CFO
Saudi Kuwaiti Finance House
مجموع سنوات الخبرة :33 years, 1 أشهر
1. Responsible for the functions of accounting, finance, treasury, direct investments, human resources and IT functions.
2. Preparation and review of accounting directory, financial authorities, financial and accounting policies and procedures.
3. Review of monthly, quarterly and annual financial statements and reports including regulatory reporting, management reporting and group consolidation packages
4. Review of annual budgets and periodic forecasts.
5. Review of financial projection and cash flow budgeting and management.
6. Corporate financing arrangement with financial institutions.
7. Set up a plan for upgrading ERP functionality and reports.
8. Review organization structure and make recommendations to improve efficiencies and effectiveness.
9. Establishing the company corporate governance manual in conformity with CMA and KFH group requirements and played a vital role during their implementation.
10. In addition to CFO role, appointed by board of directors as head of direct investment to manage proprietary investments including money market, Sukuk, private equity, public equity, real estate and other investments. The role also includes achieving targeted return on invested capital by sourcing new investment opportunities within investment strategy and asset allocation limits, perform due diligence from legal, financial and market stands and presents investment proposals to investment committee and board of directors.
11. Present to board of directors, executive committee and audit and risk committee financial presentation which includes actual performance against budget for companywide and for each business unit, ratio analysis for the company and investment banking sector, recommendations to improve performance and mitigate risks.
12. Recommending and initiating several direct investments transactions including: syndicated financing operations, controlling and non-controlling interests in PRE-IPOs, private equity, real estate funds, sales leaseback, equity stock market, international and local Sukuk portfolios, and other investments.
13. Working with a strategy consultant on setting the company strategy, operating model and business plan for the next five years and played a leading role in their development and implementation.
14. Working with a human resources consultant on setting salary structure and scale, reward strategy, long term incentive plan, organization structure, job description and human resources and administration policies and procedures, and played a leading role in their development and implementation.
15. Working with external consultant on IFRS conversion project and their application on financial reports and annual audited financial statements.
16. Preparing a plan on applying IFRS 9 on the company financial investment and their impact on financial reports and annual audited financial statements. The plan was discussed with audit committee, board of directors and parent entity and subsequently approved.
17. Appointed as project manager on VAT implementation project including selection of working group, assignment of tasks, holding weekly meetings, preparation of communication documents and other relevant work streams.
18. Appointed as board member in Baitek IPO Fund, Baitek Al Waed Fund and Baitek Liquidity Fund, public investment funds managed by SKFH that invests in Saudi stock market and other investment products. Also appointed as chair of audit committee of Al Nadej Co, an associate entity 30% owned by SKFH and operates in food and beverage sector.
1. Responsible for the functions of accounting, finance, treasury and IT.
2. Preparation and review of accounting directory, financial authorities, financial and accounting policies and procedures.
3. Review of annual budgets and periodic forecasts.
4. Review of financial projection and cash flow budgeting and management.
5. Review of monthly, quarterly and annual financial statements and reports.
6. Review cost controls and project progress reports. Introducing inventory system to control construction materials movements between central warehouse, projects warehouses and projects sites.
7. Present to board of directors’ financial presentation, which includes actual performance against budget for companywide and for each project and ratio analysis, summary of used and unused borrowing facilities.
8. Corporate and project financing arrangement with financial institutions. Restructure banking facilities to overcome any mismatch with actual cash flows requirements during project execution, also opening new relationships with local banks to finance new projects.
9. Establish a plan for converting to ERP environment including preparing detailed functional requirements for operational and support units, obtaining credentials of vendors and short listing them after several interviews and presentations, preparing RFP and analyze all proposals, making recommendation to board of directors on the selected vendor and conclude the final terms and conditions. Also initiated change management sessions with middle and top management teams to explain benefits of the ERP against current manual system.
10. Review organization structure and make recommendations to improve efficiencies and effectiveness based on understanding of duties, responsibilities and workflows.
11. Prepare and execute a detailed plan to improve cash flows including speeding collections from clients and delaying payments to suppliers and contractors, standardizing contract agreements with subcontractors including payment terms, provision of letters of credit, advances and other financial matters, centralized procurement and resources management.
12. Major construction projects worked on during my service include Ghurnata Busniess Park, Aramco Data Center, National Dialogue Center, MOH Hospitals and Hilton Riyadh.
1. Responsible for the functions of accounting, financial control, corporate finance, treasury and IT.
2. Worked on the acquisition of 49% share in large real estate development project in Dubai including preparation of feasibility study, review of market study, review of purchase agreement, shareholders’ agreement, obtaining credit facilities from local and international banks to settle acquisition price, and establishment of SPV to directly acquire the aforesaid share on behalf of all shareholders.
3. Initiated raising the company capital by in kind contribution from shareholders and align ownership of certain real estate projects and investment to conform to shareholders’ ownership in the company’s capital. This has been done after preparing and presenting several scenarios to the company’s shareholders and all these scenarios are supported by proper valuation of projects and investments and business justification. This in kind capital raining was in conjunction with company legal form conversion from limited liability to closed joint stock.
4. Acquisition of a medium size real estate development company in Riyadh, which includes performing financial due diligence, financial projection for ongoing projects, negotiation with management and shareholders, review of purchase agreement and other relevant matters.
5. Worked extensively on debt raising from local and international banks to finance the company projects and investments, including syndications and club deals. Total debt amount increased significantly but were closely monitored to match investments structure and projected cash flows.
6. Restructuring of banks borrowing facilities from short-term borrowings into medium and long term loans based on future cash flows and review / finalize all relevant legal and security documents. This took place after the economic crash in 2008 and was successful in restructuring most of the facilities to match project and investments forecasted cash flows. The restructuring includes setting a smooth monthly/quarterly repayment schedule with bullet payments at end of each loan term.
7. Assigned project manager role on Al Oula and Emaar Middle East Merger project during 2006 and 2007 which included the preparation of consultants’ required data bank, review of financial and legal due diligence, land and projects valuation, total business valuation, meetings with Emaar Properties team to clear due diligence outstanding matters and prepare a final merger proposal to be approved by the shareholders of both entities.
8. Recommended to CEO and board of directors during 2005 and 2006 investing part of company capital in specific PRE-IPO transactions in GCC and sell our allocated shares upon being floated in the respective stock market. These transactions were related directly or indirectly to real estate sector. The company generated large profits from these transactions.
9. Assigned to work on the establishment of Saudi Kuwaiti Finance House, a fully CMA licensed investment bank in Saudi Arabia with a capital of SR 500 million. I represented Al Oula in the committee appointed by Al Oula and Kuwait Finance House to coordinate and complete all CMA licensing requirements.
10. Appointed as a board member in Riyadh Industrial City fund, a real estate fund established for the development of integrated industrial city in Riyadh. Also appointed as board member in Al Oula Middle East which was establishment in UAE for the acquisition and management of large real estate development project in Dubai.
11. Major real estate projects worked on during my service include Al Khobar Lakes, Jeddah Gate, Dammam Gate, Al Oula Tower, Um Al Quween, Al Shamiyah, Riyadh Industrial City, Dammam Industrial City, Bahrain Bay and Dubai Golf City.
Work responsibilities during external audit experience include the following:
1. Understanding the client business and objectives
2. Understanding the client’s accounting and reporting systems
3. Understanding accounting cycles and internal controls placed in operations
4. Assess client acceptance / continuance
5. Test of monitoring and application controls
6. Assessment of risks of material misstatements and irregularities
7. Assessment of business risk and related implications on financial statements
8. Determination of audit strategy and programs
9. Supervising the engagement seniors and associates in their execution of audit programs
10. Preparing / reviewing financial statements mapping and classifications
11. Identifying accounting, auditing and reporting issues than need to brought to office partner’s attention
12. Analyzing the financial statements with budgets and prior period amounts
13. Discussing the financial statements with client’s management
14. Preparing group consolidated and combined financial statements and related elimination entries
15. Reporting to client’s management our observations and recommendations in respect of internal control systems, accounting matters and business insights concerning possible improvement of profitability, cash flows and other operating matters
16. Preparing / reviewing client prepared zakat and income tax return
17. Preparing zakat and tax queries and appeal letters
18. Business development including preparing audit proposals for prospective clients and follow up them till signing audit engagements for won clients
Work achievements during audit experience:
1. Assigned a project manager role on new engagement to reconstruct a business group’s set of books and records after being destroyed in a fire. The project was successfully completed within the budgeted time and the client signed audit engagement letter with PwC for three years.
2. Won the PwC firm annual award for best constructive service comments provided to clients. The award was a family trip to Dubai with all expenses paid by the firm.
3. Assigned to review business and financial plan of new product launched by Ibn Zahr (one of SABIC entities) for the purpose of issuing special purpose review report. The review involves examining assumptions of sales, costs, growth rates, leverage and other relevant matters.
4. Assigned to perform financial due diligence of a large real estate project in Makkah for the purpose of potential acquisition by a large real estate development and investment group, the due diligence review report revealed a significant unrecorded liability which resulted in significant discount in the acquisition price. The report was well accepted by the acquirer and highly appreciated to the firm and the team and the transaction was concluded.
5. During my service with Talal Abu Ghazaleh I prepared detailed audit program for a large insurance company, financial statement including skeleton and disclosers, reportable exceptions and conditions and due to my performance I was assigned the audit of all insurance companies within the firm's audit engagements.
6. Assigned due diligence and valuation of a large car rental company for potential acquisition and all reportable matters have been properly identified and reported. The report was well accepted by the acquirer and the transaction was concluded.
1. Understanding the client business and objectives
2. Understanding the client’s accounting and reporting systems
3. Understanding accounting cycles and internal controls placed in operations
4. Assess client acceptance / continuance
5. Test of monitoring and application controls
6. Assessment of risks of material misstatements and irregularities
7. Assessment of business risk and related implications on financial statements
8. Determination of audit strategy and programs
9. Supervising the engagement seniors and associates in their execution of audit programs
10. Preparing / reviewing financial statements mapping and classifications
11. Identifying accounting, auditing and reporting issues than need to brought to office partner’s attention
12. Analyzing the financial statements with budgets and prior period amounts