Chief Future Officer

How do you manage the financial challenges of a fast-growing business such as Holo, particularly those related to cash flow, budgeting, and expense management?

‍It's been a remarkable year with our business growing each month. While this excites everyone in the company, it presents unique challenges for the finance function. The rapid growth means traditional annual or even quarterly budgets aren't practical for us at this stage.

Our primary challenge is maintaining financial flexibility. We need to constantly review and reassess our spending, identifying areas that are working well and where we need to increase investment. The speed of decision-making and execution is crucial for us in this environment. It also means we have to be highly adaptable and continuously evaluate our financial strategies to keep pace with our growth rate. 

How do you see AI and digital transformation impacting the future of the finance industry?

I'm not overly bullish on AI in its current state, viewing it more as infrastructure with potential for the future. It can sometimes be overused as a buzzword in pitch decks. However, I see value in specific, targeted AI applications rather than broad-spectrum AI like ChatGPT.

AI is still in its infancy, and globally, we're figuring out its best uses. There's fear about job displacement, but AI will improve day-to-day work, allowing people to focus on more valuable tasks. I've seen this in auditing, where AI hasn't replaced jobs but has made work more enjoyable and allowed auditors to provide more value to clients.

I'm selective about which AI tools we use, but I'm always open to solutions that can save my team time. We use some AI-powered tools for tasks like OCR and spend management, which have proven effective.

Talking about tools, are there any tools you’ve currently implemented in the finance function that you are particularly happy with?

In our finance function, we've implemented several tools that I'm particularly pleased with. One standout is our utilisation of an OCR (Optical Character Recognition) tool for expense recognition, which has greatly improved our spending efficiency. Additionally, our internal development of an AI tool for automating portions of our mortgage application process has also significantly helped, allowing us to process applications more quickly and accurately. 

Are there any podcasts and resources you learn from to stay updated?

There's a lot of good stuff out there. Personally, 'Zero to One' is a favourite for insights into startup journeys, while 'Couch Economics with Arjun’ offers a regional perspective on Middle East economics.‍

Bio

James Evans is an experienced financial leader with a background in consulting at PwC and strategic roles in high-growth startups such as Tarabut and Holo. He eccles at making finance plans that work well for different types of businesses. His primary focus is maximising gross margins and optimising working capital for businesses. 

As a CFO, James prioritises collaboration over the traditional gatekeeper role. He likes using new tools to make boring jobs easier, so his team can do more important work. When hiring people, he looks for those with a good attitude and the ability to learn, especially in new companies that change quickly. He's excited about the future of fintech in the Middle East. 

James holds a bachelor's and master’s degree in finance and an ACCA qualification.

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.

As someone who has worked in so many sectors, how do you adjust your financial strategies when moving between different sectors? What’s the most surprising thing you’ve learned from each industry that you’ve been a part of?

‍I always say the financial strategy is like a potato. A potato will be the same. It's just that the ingredients you put in will change the taste of the potato.

When adjusting my financial strategies while moving sectors, I find that the core principles of finance remain consistent; however, the application of these principles varies based on the specific needs and dynamics of each industry. I view each sector as having unique 'ingredients' that influence how I approach financial management.

One of the most surprising things I’ve learned is how cultural and operational differences shape financial practices. For example, working in the education sector taught me the importance of adapting financial strategies to align with institutional goals and stakeholder expectations, while in consulting, I realised that providing tailored financial solutions is crucial for client satisfaction.

‍How do you think new technologies are shaping the future of finance? How do you see them affecting different roles in finance at the moment?

I see that technologies such as artificial intelligence and machine learning are playing a pivotal role in financial analysis and forecasting. These tools not only enhance precision in data interpretation but also enable us to derive actionable insights from large sets of data. This shift allows finance professionals to become more data-driven and proactive in their strategies.

However, it's important to note that while automation can handle analytical processes, the human element remains irreplaceable. Roles in finance are evolving; rather than merely crunching numbers, professionals are now required to interpret data and communicate insights effectively. This necessitates a skill set that combines technical proficiency with strong analytical thinking and communication skills.

In essence, the future of finance will require us to adapt to these technological advancements. We must continuously learn and upskill to remain relevant in our roles, as the emphasis will be on utilizing technology to enhance our decision-making capabilities while maintaining the essential human insight that drives successful financial management.

‍Is there a tech stack that you have in mind that you recommend to them or some tools that you recommend to them in finance?

When recommending a tech stack or finance tools, I always emphasise the importance of choosing solutions that align with the organization's specific needs. For small to medium-sized companies, I often recommend starting with versatile and user-friendly tools that can grow alongside their business.

• One tool I frequently advocate for is Excel. While it may seem basic, I believe it remains one of the most powerful tools for financial analysis and modelling. Its flexibility allows for customised reporting and in-depth financial forecasting. 

• For accounting and ERP needs, I recommend cloud-based solutions like QuickBooks or Xero for smaller firms that require essential accounting capabilities without the complexity of larger systems. These tools provide straightforward interfaces and are cost-effective for startups and small businesses. As companies grow, I encourage them to consider more comprehensive ERP systems such as SAP or Microsoft Dynamics. 

• Additionally, I highlight the value of integrating business intelligence tools like Power BI or Tableau for data visualisation and reporting. These platforms can transform raw financial data into accessible dashboards, enabling stakeholders to understand insights quickly and make data-driven decisions.

Ultimately, my recommendation is always to assess current needs, future growth, and scalability when choosing the right tech stack for finance. 

‍What were some of the most exciting opportunities you saw when you were setting up the system for projects like District 2020? What about the challenges over there as well?‍

[District 2020 is an urban development project in the UAE, transforming the Expo 2020 Dubai site into a sustainable mixed-use community and innovation hub focused on collaboration and economic growth.]

Setting up the system for District 2020 was a thrilling experience for me, primarily because it was my first full-fledged finance role where I was really diving into everything from scratch. The opportunities were immense; it felt like being thrown into a pool and being told to learn to swim! I had the chance to write policies, create a business plan for District 2020, and establish processes that would shape the financial framework of the project.

One of the most exciting opportunities was the freedom to design the finance function in a way that would be most effective. I got to work on integrating digital transformation initiatives, exploring how we could automate processes and reduce redundancy. 

However, the challenges were definitely significant as well. The biggest hurdle was essentially explaining that we were a new company with our own budget and goals, and we couldn’t rely on systems that might not align with our needs. So, while it was exciting to be at the forefront of building something new, navigating those challenges was quite a balancing act.

‍Bio

A distinguished financial professional with over 24 years of extensive experience, Deepa Varghese has made a significant impact across diverse industries within the Finance and Accounting sector. Her career encompasses profound expertise in financial operations, investment modelling, and finance structuring, developed through her roles in real estate development, media, education, banking, and manufacturing.

Renowned for her proficiency in complex accounting systems, Deepa leverages her comprehensive skill set and extensive industry knowledge to navigate challenging financial landscapes. Her recent role in legacy financial planning for Expo 2020 Dubai demonstrated her ability to oversee comprehensive finance functions, develop intricate real estate business models, and provide strategic investment advice to company leadership.

As a lifelong learner, Deepa holds a Doctorate in Strategic Management and is a Fellow Chartered Management Accountant (FCMA), Chartered Global Management Accountant (CGMA), and Certified Public Accountant (CPA) from Australia. Additionally, she earned a master’s degree in business management (MBA) and a Postgraduate Diploma in Financial Management (PGDFM), further solidifying her academic foundation in finance and leadership.

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.

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.

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.