What do you think is going to be the future of finance in the Middle East in the next five to ten years? What trends do you see emerging?

In the next five to ten years, finance in the Middle East will likely become more strategic and integrated with corporate strategy. We’ll see increased adoption of technology and digital transformation, enhancing decision-making and efficiency. Routine financial functions may be outsourced to low-cost locations, allowing local teams to focus on strategic roles. 
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With improved compliance and governance practices, such as corporate tax, the region is set to become more transparent and attractive to international investors. Overall, the finance sector’s future looks promising as it adapts to global standards.

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How have you been using AI and tech in your team? 

Primarily, we have been using AI to bring more automation in finance. We deal with thousands of transactions and data points daily, and BI tools really help us make sense of it all through real-time analytics and trends. 

On the accounting side, we use Microsoft Dynamics, which introduces automation in accounting tasks. It automates a lot of tedious tasks, like accounts payable, and even generates general ledger entries automatically. As a result, our team can complete the month's closing faster, saving significant time and allowing more in-depth analysis. Overall, these advancements improve efficiency and enable us to focus more on strategic tasks.

My personal favourite is using AI to review legal contracts and documentation. It has easily reduced my reviewing time by 70-80%.

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Given the availability of AI now, what challenges do you think the finance function will face?

With AI becoming more integrated into finance, we're actually seeing more opportunities than challenges. However, one main challenge is ensuring our teams are upskilled to use these new tools effectively.


Adapting to AI also means shifting our mindset from traditional processes to more innovative, data-driven approaches. While some might worry about job displacement, I think it's more about evolving roles. 

Service providers might also face challenges, as businesses might rely less on external consultants for things AI can handle in-house. Therefore, everyone needs to adapt and find ways to add value to this new landscape. It's key for us to stay ahead by understanding AI's capabilities and using them to help drive the business forward.

Bio

Sameer Bagul brings over 20 years of leadership experience in online travel and e-commerce, having played a central role in building and expanding Cleartrip and Traveazy across India and the Middle East. 

Sameer has been instrumental in the management buyout of a Middle Eastern business from Flipkart and has extensive experience leading digital and AI-driven transformations within financial operations. Under his leadership, the Middle East business grew to over $650 million in sales by the end of 2019. 

Prior to his role in Dubai as the CFO of Cleartrip, Sameer led corporate strategy, finance, accounting, business planning, and development. His expertise extends to restructuring organisations for compliance with taxation and regulatory requirements in India and the GCC markets.

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?
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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. 

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

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

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

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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?

In the next five years, finance in the Middle East is likely to see a lot more automation and use of sophisticated ERP modules. There is a big push toward making our processes more digital, especially after how we had to adapt to COVID. The goal is to manage things effectively, even if we're not all in the office. This shift means we're getting ready for a future where being physically present isn't as crucial as it used to be.

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

AI has really changed things for the better. Before, we spent a lot of time on Excel and PowerPoint, making things look right and crunching numbers. Now, with AI and automation, we can get things done faster and present them better. It lets us focus more on the important stuff, like making decisions and planning strategies, rather than just dealing with numbers all day.

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With AI and digital transformation in the picture, what challenges are likely to emerge in the finance function in the Middle East?

The biggest challenge with AI and digital transformation is adapting to the change. Moving from the old ways of doing things to more automated systems is a big shift for everyone. It's not just about new skills—it's about changing our mindset. If we don't adapt, we will fall behind because everything around us is moving forward fast. Companies that don't keep up with these changes might not make it in the next ten years.

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Bio:
Vinay is a seasoned Finance and Treasury professional with 12 years of experience in the UAE and India. He currently serves as the Group Treasurer at Hira Industries. 

His expertise covers various financial operations, including fundraising, debt restructuring, financial modelling, and cash flow management. Vinay has led significant digital transformations, implementing systems like Oracle Fusion and Kyriba Treasury Management, and has a working knowledge of SAP. He has successfully managed teams of financial analysts, directed cost reduction initiatives in banking services, and maintained robust banking relationships, consistently delivering positive impacts on profitability and strategic financial planning.

What excites you the most about being a CFO?

As a CFO, one of the paramount things that gets me excited every day is the opportunity to pass on knowledge and mentor the next generation of accountants and finance professionals. I see it as a key responsibility to ensure high-quality services are delivered to the business.

Additionally, I am motivated by the pivotal role I play in business strategy, partnering with the CEO and senior executives to drive the organization's goals and performance. The ability to influence and enable both the development of future professionals and the achievement of business milestones truly excites me.

A lot of people fear that AI will replace humans and take jobs. What is your take on it?‍

Absolutely not! AI is an amplifier for improving the quality of deliverables in finance. While technologies like OCR have existed for years, they've only managed to handle a portion of transactional volumes. AI can significantly enhance efficiency but can't replace the need for human understanding of business context and objectives. 

What innovations or transformations have you implemented in the finance department?

I have always been a transformation ambassador, passionate about leveraging technology to achieve efficiencies. Throughout my career, I've influenced management to invest in transformational projects supporting future growth without increasing headcount.

For example, I've successfully implemented cloud-based solutions to streamline working capital processes and financial reporting, reducing manual effort and enhancing decision-making. The key is identifying where technology can provide scalability and foresight to meet the business's needs, ensuring our approach is proactive rather than reactive.

Among the various innovations you've implemented, is there one that stands out as the most successful?

One of the most successful technology implementations I've been involved in was managing the working capital process for a UK-listed organization.

The process initially involved around 25 to 30 people across different countries, and consolidating cash flow data took two to three days. We automated this process by using a cloud-based solution integrated with SAP and SharePoint, reducing it to just a few hours. This allowed us to quickly make informed decisions on inter-group lending and borrowing, streamlining our operations significantly. Another success was implementing a comprehensive FP&A project to consolidate and report business unit and group performance, greatly improving efficiency.

What upcoming technologies are likely to be more prevalent in the finance industry?
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Advancements in technology, especially AI, will heavily influence the future of finance. AI will be significant in providing personalised financial advice and optimising wealth management processes. Additionally, the integration of open banking and digital-first solutions will make financial services more efficient, transparent, and client-centric. While there will be regulatory and data protection challenges, the overall goal is to create a more innovative and client-focused financial ecosystem. 

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What is one big area where you find AI to be particularly beneficial? 

One major benefit of using AI is its ability to provide highly personalised financial advice by analysing vast amounts of client data. 
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At Vault, we're developing an AI module integrated with OpenAI's technology to provide personalised financial recommendations. By leveraging extensive client data, such as assets, income, and expenses, our AI will act as a co-pilot alongside our wealth advisors. This AI will help tailor specific advice and suggestions that closely align with individual needs and goals, making financial planning more accurate and effective.

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However, it's crucial to ensure regulatory compliance and data protection. While there are challenges, particularly in gaining client trust and regulatory approval, I see AI playing a significant role in the future of financial services.

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Talking about automation, can you share an example of automation being used at Vault?

At Vault, we’ve automated compliance by leveraging our engineering team's capabilities. 

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We've developed systems that can onboard clients and provide risk ratings within seconds, which used to take hours. This is achieved through API integrations that streamline various compliance checks and ensure that our processes are both efficient and compliant with regulatory standards. This automation significantly reduces the time and resources needed for compliance, allowing us to focus more on serving our clients effectively.

Bio

Sami Abdul Hadi is a leader in fintech and wealth management. He began his career at Standard Chartered Bank in Hong Kong, and later worked at Deloitte and HSBC in the UAE, where he gained valuable experience in the financial industry.

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Sami co-founded Vault to create a transparent, digital-first wealth management platform. Drawing on his enthusiasm for technology, he successfully built a tech-focused team that drove Vault’s growth in the affluent market segment.

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At Vault, Sami leads investment strategies, marketing, and sales, using AI to improve financial advisement. He also plans to launch Vault Academy to educate future wealth managers.

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

In the next five to ten years, I see the Middle East evolving into a major financial hub comparable to Hong Kong and Singapore. Financial centres like the DIFC, ADGM, and the King Abdullah Financial District will continue to grow, benefiting from the region’s strategic timezone, travel convenience, competitive tax regime, ease of doing business, high standard of living, and stability.

More global funds and asset managers will establish bases here, driving significant employment opportunities in the financial sector.

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What challenges do you think the Middle East, particularly the UAE, will face in the next five years?

The primary challenges in the Middle East are market size and regulatory fragmentation. Our region is outsized in global finance relative to its population size, leading to capacity constraints. Additionally, regulatory fragmentation means each country has its own requirements, increasing business costs. However, as the population grows and regulatory harmonisation improves, these challenges will diminish, making the market more accessible and more cost-effective to navigate.

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Do you think the finance function has been slower in adapting to AI? If yes, why so?

I believe the finance sector has been slower to adapt to AI, mainly because integrating it into high-value analytics is complex. The hesitation isn't about job loss but understanding and leveraging AI effectively.
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The challenge is demonstrating AI’s tangible value and ensuring the costs justify the benefits. I see AI as a tool to assist with tasks and provide insights, not as a job replacer. Awareness and education are crucial for accelerating AI adoption in finance.

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What do you think is the role of AI and technology in finance functions and business in general?

I view AI and technology as vital tools for enhancing overall business performance, not just within the finance function. At ADNOC Drilling, we leverage AI for procurement, predictive maintenance, and safety on rigs. While AI can assist with tasks like predictive analytics for investor relations, its true value lies in driving strategic outcomes across the business. To me, AI and technology are crucial for boosting efficiency and supporting strategic operations across all business areas.

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Bio

Youssef Salem is CFO of ADX-listed ADNOC Drilling, the world’s largest integrated driller.

His experience includes being CFO of AIQ, MENA’s fastest unicorn and first AI unicorn, CFO & Director at Swvl, the world’s first mass transit marketplace to go public and MENA’s first unicorn to list on Nasdaq, Executive Director & Senior Advisor at Moelis with 13 years of investment banking experience, executing >$100bn of capital raises, financings, M&A, and restructurings across >60 transactions, Founder of Core71, a Hub71 backed venture investors syndicate, Entrepreneur in Residence at Hub71, Adjunct Professor of Practice at the American University in Cairo, and Board / Advisory Board Member in multiple technology companies and funds. He is a CFA Charterholder, Fellow of the Society of Actuaries, youngest CFO on both Nasdaq and ADX and was featured in Forbes Middle East 30 under 30 list.