protocols and timeframes.
Board Memberships:
• Chairman of Cham Investment Group CJSC (Financial Investments Arm)
• Chairman of Al-Cournish CJSC (Tourism - BOT)
• Chairman of Bena’a Real Estate Investments CJSC (Real Estate Development)
• Vice-Chairman of Bena Properties CJSC (Real Estate Investments Arm - Owner of all SPVs)
• Vice-Chairman of Amlak for Touristic Development CJSC (Multi-function Development Project - BOT)
• Board Member of Amrit Investment and Touristic Development PJSC (Touristic Development Project)
• Board Member of Alfajr CJSC (5 Stars Hotel Project)
• Board Member of Syrian Pearl CJSC (Aviation - Carrier)
• Board Member of Sana for Investments LLC (Asset Management Investment Arm)
• Board Member of Al-Khurafi Sham (Marafeq) Development LLC (BOT projects)
• General Manager of Areed LLC (Tourism - BOT)
Responsibilities as CFO / Acting CHO:
• Provided financial leadership to the business and drive financial growth; directed all financial disciplines including financial planning, analysis, budgeting, cost control as well as administration initiatives through the finance team.
• Worked as a key person for the group in the absence of a CEO, reported directly to the BOD and had a direct line to both the Chairman and the Vice-Chairman.
• Formulated strategic & long-term plans, and financial mechanisms to minimize the financial risk of the company.
• Formulated and implemented financial strategies, objectives, policies and procedures with a primary focus of establishing internal controls, ensuring optimal utilization of group resources.
• Managed all accounting and finance operations of the group, developed financial budgets and forecasts, conducted feasibility studies to evaluate new business or investment proposals, and provided sound advice to the board.
• Developed financial and investment strategy within the vision of the BOD; developed financial strategies for funding projects, securing bank credit facilities, and leading negotiations with financial institutes, reducing the cost of debt.
• Advised the CEO and the Board of Directors on financial feasibilities of various business initiatives; monitored the financial performance of investments in subsidiaries.
• Oversaw the investment of funds, identified and managed associated risks, supervised cash management activities of the group, and executed capital-raising strategies to support the company’s expansion plans.
• Developed and managed the annual budget and controlled income, cash flow and expenditure; conducted reviews and evaluations for cost-reduction opportunities.
• Established appropriate controls to address financial risks and proposed risk mitigation plans to the CEO and the BOD.
• Developed proposals to create and modify organizational structures in management to dynamically respond to changes in subsidiaries (17 Subs).
• Charged with managing and representing the interests of the group before others, making decisions, and managing normal affairs.
• Established and developed relations with senior management and external partners and stakeholders; provided strategic recommendations to the CEO as well as members of the executive management team.
• Oversaw the company’s internal and external financial reporting including financial statements, budget variance reports and financial performance reports for management to monitor the company’s financial status.
• Provided leadership to the team of accounting and finance team for managing and controlling financial operations and provided management with details on the financial status of the company to drive strategic decisions.
• Monitored the performance of the Finance Department in accordance with the laws, policies and procedures manual and the International Financial Reporting Standards (IFRS).
• Developed and managed the annual budget and controlled income, cash flow and expenditure; conducted reviews and evaluations for cost-reduction opportunities and ensured smooth finalization of accounts for the annual audit.
• Collaborated with management on development and execution of funding strategies; advised/recommended management on cost-saving, profit generation opportunities, and profitability improvement.
• Rendered strategic advice to the management team on all financial matters and assisted in making commercially responsible and financially sound decisions.
• Ensured that critical financial analyses are performed to determine the present and forecasted financial health of the company; presented potential scenarios and outcomes to the senior management team.
• Oversaw the preparation of the company’s internal and external financial reports including financial statements, budget variance reports and financial performance reports for management to monitor the company’s financial status.
• Ensured financial recording accuracy and compliance with established accounting standards, internal controls, and applicable laws and regulations.
As an Audit Manager, I guided audit teams, created audit plans, and assessed internal controls and risk management efficiency. My responsibilities included working closely with clients, and presenting insights and audit conclusions to BODs. My role demands strong leadership, sharp analytical abilities, and meticulous attention to detail.
Responsibilities:
• Led audit assignments for clients across diverse sectors including planning, execution & finalization to ensure compliance in financial and operational areas.
• Provided professional services in Muscat, Dubai, Sharjah, Sana’a and Khartoum offices in the ME, and Amsterdam office in the Netherlands.
• Managed audit portfolio in the financial sector (Banks - Investments - Insurance) and performed quality management services over the operations of Sharjah, Sana’a and Khartoum offices.
• Provided leadership to the audit team to manage all facets of audit engagements including budgeting, planning, execution, finalization and billings; provided on-the-job coaching and training to the team.
• Planned audits, conducted meetings with clients to understand expectations, obtained a thorough understanding of the nature of their business, regulatory environment, and evaluated the effectiveness of internal controls.
Key Clientele:
• Financial Institutions:
• Bank Muscat
• Oman Housing Bank
• Arab Bank, Oman
• Oman Development Bank
• Central Bank of Oman (Investment Operations)
• Global Financial Investment Holding Group
• Manufacturing:
• Oman Clorine SAOG
• Gulf Stone Co. SAOG
• Oman Cement Co. SAOG
• Oman Chromite SAOG
• Real Estate Development:
• Muriya Tourism Development (Part of Orascom Development Holding)
• SIFA Tourism Development Co. SAOC
• Salalah Beach Tourism Co. SAOC
• Contracting & Construction:
• STFA Oman
• Khatib & Alami - Oman
• Utilities:
• Oman Power Company SAOG
• Oman Wastewater Services SAOC
• Led audit meetings, partner and heads of various departments to assess audit risk at the planning stage, determined audit approach procedures for all financial statements account balances and reviewed work of staff members.
• Examined financial and accounting records of the client, reviewed certain processes or procedures being performed, evaluated the effectiveness of internal control systems, and offered solutions relevant to business and risk.
• Analyzed operational and financial data of the client’s business to ensure efficiency, accuracy, and compliance with relevant laws and standards, as well as to find instances of accounting deficiencies and/or fraud.
• Tested and evaluated the internal control system, relating to the banks; examined, audited and reviewed the management’s financial statements for banks.
• Performed detailed review of financial statements keeping in mind the reliability and relevance; ensured that the financial statements comply with IFRS and local requirements.
• Prepared audit reports succinctly presenting audit findings, root causes and recommendations for corrective action on a monthly or yearly basis.
