What Is the Need for Top CFO Skills UAE Businesses?

The absence of finance leaders with a flexible set of skills that encompasses technology, strategy, and management has been a long-standing problem in UAE firms, which are now aggressively pursuing their strategies for economic diversification. This has effectively opened a gap for a new standard of finance leaders, specifically a new standard of CFO, that companies must aspire to in order to be successful.

The most sought-after skills for a CFO in UAE, as of now, fall under three broad overlapping sectors, which are Strategic Acumen, Digital Mastery, and Leadership Communication.

Strategic Acumen and Risk Management

The contemporary CFO has to move beyond the traditional presentation of past data and focus on predictions and expansion. This requires developing finance strategies that are dynamic and in line with the company’s long-term strategies. Organizations in UAE are in search of individuals with an ability to enhance profitability through structures that entail:

• Scenario Planning: Use advanced modelling methodologies to facilitate understanding of potential outcomes of shifts in economic conditions.
• Driving M&A Activity: Playing a central role in evaluating and executing strategic mergers and acquisitions for growth.
• ESG Integration: Pioneering ESG integration as a key part of their overall financial strategy, walking a fine line between being profitable and sustainable concerns.

Effective Risk Management

A successful and stable response by all businesses, including statutory businesses, hinges on their successful management of risk. This, of course, has recently taken on an even more prominent priority with the world markets developing in increasing complexity.

• Information Assurance/Cybersecurity/Data Risk Management: Management of financial security policies in an Information Age that is vulnerable.
• Compliance with Regulations: A high standard of compliance with regional and worldwide finance reportage requirements, which has become even more stringent with increasing UAE tax and regulatory requirements.

Digital Mastery and Data Analytics

The days of using static, historical spreadsheets are behind us. Now, it’s expected that CFOs are data experts that can take a large amount of data and use it for important business intelligence.

• Real-Time Reporting: Integration of systems that support and facilitate constant, on-demand financial reporting for effective, data-driven decision-making.
• Digital Tool Proficiency: Knowledge of and management of cutting-edge technology like Artificial Intelligence, Machine Learning, and cloud-based Enterprise Resource Planning.
• Financial Process Transformation: The finance function of the future will be leaner and more efficient. The finance change agent in this transition will be the CFO.

Within a corporate setting, being a CFO means that an individual has duties beyond their finance community. The most effective leaders are those that know how to communicate their visions.

Effective Communication and Team Leadership

The most critical soft skill that a CFO has to develop is being able to communicate certain data in a narrative format that would appeal to a cross-sectional representation of individuals, such as members of the board of directors, as well as other executives in different departments, who are not necessarily conversant with data related to finance.

• Stakeholder Management: Representing as a key finance official of the company and maintaining trust and transparency with banks, auditors, government agencies, etc.
• Hybrid Skills Development: Development of a team that encompasses finance skills as well as technology skills.
• Cross-Functional Collaboration: Fostering a finance-as-partner mindset that cooperates with operation, IT, and marketing functions to support all of business.

For companies operating in this tough but also very opportune environment, a finance leader with this set of skills would be a huge differentiator. However, in this ever-changing environment where companies are struggling with VAT, UAE Corporate Tax, and Digital transformation, it would be a huge challenge for finance teams. 

This is where professional partnership with experienced finance experts becomes important. At Charles & Darwish Associates, we are aware of all the regulatory complexities involved in carrying on a business in the UAE. 

CDA’s Personalized CFO Services

Our Audit and Accounting Services along with the personalized CFO services in UAE, are organized in a manner that would help in the effective establishment of a reputation for strict compliance, uncompromising disclosure, and effective internal control. To make your finance functions robust, compliant, and positioned for long-term success in UAE, get in touch with CDA.

Mitesh Maithia

Tax Manager

Mitesh is a Tax Professional with expertise in direct, indirect, and international taxation, including transfer pricing, since 2018. Passionate about making complex tax matters simple, he shares insights to help businesses stay compliant and forward-looking.