Experts believe we are still experiencing the aftermath of the economic crisis of 2008. As businesses realise the severity of the tough road ahead, they have to constantly review their strategies to ensure they stay ahead of the curve.
It seems they will be more reliant on their Chief Financial Officers than ever before to navigate through what looks like being a challenging two years ahead.
Organisations need a strategic CFO, someone to partner with key business leaders in formulating the overall business objectives. In addition, with capital a key strategic asset, boards and CEOs need a CFO who can align business and financial strategies.
At the event, Ziad Makhzoumi, Chief Financial Officer at Arabtec Holding identified the need to have the correct strategies, leaders and personnel in place in today’s challenging business environment. He explained: “A company needs strong leadership in order to succeed – just look at Apple. This involves all departments – not just finance – and the key is that they must all communicate effectively.”
He also added: “as CFOs, we have to present logical, quantifiable arguments – we have to think differently, as if we are the business partner of the CEO.”
A panel discussion chaired by Pinak Maitra, Group Chief Financial Officer at Kuwait Projects Holding, and involving Makhzoumi and Tharwat Amer, Chief Financial Officer at Jadwa Investment debated what organisations should do in the next two years to survive and succeed.
Amer opened by giving his view: “A consistent theme from the speakers [here today] is the importance of the CFO. Having a weak one – not leading – is a recipe for disaster. There are opportunities going forward – it is time to focus and execute. The CFO is the enabler and it is now time to support your CEO and drive the strategy forward.”
Ziad Makhzoumi also voiced his opinion: “The Middle East is in good shape relative to other global economies. We have to base our decisions – not on what has happened during the past – but what will happen in the future.”
Thursday, October 13- 2011 @ 10:40 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.