DUBAL scoops Association of Corporate Treasurers Middle East (ACTME), Deal of the Year Awards
The Association of Corporate Treasurers Middle East (ACTME), the leading body for treasury and finance professionals announced the ACTME Deals of the Year Awards winners at a ceremony during the 4th Middle East Annual Conference. The region’s primary gathering for the treasury community brought together over 400 delegates including both experienced professionals and current students to share knowledge and congratulate the winning organisations.
Dubai Aluminium (DUBAL) won ‘Large Team of the Year’ for their market-leading technology innovations whilst, Easa Saleh Al Gurg Group earned top prize in the ‘Small/Medium Team of the Year’ category following the radical reformation of its treasury function throughout 2013. Asiacell was presented with the ‘Corporate Finance’ prize for their recent listing on the Iraqi bourse, the biggest IPO in Iraqi history doubling the size of the country’s stock exchange. Investors snapped up the shares, with 70% going to foreign buyers and the remainder being purchased by Iraqis. The shares jumped by some 10% on their first day of trading.
The two-day annual conference focused on the key issues for treasury and finance professionals in the GCC; from the importance of the treasury function in helping organisations embrace economic growth post-downturn to the potential of the Islamic Economy.
To this end, the winners of the ‘Deal of the Year’ awards all demonstrated innovative approaches to the deals they undertook, marking them as unique in the eyes of the prestigious panel of Treasury experts including; Debashis Dey, banking and finance partner, Clifford Chance, Ricky Thirion, vice president treasury, Etihad Airways, Paul Reynolds, managing director, Rothschild, Gary Slawther, Group Treasurer, OCTAL (Oman), Andrew McMichael, Group Treasurer, Agility (Kuwait), Peter Matza, Engagement Director at the ACT and Matthew Hurn, executive director group treasury, Mubadala Development Company and Chairman of the ACT.
Matthew Hurn, ACT Middle East Chairman and Executive Director, Group Treasury for Mubadala Development Company said: “The rapid change of pace in the Middle East along with the entrepreneurial culture marks this region out as a land of opportunity. For treasurers, this means the chance to take the lead in developing cutting-edge processes and technology to drive the growth of their businesses.
“The winners of this year’s award demonstrate the talent the Gulf region has in terms of finance professionals. For example, our winner DUBAL undertook far-reaching treasury transformation programmes that were quite remarkable in terms of the innovation and dedication they required to execute, especially as the team in question was simultaneously juggling business-as-usual activities with these projects.”
Speaking on behalf of the ACTME Deals of the Year Awards winner, Toby Shore, Corporate Treasurer and Chief Risk Officer at DUBAL said: “I am delighted to have received this award and would like to thank the panel of judges for acknowledging our achievements. We set out on a journey to overhaul the way DUBAL approaches and operates its treasury management systems with a vision of transforming it into best in class. It has taken a lot of hard work but, thanks to a team of very smart people, we have been successful.”
An integral part of the UK-headquartered ACT, the ACT Middle East’s Network is made up of over 3,600 members from a range of corporations, banks and financial institutions across the Gulf. The ACT Middle East Annual Conference focuses on key issues facing treasurers in the region and provides an unrivalled opportunity for treasury, risk and finance professionals to come together for networking. To register to attend the conference please visit: www.actmiddleeast.org/annualconference
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