Latest news with #RAK
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.'
Yahoo
6 days ago
- Business
- Yahoo
Rakon Ltd (NZSE:RAK) Full Year 2025 Earnings Call Highlights: Navigating Challenges with ...
Release Date: May 27, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Rakon Ltd (NZSE:RAK) achieved a significant reduction in operating expenses, down approximately 10% year on year, which helped preserve earnings despite challenging market conditions. The aerospace and defense segment delivered record revenue with double-digit year-on-year growth, continuing a positive trend for the last three years. There was a strong pick-up in telecommunications order volumes in the second half of the year, indicating stabilizing market conditions and selective global 5G investments. Rakon Ltd (NZSE:RAK) successfully reduced inventory by $8.5 million, releasing additional cash and improving working capital management. The company made significant strides in expanding into high-growth areas such as AI and cloud computing infrastructure, positioning itself for future revenue growth. FY25 revenue was down 19% year on year, reflecting tough conditions in core telecommunications and positioning markets. Rakon Ltd (NZSE:RAK) posted a net loss after tax of $5.8 million, including $3.6 million in one-off restructuring and transaction costs. The telecommunications segment faced a 33% year-on-year revenue decline due to continued demand weakness and inventory overhang at customers. Positioning revenue decreased by 21% from the prior year, with market weakness leading to lower order volumes. Gross margin percentage decreased to 43.1% due to loss of efficiencies from low production levels and fixed costs. Warning! GuruFocus has detected 4 Warning Signs with NZSE:RAK. Q: Can you talk to the level of working capital and if this new level is sustainable? A: Yes, we believe it is sustainable. As the business grows, receivables and payables will increase. Our key focus is on controlling inventory, and we have initiatives to review our inventory policies at various sites to maintain this level of working capital. (Respondent: CFO, Mark Dunwoody) Q: With net cash at the end of the year around $3 million, where do you expect this to be over FY26? A: We are working hard to return to a positive operating cash flow and are forecasting an improved cash position by the end of FY26. (Respondent: CFO, Mark Dunwoody) Q: On R&D, a large proportion of second-half spend was capitalized. Can you explain more on this and what will happen to this mix in FY26? A: Our technology teams are constantly working on new products, and we expect similar capitalization progress as we meet the IS 38 criteria during FY26. This is part of our strategy to turn R&D spending into assets for the company. (Respondent: CFO, Mark Dunwoody and CEO, Senan Oto) Q: Can you comment on the level of R&D likely to be expensed in FY26? A: We anticipate R&D expenses to be around $5 to $6 million next year, depending on the progress of our pipeline products. Our intention is to continue investing in R&D to maintain our technology leadership. (Respondent: CFO, Mark Dunwoody and CEO, Senan Oto) Q: Regarding your capital allocation priorities over the next year or two, do you expect to prioritize debt reduction, dividends, share buybacks, or reinvest in growth? A: We will continue to reinvest in growth, which remains a key focus. However, the exact strategy for capital allocation, including debt reduction, dividends, or share buybacks, has not yet been finalized with the board. (Respondent: CEO, Senan Oto) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
New Straits Times
25-05-2025
- Business
- New Straits Times
UAE'S RAK ruler Sheik Saud arrives in KL for Asean-GCC, Asean-GCC-China summits
SEPANG: The United Arab Emirates (UAE) Supreme Council Member and Ruler of Ras Al Khaimah (RAK), Sheikh Saud bin Saqr Al Qasimi, arrived here today to attend the second Asean-Gulf Cooperation Council (GCC) Summit and the inaugural Asean-GCC-China Summit. The UAE delegation, which landed at the Bunga Raya Complex of the Kuala Lumpur International Airport at 8.10pm, was received by Defence Minister Datuk Seri Mohamed Khaled Nordin. Upon arrival, Sheikh Saud inspected a guard of honour mounted by 28 officers and personnel from the First Battalion of the Royal Ranger Regiment (Ceremonial). Sheikh Saud is leading the UAE delegation on behalf of UAE President Sheikh Mohamed bin Zayed Al Nahyan at the high-level meetings, which will begin tomorrow at the Kuala Lumpur Convention Centre. Accompanying Sheikh Saud were Vice Chairman of Ras Al Khaimah's Investment and Development Office Sheikh Khalid bin Saud bin Saqr Al Qasimi, UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi, Minister of State Ahmed Al Sayegh and Minister of State for Foreign Affairs Khalifa Shaheen Al Marar. The delegation also includes board member of the Abu Dhabi Investment Authority Khalil Mohammed Sharif Foulathi, UAE Ambassador to Malaysia Dr Mubarak Saeed Al Dhaheri and UAE Ambassador to Indonesia and Asean Abdullah Salem Al Dhaheri. The Asean-GCC Summit, first held in 2023 in Riyadh, serves as a platform to enhance cooperation between Southeast Asia and the Gulf region. The 46th Asean Summit, being held on May 26 and 27 under Malaysia's Asean 2025 Chairmanship themed "Inclusivity and Sustainability", will also see the inaugural Asean-GCC-China Summit, reflecting growing interest in multilateral dialogue on trade, energy security, climate change and investment. The UAE, a key economic and strategic partner for many Asean nations, continues to deepen its engagement with the region through high-level participation and investment-driven diplomacy. – Bernama
Yahoo
15-05-2025
- Yahoo
Private investigator facing extradition to the US "worked for a London leading law firm"
THE private investigator facing extradition to the US on charges of computer hacking also allegedly worked for a London leading law firm and one of its senior partners. Amit Forlit, 57, an Israeli, last week failed to block his extradition from the UK. He is accused of conspiracy and wire fraud. Forlit is alleged to have worked alongside convicted hacker Aviram Azari, who was sentenced to 80 months in prison in the US after pleading guilty to what the US Department of Justice described as a 'massive spear phishing campaign'. Documents from the hearing detail the charges for which Forlit was indicted by a New York Grand Jury on 30 November 2022. He is alleged to have targeted 'over 100 victim corporations, organisations and individuals' to steal 'confidential business and personal information' for profit. For his work allegedly undertaken for a Washington DC lobbying firm alone, he was paid $16 million between 2013 and 2018. The work was summarised as being related to two projects, one discrediting climate change activists and the other concerning Argentinian debt relief. He was described by both the US in their filings and District Judge John McGarva in his judgment as a 'cyber-mercenary'. Forlit was also previously named in connection with another alleged hack-for-hire scheme, this time for the law firm Dechert LLP and its disgraced former London head of white-collar crime, Neil Gerrard. Filings in that case outline how he was brought on to work with another private investigator, London-based Stuart Page, to support Dechert's investigation into the apparent misappropriation of a large amount of UAE emirate Ras Al Khaimah's state funds. An affidavit from Page outlines 'Project Beech', on which he worked with Forlit. Page is alleged to have reported to RAK executive Jamie Buchanan - revealed as the neighbour of Gerrard during a London trial in 2020 - from early 2015 onwards and also to Gerrard during his engagement. In February 2015, Page decided to instruct Forlit and his company to assist in his investigation, it is claimed. In a parallel of the evidence in the Washington lobbying case, Page details that Forlit had told him that his company and his subcontractors used SIGINT – signal intelligence, 'which is intelligence-gathering by the interception of communications' and 'hacking techniques' to secure information. Of some of the information included in the reports produced for their client, Page stated that 'It was obvious to me (and it would have been obvious to anyone else reading the reports) that such documents were obtained as a result of unauthorised access to computers.' From 2015 to 2020, Page was paid 'around $300,000 per month' for his work for Dechert and RAK, of which 'approximately $250,000' was then paid to Forlit and his company. The importance of the claims of hacking in the preparation of these reports is highlighted in Page's admittance that, when his budget was threatened to be cut, the prospect of 'losing access to some of Amit's sources and methods' ensured that the payments continued. Page also discusses the clandestine nature of the reporting to his and Forlit's client. Forlit would send a coded message to Page, to be deleted, letting him know to check the drafts of an email account that only the two of them and Page's assistant could access, it is said. This would be downloaded to a laptop with no connection to Page's company, printed on a standalone printer, and the draft overwritten, allegedly, all to avoid creating a trail between sender and recipient. From there, electronic copies of the reports were deleted and hard copies provided to Buchanan and, in some cases, to Gerrard himself. Page outlines an instance in which someone other than Gerrard or his secretary opened one of the reports, and Gerrard was deeply concerned, requiring Forlit to send future copies to Gerrard's home. Gerrard was worried about holding meetings at Dechert's London offices, reportedly. Page recounts that attendees would have to sign in and present identification, and in late 2016 or early 2017 Gerrard became concerned of there being 'a written record indicating that Amit (or any other member of Amit's team) had visited him', so future meetings were moved to Buchanan or Forlit's hotel room. As with his work for the Washington lobbying company, where the fruits of his alleged hacking were deployed in the media and in litigation, his research for Dechert formed the backbone of a case against a US aviation executive, Farhad Azima. RAK's case at trial was that they had innocently discovered the hacked data online - a story which has since been disproved, including by Page. Indeed, Page outlines that, rather than stating that Forlit had discovered the hacked data online, a cover story was prepared and finalised at a 'small boutique hotel in the mountains' of Switzerland, at which Forlit provided security, where Gerrard conducted a 'mock trial' as 'judge and the cross-examining counsel' to 'perfect the narrative' of the cover story. Papers in another court case issued a damning finding against Gerrard, concluding in May 2022 that he was a 'highly unreliable and at times dishonest witness' who had committed 'serious and serial wrongdoing'. Gerrard retired from Dechert in 2020, but litigation from the work he did continues. A report recently made public in one of these cases shows that another private investigator working for Dechert, Nicholas Del Rosso, downloaded data allegedly hacked from a US lawyer representing another opponent of RAKIA to his laptop the dat after his cross-examination in Azima's trial. Dechert have settled Azima's claims against them in both the UK and US for the alleged hacking of Azima's data, but claims against Forlit and other alleged co-conspirators are ongoing. This, and possibility of a full trial of the allegations against Forlit should he be extradited to the US, promise to shine a greater light on this murky world, hidden by extensive subterfuge. 'Cyber-mercenaries' like Forlit rely on secrecy, as adroitly summarised in a message from Forlit to a colleague following Azari's arrest, as quoted in the US filings for his extradition: 'why the f*ck was he sending emails what a dumb arse.' Dechert commented: 'The claims brought by Mr Azima against Dechert involving Mr Forlit were resolved in February 2024 with no admission of liability by the firm.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Canada Standard
12-05-2025
- Sport
- Canada Standard
Saud bin Saqr receives Canadian Consul-General, organisers of RAK Terry Fox Run
WAM 12 May 2025, 17:02 GMT+10 RAS AL KHAIMAH, 12th May 2025 (WAM) -- H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, emphasised that charitable work is a cornerstone of the UAE's societal culture. It reflects the nation's cultural progress and the deep-rooted values of generosity and humanitarian solidarity embraced by its people. H.H. Sheikh Saud made these remarks during a meeting at his palace in Saqr bin Mohammed City with Tracy Reynolds, Consul-General of Canada in Dubai and the Northern Emirates, along with members of the organising committee of the RAK Terry Fox Run. Proceeds from the event were dedicated to the University of Sharjah for establishing an incubator that supports student-led scientific research on cancer diseases. H.H. Sheikh Saud highlighted the significance of such humanitarian initiatives in strengthening social responsibility and fostering unity within the community. He stressed that giving instills hope and nurtures optimism among future generations. During the meeting, the University of Sharjah delegation received a cheque representing the event's proceeds-an initiative that underscores Ras Al Khaimah's commitment to supporting academic institutions and empowering them to tackle pressing health challenges. The RAK Terry Fox Run 2024 charity run took place on 16th November along the Al Qawasim Corniche, under the patronage of H.H. Sheikh Saud bin Saqr Al Qasimi and in collaboration with the Saqr bin Mohammed Al Qasimi Foundation for Charity and Humanitarian Work. The event witnessed widespread participation from the local community. Organisers expressed their gratitude to RAK Ruler for his unwavering support of charitable initiatives. They noted that the annual race commemorates the legacy of Canadian athlete Terry Fox and contributes to funding cancer research while raising public awareness.
