Nader El Baba

At what point does a CFO stop being a numbers person and start shaping the strategic direction of a business?

The numbers are just the starting point. Only when you have stellar, bulletproof numbers do you get a seat at the table and build trust.

The real role of a CFO is more about judgment and strategy. CEOs and chairmen do not need someone who can simply read the numbers or tell them what the P&L says. They need someone who can present the story behind those figures, raise concerns at the right time and give them the full picture.

Many people view the CFO as the person who says no or points to budget constraints. That is not the new-age role of a CFO. Saying yes, but making it conditional, is more important than simply saying no.

That is where I believe CFOs make the difference today.

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Beyond the financial models, what does a CFO actually contribute when building a business from the ground up?

At that stage, you are more of a co-founder than just the numbers guy.

The numbers are the easiest part. You can always build a spreadsheet based on expectations, but that is not where the added value comes in.

You have to understand the jurisdiction and be part of the whole structure. DIFC is different from onshore Dubai. Saudi has its own Saudization and capital structure, and the same applies to Oman and other regions.

The mistake is treating market entry as a spreadsheet exercise. You have to design the structure for the day things could go wrong, not the day you sign.

At the beginning, everyone is excited and nobody reads the agreements. But if something goes wrong, that becomes the only document that matters.

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How do you balance being an enabler of growth while protecting the company from unnecessary risk?

The biggest conflict is usually between ambitious, growth-focused CEOs and boards that are more focused on risk and structure. I do not see the CFO as a referee. We are more of a translator.

The CEO speaks speed and the board speaks safeguards. They both want to move the company in the right direction, but they speak different languages. Our job is to convert ambition into a structure the board can approve, while converting the board’s concerns into conditions rather than a veto.

We need to understand when to slow things down and when to go faster. Sometimes the opportunity is compelling, but the governance is not there. Other times, you need to push stakeholders to move faster so the company does not lose an opportunity.

That is where you add value.

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Your portfolio has outperformed the S&P 500 since 2021. How much of that comes from your finance background?‍

My background in finance and auditing gives me an edge in understanding financials, liquidity, performance, pricing and valuations.

But investing is a whole different beast.
Markets are driven by psychology and expectations. You have to understand sentiment, but it is also about managing yourself and your psyche. Your patience is an edge. Your emotional discipline is an edge. The ability to do nothing when everything is melting could also be an edge.

There's a famous story in investing that some of the best-performing portfolios belonged to people who had forgotten their passwords - or had passed away. Whether every detail of that story is true is almost beside the point. The lesson is timeless: the biggest destroyer of returns is often unnecessary action.
My own approach has always been high-conviction and catalyst-driven. I spend a lot of time building the thesis, but once I have conviction, I try to let it play out rather than reacting to every headline or market swing.

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What was your biggest learning from investing?

Being disciplined and patient.

You have to stick to your thesis and conviction rather than changing your mindset every time an external or macro event takes place.

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What is real, what is overhyped, and how is AI changing the role of the CFO?

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AI is not replacing CFOs - it is replacing low-value work. Reporting, reconciliations, drafting and research are areas where AI genuinely helps. I have built it into my own workflows, and it has changed my time frames and output.

But we are still early days when it comes to AI replacing judgment. AI cannot sit in a boardroom and read relationships, incentives and motives behind executive decisions. That is still a human advantage, and it is where CFOs should double down.

Do not be scared of AI. Learn how to use it to your advantage.

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What would you leave finance leaders with?

Be the better person using AI. It is going to be you versus the person next to you. Whoever is using AI better, leveraging it better and jumping on the agentic wave is going to be one step ahead. In investing, have discipline and conviction. Know what you hold, understand what you are invested in and trust the process.

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Bio

Nader El Baba is a senior finance executive with over 20 years of experience across insurance, financial services and energy. He currently serves as CFO of UIB Insurance Brokers DIFC, advising the Chairman and CEO on capital strategy, regional expansion and governance across a complex multi-jurisdictional structure. His background spans Big 4 audits, Corporate Finance, JV formation and treasury leadership across the GCC.