Muscat – The inaugural edition of the Business Today Oman CFO Forum & Awards – by Interactive Apex (Apex Media) – was held at the Sheraton Oman Hotel in Muscat on Tuesday.

The forum highlighted the evolving role of Chief Financial Officers (CFOs) in navigating the complex financial landscape, with a focus on emerging trends, technological advancements, and business transformation needs.

The forum brought together a diverse group of over 250 delegates, including senior officials, CFOs, CEOs, finance heads, and industry professionals from sectors such as oil and gas, banking, finance, investments, consulting, insurance, manufacturing, telecom, logistics, etc., along with top government officials.

H E Nasser bin Khamis al Jashmi, Chairman of the Tax Authority, graced the forum and awards ceremony with his presence as the chief guest.

In his welcome address, Saleh Zakwani, Executive Chairman of Apex Media, said that his company’s initiatives are strategically designed to align with the broader objectives of the nation, as outlined in Oman Vision 2040. Noting that the CFOs play a critical role in managing financial risks and driving their companies toward success, Zakwani said, “This forum serves as a platform for finance leaders to exchange ideas, discuss emerging trends, and share best practices that can help shape the future of the finance function.”

Saif al Harthi, Finance Functional Director at Petroleum Development Oman (PDO), opened the forum as the keynote speaker with a thought leadership presentation titled ‘Finance of the Future’.

He said businesses are facing growing uncertainties, and the finance function needs to evolve to manage these uncertainties and capture value from new opportunities. “We are living in an era characterised by a growing ‘stack of uncertainties’. These uncertainties span geopolitical tensions, supply chain disruptions, technological advancements, socio-economic shifts, and health crises.”

Harthi said, “While we cannot always predict these events, it is crucial to establish systems within our organisations to anticipate and swiftly respond to the crises that can come from any direction. The finance function has a critical role to play in establishing such systems and managing uncertainties.”

He pointed out that various finance organisations and institutions in Oman – both government and private – need to work in close collaboration to navigate growing uncertainties. “The key to navigating these uncertainties is to foster collaboration across companies and institutions. By working together, we can better understand and anticipate potential risks and collectively mitigate them.”

Harthi further said that the role of finance is evolving, and the finance function now needs to play the role of a ‘value driver’ within organisations, focusing on value-adding tasks.

“Traditionally, the finance function has been focused on managing financial statements, numbers and budgets. However, today’s business landscape requires a more integrated role for finance. CFOs need to be closely involved with the CEO and the board, contributing to strategic decisions beyond just revenue generation. The role of finance is to bring value – whether through cost reduction, optimisation, or investing in opportunities that yield high returns.”

For organisations to remain competitive, Harthi advised that it is crucial to embrace AI and other emerging technologies, and swiftly invest in their implementation within Omani organisations. Failing to do so may result in falling behind, he added.

Panel discussions and presentations

The Business Today Oman CFO Forum & Awards, a premier event, united top finance executives, industry experts, and thought leaders for a day of stimulating conversations and an exchange of expertise.

The forum featured two engaging panel discussions. The first panel – on ‘Leading Through Change – Redefining the CFO’s Role in Business Transformation’ – featured Ali Hassan Moosa, Advisor-Estidamah, Ministry of Finance and Member of the Finance and Insurance Committee, Oman Chamber of Commerce & Industry; Muhsin al Rustom, Group CFO, Asyad; Lamees al Lawati, CFO, Shell Oman Marketing Company; Khamis al Hashmi, CFO, Oman LNG; Ahmed al Shuaili, CFO, Vodafone Oman; Diren Dorai Raj, Group CFO, Towell Group; and Hiriyanna Narayanaswamy, CFO, Al Maha Petroleum Products Marketing.

The first panel discussion was moderated by Paul Callaghan, Partner – Risk Advisory and Consulting, Moore Stephens. The discussion was on the role of CFOs in creating value and driving business transformation, embracing emerging technologies such as AI and machine learning, and developing new skills.

The second panel discussion on ‘Strategic Responses & Compliance: Navigating the Evolving Tax Landscape & Emerging Trends’ explored the complexities of regulatory compliance in today’s shifting tax environment.

Panelists included Said Ahmed ala Shanfari, Director General of the Second Department of Taxes (Large Taxpayer), The Tax Authority of Oman; Fatick al Balushi, CFO, Oman Cement Company; Aabha Lekhak, Tax Partner, KPMG Oman; Ghalia al Sharji, Tax Director, PwC; Manjot Singh Chug, Tax Partner, Deloitte Middle East; and Asrujit Mandal, Tax Partner, BDO Oman.

This session was moderated by Unmesh Bhome, Vice Chairman of the Muscat Chapter of the Institute of Chartered Accountants of India. The discussion delved into the intricacies of regulatory compliance in the face of a changing tax environment. The panelists also discussed the role of technology in streamlining tax processes, improving accuracy, and enhancing compliance, including the use of data analytics and AI.

Adding further depth to the event, the forum featured two thought-provoking presentations, starting with Gaurav Kapoor, Chairman of the Muscat Chapter of the Institute of Chartered Accountants of India, who explored the evolving role of the CFOs in transformational leadership in his presentation ‘Aspiring CFOs’.

This was followed by a presentation on ‘Realities of Debt Management in Challenging Times’ by Rashad al Musafir, Founder and Managing Partner of FinScape, who shed light on the importance of debt management, debt discipline, and financial prudence for businesses.

The event was backed by prominent industry bodies and institutions, including the College of Banking & Financial Studies (CBFS), the Muscat Chapter of the Institute of Chartered Accountants of India (sponsored by CBFS), the Association of Chartered Certified Accountants – Middle East, Oman Banks Association, Oman American Business Council, Al Mouj Muscat, Al Maha Petroleum Products Marketing, Oman LNG, Mazda, Taageer Finance, Shell Oman Marketing Company, Vodafone Oman, Dhofar Insurance, Oman Qatar Insurance Company, Mubashir, and Concept Communications.

Award winners

The Business Today Oman CFO Awards honoured the exceptional contributions of CFOs and finance teams who have demonstrated excellence and innovation. The awards recognised 15 top performers across a range of sectors, highlighting their significant contributions to their organisations. The winners are:

01 Finance Team of the Year – Oil & Gas

Al Maha Petroleum Products Marketing

02 Finance Team of the Year – Finance Sector

Taageer Finance

03 CFO of the Year – Real Estate

Ahmed al Massan, Al Mouj Muscat

04 CFO of the Year – Telecom

Ahmed al Shuaili, Vodafone Oman

05 CFO of the Year – Manufacturing

Fatick al Balushi, Oman Cement Company

06 CFO of the Year – Insurance

Venkatachalam Sekar, Dhofar Insurance

07 CFO of the Year – Insurance

Mohamed Jawad, Oman Qatar Insurance Company

08 CFO of the Year –  Diversified Business

Diren Dorai Raj, WJ Towell Group

09 CFO of the Year – Utilities

Hussain al Balushi, Nama Water Services

10 CFO of the Year – LNG 

Khamis al Hashmi, Oman LNG

11 CFO of the Year – Oil & Gas

Lamees al Lawati, Shell Oman Marketing Company

12 CFO of the Year – Banking

T Ganesh, Bank Muscat

13 CFO of the Year – Logistics

Muhsin al Rustom, Asyad

14 Lifetime Achievement – Lakshmi Rajan

Abraj Energy

15 CFO of the Year – Saif al Harthi

Petroleum Development Oman