Almost half, or 48 per cent, of all GCC chief financial officers expect a return to pre-crisis or near-normal levels of operations by the second quarter of next year or later, according to a survey by Deloitte.
Sentiment varied significantly across industries, with finance executives in manufacturing, technology, media and telecommunications being most optimistic, according to the survey which polled 100 chief financial officers from the UAE, Saudi Arabia and Qatar in July.
“Regional CFOs have been very busy in recent months assisting their businesses to recover from significant reductions in revenue and cash flow,” said Declan Hayes, partner and CFO programme leader at Deloitte Middle East.
Regional CFOs have been very busy in recent months assisting their businesses to recover from significant reductions in revenue and cash flow
The stay-at-home conditions imposed to contain the spread of the Covid-19 pandemic, international travel restrictions and the enforced closure of businesses resulted in a decline in economic activity globally.
The biggest step taken by CFOs in the region to mitigate the impact of Covid-19 was cost-cutting initiatives by companies, with 30 per cent adopting this strategy. Other key actions taken included revenue growth initiatives and working capital optimisation. Almost four out of 10 CFOs surveyed did not seek to make any salary reductions, the Deloitte report found.
In response to the pandemic, 41 per cent of CFOs in the Middle East are focused on ensuring financial viability, 36 per cent are adapting their business to maximise performance, while 23 per cent are focusing their time on evolving business models and strategising for the post-Covid era, the survey found.
“All CFOs in the travel, hospitality and leisure and 62.5 per cent of CFOs in consumer business industries were most focused on responding to the crisis, with those operating in construction, manufacturing, technology, media and telecommunications concentrated their efforts on recovery,” the Deloitte report added.
A majority of CFOs also said improving cash flow, cost management and digitalisation are the highest priorities for the next 12 months. Despite the growth in remote work and an increased need to access data securely from third-party locations, cyber security remained the lowest-ranking priority for CFOs in 2020, the Deloitte report noted.
Most CFOs surveyed by Deloitte also said they expect remote working in their companies to remain at the current levels or increase, with 43 per cent planning on investing and expanding remote working capabilities across the next 12 months. Meanwhile, 45 per cent of CFOs expect more of their finance team to be working remotely.
“Though mostly cautious as to when the impact of Covid-19 begins to recede, CFOs are adapting their businesses through a combination of changes to remote working while actively seeking strategic opportunities to reposition, including the potential for mergers and acquisitions,” Mr Hayes said.
The Deloitte report added that 34 per cent of CFOs are actively seeking M&A opportunities and 42 per cent are willing to execute any M&A activity should the right opportunity arise.
A Covid-19 CFO Pulse survey conducted by PwC in June found nearly 72 per cent of finance executives in the Middle East believe it will take at least three months or more for the economy to recover from the pandemic.
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Kat Wightman's tips on how to create zones in large spaces
- Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
- Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
- Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
- Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
- Use a considered collection of prints and artworks that work together to form a cohesive journey.
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
You Were Never Really Here
Director: Lynne Ramsay
Starring: Joaquim Phoenix, Ekaterina Samsonov
Four stars
Killing of Qassem Suleimani
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Company%20profile
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PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
More from Rashmee Roshan Lall
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Common%20symptoms%20of%20MS
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%203S%20Money%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20London%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ivan%20Zhiznevsky%2C%20Eugene%20Dugaev%20and%20Andrei%20Dikouchine%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%245.6%20million%20raised%20in%20total%3C%2Fp%3E%0A
