MIDDLE EAST

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Chats with Chief Future Officers

Top leaders in the Middle East discussing the future of finance

James Capper
Managing Partner

"I see a future for finance, heavily influenced by digitalization. Over the years, automation will become crucial, reducing the need for traditional data entry roles and shifting our focus towards scalable growth without exponentially increasing the workforce."

James Capper
Managing Partner

Where do you see the future of finance headed in the Middle East in the next 5 years?

I see the future of finance in the Middle East being dominated by AI and digitalization. As businesses grow, the focus will increasingly be on how we can leverage systems to handle more of the workload, rather than simply hiring more people. This will involve a significant shift towards automating as much of the finance function as possible, which I think will not only streamline operations but also make many traditional finance roles, particularly those centered around data entry, redundant. The goal is to redeploy human capital to more strategic, value-added activities.

Ever since AI has been introduced to the finance function, how do you think it has impacted finance professionals?

The introduction of AI into the finance function has definitely been a double-edged sword. On one hand, it's exciting because it allows us to automate mundane tasks and focus on more complex and value-adding activities. On the other hand, it has caused quite a bit of anxiety among finance professionals around the fear of job loss. In larger organizations, there's also some resistance from management who are hesitant to reduce or reallocate their teams. However, embracing AI and automation is crucial. It doesn't necessarily mean job losses but rather, enhancing our roles to make them more meaningful and impactful.

With AI and digital transformation being in the picture, what sort of challenges do you see the finance function facing in the Middle East?

One of the biggest challenges we face with the ongoing digitalization and integration of AI within finance is building trust in these new systems. Many finance professionals, including myself, are used to performing numerous checks and balances because we are skeptical of the data accuracy from automated processes. The key challenge will be ensuring that the outputs from AI and digital tools are reliable and trustworthy. Once we can establish that trust, I believe we'll see much broader acceptance and a smoother transition to these advanced systems.

Bio

James is a CIMA qualified senior finance professional with over 18 years of experience, specializing as a fractional CFO in the Middle East. His background includes significant roles in global MNC and entrepreneurial ventures, where he has excelled in driving financial performance and supporting strategic decision-making. His expertise in both established and developing markets makes him a pivotal asset to companies looking to innovate and adapt in rapidly changing economic landscapes.

Giovanni Funes Nova
Chief Financial Officer
Bahri & Mazroei Group

"Digitalisation will be critical for the future of finance. The role of accountants will change significantly as more tasks become automated, especially with tools like Robotic Process Automation (RPA). Finance professionals will need broader skills, including tech and business understanding."

Giovanni Funes Nova
Chief Financial Officer
Bahri & Mazroei Group

What do you think is going to be the future of finance in the Middle East in the next 5 years?

The future of finance in the Middle East is heading towards significant digital transformation. We will see an increased reliance on AI, automation, and cloud technology. Finance professionals must evolve, developing broader business acumen and strategic skills, as the role of traditional accounting shifts.

How do you think AI can help accounting and finance professionals?

AI can significantly enhance the analysis of profit and loss (P&L) statements. By automating data collection and analysis, AI can provide deeper insights and more accurate forecasting. This allows finance professionals to identify trends, make informed decisions, and improve financial performance, thereby driving better business outcomes.

What advice would you give final-year finance students about to enter the job market?

Finance professionals must be confident in their ability to advance to finance manager roles. Remaining in purely accounting positions will become increasingly challenging as low-level and routine accounting tasks will be automated.

My advice is to develop a comprehensive, entrepreneurial perspective of the company, extending beyond finance. This includes understanding legal aspects, contracts, credit control, and project management. Adopting this 360-degree view will help them maintain a higher-level position and ensure their skills remain valuable in the market.

Bio

Giovanni Funes Nova is the CFO at Bahri & Mazroei Group in the UAE, with around 30 years of finance experience. Originally from Italy, he has held significant roles in the banking sector and multinational corporations like Permasteelisa Group.

Along with overseeing finance, Giovanni has an extensive general management exposure and a reputation for strong leadership. He is known for facilitating business expansion, directing M&A developments, driving major performance improvement and delivering substantial cost reductions.

Faline Huang
Chief Financial Officer
Allsopp and Allsopp Group

"AI will definitely be the future of Finance, but the AI tools themselves right now need some improvements. It would be much better if the current market suppliers could work on the cost model to make it more welcoming or better for the majority of the companies to adopt."

Faline Huang
Chief Financial Officer
Allsopp and Allsopp Group

Where do you see the future of finance headed in the Middle East in the next 5 years?

In the upcoming years, the future of finance in the Middle East is going to see notable progress, especially in fintech. For example, in China, people use one app for almost all payments and hardly carry cash. I see a similar trend emerging here. We're also likely to see more extensive adoption of technologies that streamline operations and improve financial transactions, although we'll need to carefully watch how policies and regulations develop to support these changes.

Ever since AI has been introduced to the finance function, how do you think it has impacted finance professionals?

The introduction of AI in finance has been great but also quite challenging. AI has forced finance professionals to adapt to new tools that automate and optimize tasks which were previously manual and time-consuming. This has allowed them to focus more on strategic decision-making rather than routine tasks. However, it also requires a continuous learning mindset to keep up with these advancements, which can be a major shift for many in the field.

What excites you the most about your role as a CFO?

The CFO role is not only about finance, though most people understand it as such. It involves a much wider picture. Finance and accounting are essential for evaluating the company’s performance, but the numbers should drive us to think about future strategies. What makes me excited is thinking about what we are doing for the future of our company, not just the current financial arrangements.

What is it like being the only female member in the finance team at Allsopp & Allsopp?

It’s quite a privilege. For instance, on Women's Day, my team, which is all male, surprised me with a bouquet of flowers, which is totally beyond what you’d expect. People often think accountants are just about numbers and not very emotional, but that gesture showed a lot of appreciation. Working in a male-dominated team is quite good because you often know what's the missing part in the team culture. My role extends beyond finance; I also try to coach the team to make us stronger and more cohesive.

Bio

Faline is the Chief Financial Officer at Allsopp and Allsopp Group, with a decade of experience in finance across the Middle East. An ACCA and CFA holder, she began her career in Dubai through the prestigious Dubai Business Associates program. Her diverse background spans multinational banks, Fortune 500 companies, and the aviation industry. Known for her analytical acumen and strong communication skills, Faline excels in high-pressure environments and is passionate about using technology to drive business growth.

Ankit Shah
Co-founder and CFO
Silkhaus

Not just in finance—senior leadership, in general, is moving away from the gatekeeper mindset. CFOs today are collaborative leaders, working across departments to provide data-driven insights rather than just controlling spending.

Ankit Shah
Co-founder and CFO
Silkhaus

You have had an impressive career moving from consulting at Deloitte and KPMG to leading finance teams at fast-growing startups like Careem and now SilkHaus. How did your role evolve as you moved from consulting to the executive level?

It’s been quite a transition. In consulting, you advise on strategy and best practices, but you're not accountable for execution. You don’t deal with execution risks. In an executive role, especially in a startup, you shift to deep process and industry knowledge. You make quick decisions with imperfect data and limited resources. Resilience becomes key—you try one strategy, it doesn’t work, but you adapt and push forward. That’s not something consulting prepares you for.

Your work spans real estate, retail, and corporate development. How do you adapt your financial strategy across different sectors?

Each industry, even each revenue line, works differently. At a fundamental level, a CFO manages revenue and cost structures. But what really matters is identifying the key drivers behind those numbers, which differ dramatically across industries. At Careem, growth depended on repeat usage—more rides meant more revenue. At SilkHaus, it's about transaction value, not frequency. Every sector has unique nuances, and you need to be agile enough to adapt.

CFOs were traditionally seen as gatekeepers, but do you think that role has evolved? 

Not just in finance—senior leadership, in general, is moving away from the gatekeeper mindset. CFOs today are collaborative leaders, working across departments to provide data-driven insights rather than just controlling spending.

You don’t always fully grasp another department’s challenges, so an open, data-backed approach helps align everyone toward company goals. When communication is strong, insights become actionable, and execution improves.

When hiring for your finance team, do you prioritise education, experience, or willingness to learn?
The top priority is team dynamics—working with the right people matters most. Next is a growth mindset, as startups require adaptability. Hands-on experience is valuable, but pedigree only matters when choosing between equally strong candidates.

AI and digital transformation are major topics in finance. How do you see these technologies shaping the industry?

AI is streamlining repetitive finance tasks like reporting and reconciliation, making teams more efficient. It enhances predictive analytics, helping us anticipate guest needs, optimize costs, and improve cash flow planning. Real-time reporting is another game-changer, instead of waiting for monthly reports there are instant insights for better forecasting and decision-making.

How do you see finance evolving in the Middle East? And how do you think fintech will continue to impact the finance landscape here?

The UAE is becoming a fintech hub, with strong government support, including regulatory sandboxes for testing new solutions. With $40B in crypto holdings and progressive policies, the region is well-positioned for financial innovation. Despite global economic slowdowns, the UAE always continues to emerge stronger.

Do startups have an edge over larger companies in adopting AI, and how can tech adoption drive growth in a fast-paced startup environment?

Larger companies have an advantage in AI due to their vast data, which improves model accuracy. Startups, however, win on agility—quickly testing, iterating, and pivoting based on results. A strong experimentation culture allows startups to fail fast, learn, and adapt, something big companies struggle with.

Anand Soni
Group CFO
Gulf Land Property Developers

"Digital initiatives should enhance our core priorities, not distract from them."

Anand Soni
Group CFO
Gulf Land Property Developers

According to you, what makes a successful CFO?

I believe that a successful CFO is a "business CFO." This role involves more than just crunching numbers; it requires a deep understanding of every aspect of the business.

A business CFO thoroughly explores the different nuances of a company. For example, in manufacturing, he doesn't take on the role of a production manager; in retail, he doesn't simply chase after sales orders. Instead, he examines all these functions from a financial and commercial perspective. By doing this, he can visit a manufacturing shop floor not to interfere with the production process but to better understand how it operates. 

This multidimensional approach enhances the CFO's effectiveness and ensures that the entire organisation benefits from a more comprehensive view of its operations. This, in turn, leads to smarter, more strategic decision-making across the board.

What does working with family groups entail, and could you elaborate on that?

I'll be specific to the UAE context. Here, family groups could include a combination of family members like parents, siblings and children. Families operate in their ways; sometimes, their decisions can be eccentric and change unexpectedly.

I describe family groups as exciting, challenging, rewarding, and innovative. They are primarily focused on results rather than elaborate presentations or optics. Now, as simple as it sounds, it is not that simple.

In family groups, each member may have contributed to the business, and as a CFO, I must respect that. I'm a technocrat at the end of the day. They are the owners. They have every right to decide where they want to take the business, which presents a challenge for every CFO. The key is to find the right solutions while listening to their perspectives. The most important challenge is to how do you influence them. How do you convince them?  How do you get the job done? And that needs a lot of skill set.

How do you deal effectively with board ownership and decisive wins?

Here's what I will suggest to all who want to deal with the board and make their point successful. First, you must recognise that they are the family owners. They are the owners because they deserve this, and you have to respect what they have earned so far.

One challenge we face as CFOs is believing that our professional perspective is the only one that matters, leading to a mindset of "my way or the highway." However, my focus is on finding solutions. At the end of the day, it's not just about you or me; it's about the journey and achieving the best results. There is simply no room for ego. You have to adjust your communication style to that of a listener. 

For instance, I have never worked in sales before but have dealt with sales teams on multiple occasions and learned the importance of adapting my communication style. Instead of talking to people in my way, I needed to speak in a way they understood—essentially, to speak their language. If I didn’t do that, my message wouldn’t get through, and my point would not even go across. For that to happen, one of the things you have to do is keep your ego out of the window. If one can imbibe these things, half the battle is won. 

What is your view as a CFO on the recent trends of technology, digital transformation, and AI in finance?

Since COVID, digital transformation in finance has become more important, but I’m a bit cautious about it compared to the current excitement. 

I focus on cash flow and profitability rather than jumping into full digital changes. I've been part of three ERP implementations—two worked well, and one didn’t. These experiences showed me that transformations need careful planning and significant investment. It’s not just about new software but a complete strategy involving everyone. You need clear goals, strong support from leadership, and teamwork. Ultimately, success in digital transformation hinges on aligning new technology with core business goals.

Bio

Anand Soni is a seasoned CFO with three decades of experience in finance, primarily in family-owned businesses across the UAE and the Middle East. As a certified CPA and CA, he has managed finance functions in diverse industries, including real estate, construction, logistics, services, retail, manufacturing, and contracting, with a strong focus on cash flow management and profitability. He is known for his collaborative approach and excellent stakeholder management.

He is the Group CFO of Gulf Land Property Developers and is based in Dubai. Outside his CFO role, Anand shares his knowledge and experience through writing and speaking at industry events. He enjoys mentoring finance professionals and addressing the challenges CFOs face in family businesses in the UAE and the Middle East.

Abhishek Tak
Finance Manager
GuestReady

"Finance has benefited greatly with the introduction of AI, automating extremely important and sensitive tasks like bookkeeping, allowing finance professionals to focus on strategic interpretation and decision-making."

Abhishek Tak
Finance Manager
GuestReady

Where do you see the future of finance headed in the Middle East in the next 5 years?

In the next five to ten years, we'll be moving away from a very traditional approach in finance towards a more structured, compliance-driven framework. This is due to new corporate taxes and regulatory measures being implemented. As a result, finance professionals in the Middle East must adapt to increased scrutiny and the need for transparent operations. It's a huge shift that requires us to be more precise in our financial reporting and decision-making.

Ever since AI has been introduced to the finance function, how do you think it has impacted finance professionals?

I find AI's introduction to finance to be a game changer. It has revolutionized finance by automating tasks and improving accuracy, thus reducing human errors. It enables us finance professionals to shift from mundane bookkeeping to strategic tasks like analysis and decision-making. This transition allows for a focus on value-driven activities, enhancing the finance function's efficiency and effectiveness.

With AI and digital transformation being in the picture, what sort of challenges do you see the finance function facing in the Middle East?

The integration of AI and digital transformation brings several challenges. The reliance on third-party data providers and the need for accurate data synchronization between different systems pose significant risks. If the data isn't accurately reflected in our systems, it can lead to substantial issues in financial management and reporting. Ensuring data accuracy and integrity is a major challenge as we move towards more automated processes, highlighting the need for robust systems to manage these changes effectively.

Bio

Abhishek Tak is a Finance Manager at GuestReady, a leading global hospitality and property management tech company. With over 9 years of experience in finance, Abhishek's qualifications from ACCA (UK), CIA (USA), and Accounting Tech (India) have been pivotal in his roles. At GuestReady, Abhishek has been instrumental in enhancing financial reporting and aligning the company with UAE tax regulations. His prior role as a tax advisor for high-net-worth individuals in the UK has honed his skills in navigating complex financial landscapes. Renowned for his pragmatic problem-solving approach, Abhishek's contributions have been crucial in driving GuestReady's financial growth and stability.

The role of finance has really evolved and we really need finance to be a strategic business partner, not just being like a cost center or asset protection.

Dr. Mohamed ELRouby
AVP Global Commercial Finance
Pharmanovia

"The region is ideally positioned to play a significant role in global finance. I see more global funds and asset managers using the Middle East as a base. This influx will naturally drive significant employment opportunities in the financial sector."

Youssef Salem
Chief Financial Officer
ADNOC Drilling

"Digitalisation will be critical for the future of finance. The role of accountants will change significantly as more tasks become automated, especially with tools like Robotic Process Automation (RPA). Finance professionals will need broader skills, including tech and business understanding."

Giovanni Funes Nova
Chief Financial Officer
Bahri & Mazroei Group

"AI will definitely be the future of Finance, but the AI tools themselves right now need some improvements. It would be much better if the current market suppliers could work on the cost model to make it more welcoming or better for the majority of the companies to adopt."

Faline Huang
Chief Financial Officer
Allsopp and Allsopp Group

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