Latest news with #NAFA
Khaleej Times
6 days ago
- Business
- Khaleej Times
End of free trade era? Tariff war could stall growth for 3 years, CFO warns
Free trade, as the world has known it, is over at least for the next three years, according to a global shipping company head. Ali Abouda, Group Chief Financial Officer (CFO) at Gulf Navigation Holding PJSC, also observed that the world is now in an "active trade war" and finance professionals must resort to frequent forecasting and scenario planning to navigate the uncertain times. "Budgeting has probably become a redundant exercise," said Abouda. "We are going through a very, very unpredictable time in terms of business environment. If there's no stability where you operate, then everything becomes quite difficult and challenging. Budgeting should be replaced by scenario forecast and I think a very frequent forecast should be the name of the game." Ali was in conversation with Khaleej Times Chief Content Officer Ted Kemp about the impact of US tariffs on finance professionals at the sixth edition of the New Age Finance and Accounting (NAFA) summit organized by Khaleej Times. The event saw CFOs, finance leaders, policymakers, and fintech innovators engage in dialogue on various topics including taxes, ESG, and reskilling the workforce. How does Section 301 impact trade? One of the topics of discussion during the conversation was Section 301. Kemp questioned how the section of the Trade Act of 1974, which targets Chinese ships, would impact trade. Abouda explained that 90 per cent of global trade was accounted for by shipping - a field dominated by China. "The US took a decision to keep the brain in the US and move the muscles elsewhere. Section 301 targets Chinese-built, owned, or operated vessels calling at US ports, imposing penalties of $500,000 to $1 million per call in addition to the tariffs. "The resolution is expected to be effective October 4, and if this goes through, I think there will be a structural change in the whole supply chain. China, in one way or another, control about 60 percent of the shipping, either through building or through financing or operating or resources," he said. Unclear directives from US Abouda added that while the Trump administration was agile in decision-making, it lacked clarity. "If the US wants to build more ships, that's all good, except that it isn't something that's going to happen quickly," he said. "I don't know what's the thought process behind it." He gave the example of how US President Donald Trump encouraged more American companies to drill oil, with his 'drill, baby, drill' slogan. "That's practically not possible, because the US doesn't have the capacity today to start increasing production by 3 or 4 million barrels immediately," he said. "That needs a lot of regulations to be in place and a lot of investments, which the US is not ready for. If I was one of the leaders of those companies, I would think twice. If you go with the mandates of an administration that has three years left, maybe the next administration will have a totally different view," Abouda added. He said that Trump's constant shift in tariff policies was also damaging to the industry. "The most recent example is, he imposed a 50 percent tariff on Europe and two days later, it was pushed to July 9," he said. "So, he's creating an environment which is very difficult to do business in."
Khaleej Times
6 days ago
- Business
- Khaleej Times
UAE: Why today's CFOs need to go beyond balance sheets, crunching numbers
A company's Chief Financial Officer (CFO) should not just focus on balance sheets and numbers but also act as a catalyst connecting strategy with execution and driving results. 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.'
Zawya
7 days ago
- Business
- Zawya
Khaleej Times to unite innovative thinkers to shape the future of finance
Dubai – Khaleej Times proudly presents the 6th New Age Finance and Accounting Summit (NAFA) on 28th May 2025 at Jumeirah Emirates Towers, Dubai, the region's ultimate gathering of finance leaders, tax strategists, and AI visionaries. This year's theme, 'Transforming Finance,' sets the stage for a dynamic agenda featuring powerhouse speakers from Microsoft, Anaplan, G42, Jameel Motors, Ali & Sons, RAKEZ, LinkedIn MENA, Hanson Search, BPG Group, Al Naboodah, AW Rostamani, Barclays, Mantrac Group, NMC Healthcare, Andersen, Al Tamimi & Co, MCA Gulf, DAMAC, and more. Expect gripping discussions on AI-powered CFO leadership, predictive financial insights, UAE corporate tax strategy, e-invoicing, and real-time analytics, with each session designed to supercharge your financial strategy. A crucial topic is the UAE's corporate tax regime, which has significant implications for businesses operating in the region. Asiya Zargar, Group Head of Tax, Mantrac Group, emphasizes the importance of adapting to these changes. 'With the UAE's corporate tax regime now firmly in place, it's essential for businesses to master compliance and craft resilient tax strategies. I'll be sharing practical insights at this pivotal moment in the country's regulatory landscape,' she says, setting the tone for the Corporate Tax Strategy Panel she will be moderating. The summit also promises to address the global nature of finance, with insights from industry leaders like Ted Kemp, Chief Content Officer at Khaleej Times. 'Finance is global, shipping is global, and today disruption is global. I'm excited to sit down with Gulf Navigation CFO Ali Abouda, a financial leader across these dynamics,' Kemp shares. 'NAFA 2025 will deliver insights everyone can act on.' Manish Kothari, Group Head Tax at AW Rostamani Group, will further elaborate on the intricacies of adapting to new tax regulations. 'The UAE's corporate tax shift is a pivotal step towards aligning with global standards. At NAFA 2025, I'll share practical insights on navigating these changes, from FTA expectations to effective corporate tax strategies,' Kothari adds, providing a roadmap for businesses trying to align with these new standards. The day will also unveil the UAE's Most Influential CFOs, brought to you by Qashio, and provide an unrivalled platform for C-suites and decision-makers to connect, challenge conventions, and chart a bold future for finance. With partners including Anaplan, Andersen, MCA Gulf, Cleartax, Jedox, Signzy, Tally, Al Tamimi & Co, MICS, and Qashio | Visa, NAFA 2025 is the stage where the next era of financial transformation is written. For more information, visit the website:
CNA
22-05-2025
- Entertainment
- CNA
CNA938 Rewind - NAFA's Design Solutions for Singapore society, its educational sector & Kopi Uncles
CNA938 Rewind In 'Destination Anywhere', Melanie Oliveiro finds out where Singaporeans can go to attend a design exhibition with a difference – featuring solutions like: a nightstand that lessens doom scrolling before bedtime, and a multi-media project inspired by kopi uncles. These can be found at the Design Show by The Nanyang Academy of Fine Arts or NAFA, which is part of its signature graduation showcase. NAFA's Vice Dean Christabel Teng provides an overview and student Adriana Azman will talk about how her team designed a future-ready classroom experience.
