Al Mouj Muscat: Shaping finance for strategic impact in real estate and tourism
How has the finance function evolved at Al Mouj Muscat as the integrated tourism complex continues to expand and grow? How do you ensure that financial strategies are aligned with Al Mouj's broader strategic objectives?
As an integrated tourism complex (ITC) expands and grows, the finance function undergoes significant evolution, shifting from a traditional focus on accounting and project financing to a more strategic role aligned with the broader goals of a large-scale, diversified development.
At Al Mouj Muscat, the finance function has shifted from a project-centric to a portfolio-centric approach, evaluating returns across multiple projects and assessing the combined value creation for the entire development. This requires sophisticated portfolio analysis, risk management, strategic planning, a focus on revenue diversification, cash flow management, process automation, investor relations, and the balancing of different asset classes within the ITC (e.g. hotels, residential, retail, golf, and marina).
As an ITC matures, the finance function transforms into a strategic, multi-faceted partner that supports sustainable growth, risk management, and the realisation of a long-term vision for the development. This evolution aligns finance's objectives with the company's broader mission to deliver value across economic, social, and environmental dimensions.
What are the key drivers of business transformation in your sector, and how does the finance function fit into and contribute to this transformation?
In the real estate development sector, particularly within the context of integrated tourism complexes (ITCs), business transformation is driven by a convergence of several critical forces. These drivers require the finance function to play a strategic role.
Some of these drivers include expansion and portfolio diversification, evolving customer expectations towards experiential offerings, a focus on sustainable development, digitalisation and data analytics, increasing regulatory and compliance requirements, and enhanced stakeholder and investor relations.
In summary, as the real estate development sector continues to transform, finance has become an essential, strategic function that supports sustainable growth, innovation, and risk management within ITCs. The finance team's role has expanded from traditional financial oversight to becoming a proactive partner in digital transformation, sustainability initiatives, regulatory compliance, and stakeholder engagement – making it a driving force behind the company's competitive edge and long-term success.
Looking ahead, how do you envision the role of CFOs evolving in the context of digital transformation, and what impact do you foresee emerging technologies having on the finance function in future?
As digital transformation accelerates, the role of CFOs in the real estate and integrated tourism complex sectors will evolve significantly, becoming strategic drivers of technological innovation and data-driven decision-making. Emerging technologies will reshape the finance function, enhancing efficiency, accuracy, and foresight.
The CFO of the future will be a technology-savvy leader, deeply embedded in the digital ecosystem of the organisation. They will drive data-centric strategies, adopt technologies that streamline processes and secure financial data, and manage both financial and non-financial risks with agility. By harnessing emerging technologies, CFOs will transform finance from a back-office function into a forward-looking, strategic partner that shapes the company's growth, resilience, and adaptability in a rapidly changing world.
What guidance would you offer to those aspiring to a CFO role? Which skills and traits do you believe will be crucial for future CFOs?
To thrive as a future CFO, it is essential to recognise that the landscape is rapidly evolving. This requires a blend of traditional finance skills and emerging competencies in technology, strategy, leadership, and people management. The CFO role is no longer solely about managing financial statements; it is about guiding the organisation through complexity, driving innovation, and ensuring sustainable growth.
Here is a roadmap of skills and traits that are crucial for the future CFO role: develop a strong foundation in finance and accounting; embrace and understand digital transformation; prioritise data-driven decision-making; develop strong communication and stakeholder management skills; build leadership and people management capabilities; and embrace continuous learning and professional development.
What role do you believe events like the Oman CFO Forum, held in September 2024, play in strengthening relationships and dialogue among finance leaders? Are there specific topics you think should be highlighted in future editions of the Oman CFO Forum?
Events such as the Oman CFO Forum play a critical role in fostering collaboration, learning, and innovation among finance leaders. They offer a unique platform for CFOs and finance professionals to exchange insights, discuss industry challenges, and develop strategies to address evolving market conditions.
As for topics in future editions of the Oman CFO Forum, I would like to suggest: strategic risk management and resilience building; CFOs as strategic business partners; cybersecurity and data privacy in finance; and talent management within the finance function.
By focusing on these topics, future CFO forums can continue to empower finance leaders to navigate the complexities of an evolving landscape, promote innovative solutions, and help drive the finance function towards a more strategic, resilient, and future-ready role.
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