Dubai, UAE: The Association of
Corporate Treasurers (ACT), the chartered body for international treasury, recently
held its 5th Middle East Annual
Conference at the Ritz Carlton, DIFC in Dubai. The region’s primary gathering for
the treasury community brought together over 400 delegates to discuss the
treasury function as an integral part of the region’s ability to capitalise on
the economic changes as we emerge from the global downturn.
With regulation, trade patterns and the economy all undergoing
significant change, this a very exciting time for the GCC but without full
involvement of the Company’s treasury function at the highest level of decision
making, opportunities may be missed. Therefore, the delegates agreed on the
need for the Treasury function to attract first-class professionals with
practical and transferrable skills attained through world-class qualifications.
Treasurers must use their knowledge to help the organisation steer along a path
of sustainable growth.
Matthew Hurn, ACT
Middle East Chairman and Executive Director – Finance, Emerging Sectors, for
Mubadala Development Company said: “The Middle
East is a unique business environment – one of rapid growth and opportunity.
For the region to truly capitalise on the
potential economic growth transforming us from an emerging market to one that
has emerged and matured, we need to establish the right infrastructure, relevant
legislation and training to equip our finance professionals with the tools
needed to guide their management teams to success.
“Companies in our region are increasingly doing business with
international organisations which have stringent due diligence and legal
requirements to allow trade with foreign entities. As such, we need to ensure
that our business and financial practices are up to international standards,
otherwise there is a risk of missed opportunities for our businesses and
therefore the wider economy. What we need to implement is a method of applying
international standards within a regional context.
“A treasurer is involved in every area of
business decision-making. They are often the one individual in the management
team that is plugged into every department and as such, the right training is
vital. In our recent report “The Contemporary Treasurer”, we asked treasury
professionals which skills they felt their young treasurers lacked. They
identified a number of key areas - financial market knowledge (38%), corporate
finance (31%) and treasury policy (31%). It is clear that each of these need to
be improved if our next generation is to take on the challenges of tomorrow’s economy.”
The ACT is committed
to the development and sharing of treasury, risk and corporate finance
knowledge and expertise across the region. Recent global market volatility
shows the importance of having world-class corporate treasurers who can provide
valuable advice and expert management across multiple disciplines. There is significant long-term growth
potential for companies within the GCC and by developing regional corporate
treasurers we are playing an important role in helping them capitalise on these
opportunities.
