If technology was the ‘play for today’ on day one, day two could best be described as, ‘the gift that keeps on giving’. Gifts actually. Apart from an eagerly awaited session on the imminent arrival of VAT in the Gulf, the rest of the day looked towards the strategic direction of treasury and leadership issues.
Yes, there’s a day job, but increasingly treasurers everywhere, including the Middle East, are being asked by their C-suites to interpret the complexity of business and finance: what does the world look like from here?
Our ever popular Question Time panel led the way with particular attention focussed on the need for regional corporates to look internationally for growth and development opportunities - national infrastructure projects won’t carry the burden of economic growth for ever.
A cameo ‘fireside chat’ with the Emirates NBD CEO, Shayne Nelson, told us that despite suffering from increased compliance costs, tech competition and falling liquidity, regional corporate banking was in decent shape. Or at least, his bank is! (Shayne also told us that he holds a world fishing record for having caught a 135kg Giant Grouper off Tanzania).
More broadly the other working sessions from day two were strategic in theme – risk and leadership and management – and fitted subtly into the first day’s theme of using technology to enable treasurers to understand their information more effectively and then make better and better informed decisions.
So overall what’s the state of the treasury nation in the GCC? If I look back to 8 (or was it actually 7?) years back it’s clear there has been a hugely positive sea-change in the understanding of corporate treasury as a serious financial profession with a clear career path, identifiable purpose and demonstrable value. It’s been a terrific journey but we’ve barely scratched the surface…
And where’s the food menu? Well, I don’t want to bore you every time I blog, but as always the ACT team march on!
See you all next year!
