UAE: Why today's CFOs need to go beyond balance sheets, crunching numbers
With artificial intelligence and technological advancements powering the workplace forward, it has become more important than ever for CFOs to stay close to their teams and listen to them carefully.
That's according to Dr Alida Helena Scholtz, CFO of Ras Al Khaimah Economic Zone (RAKEZ). 'There are three things you must be known for,' she said, addressing a room full of CFOs and other senior financial professionals. 'You're the co-pilot to the CEO, you must be the change agent driving digital transformation, and thirdly, you have to be the steward of the integrated value of the organisation.'
Dr Alida shared an example of how she had achieved substantial results in her role. 'We had a two-year vision at RAKEZ,' she said. 'In the 18 months I worked there, we went from managing 14,000 companies to, I think this morning, 35,732 companies in our portfolio. We operationalised that by connecting the teams. We put in place cross-functional teams, cross-functional expertise, financial education, continuous member coaching, and alignment across the organisation.'
She was speaking on a panel at the New Age Finance and Accounting (NAFA) Summit organised by Khaleej Times, which brought together some of the most prominent CFOs, finance leaders, policymakers, and fintech innovators. The sixth edition of the event, held at the Jumeirah Emirates Towers on Wednesday, saw thought-provoking dialogue on regulation, tax, ESG, and financial leadership.
Thomas Teo, CFO of Jameel Motors, agreed with her and added that he has observed several commonalities throughout his career spanning over seven countries across various continents. 'Working in every single country, the answer is four letters – NICE,' he said.
'It's nice to be important, but it's more important to be nice. You need to treat people the way they want to be treated — with respect and trust. To be a strategic CFO, my mandate is always to talk to the team: find out who they are, what their strengths and weaknesses are, and how they work together. Second, I look at the technology we use and ask whether we need to improve it. As the catalyst for change, we need to drive transformation from the ground up.'
Role of technology
Another speaker on the panel, Sanjiv Jain, Group Chief Accounting Officer of G42, explained that technology can significantly reduce operational inefficiencies. 'We built our Procurement Navigator,' he said. 'What it does is automate real-time price comparisons from a panel of suppliers for general items like bottled water — and the order is placed immediately.'
He added that the person in charge of procurement feels 'empowered' and no longer has to 'waste time' calling different suppliers or seeking multiple approvals.
Paolo Lo Monaco, former Group CFO of Al Khayyat Investments and Chalhoub Group, added that while technology is available to everyone, what sets companies apart is their ability to find the right people to 'drive experiences and ensure successful implementation' of those technologies to grow the business.
Family offices
Meanwhile, Khalid Chami, Group CFO at Ali & Sons Holding, explained that things work a little differently in family-run businesses. 'I've seen a lot of CFOs talking about AI when they don't even have the basic infrastructure in place yet,' he said. 'In a family business, the most important asset is the family name. Whatever you do, you should be looking at long-term opportunities that protect that asset.'
He added that such offices tend to have a much more long-term vision compared to other companies. 'In family offices, CFOs are not there to achieve monthly targets,' he said. 'You need to approach your work with the long-term vision of the third or even fourth generation in mind. We aim to build things that are time-proof.'
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