Mumtalakat Digital Annual Report

What
we’ve done

Finance

To create value for a promising future, we need to keep an eye on our finances. Our finance team is responsible for ensuring the availability of timely, reliable financial information and providing vital support to the executive management in formulating and implementing the overall strategy of the company.

Collaboration is part of our DNA. We cannot make any investment without the support of our finance team. Our finance team works hand in hand with senior management to provide financial information and analytical reports which supports the decision-making process. The team also collaborates with all departments to develop and manage an optimal capital structures that effectively meet short term liquidity needs and long term strategic objectives.

Our finance team is also responsible for maintaining a strong control environment and actively monitoring and managing financial and reporting risks by ensuring compliance with various reporting frameworks and relevant laws and regulations.

Key milestones in 2016:

As we are mandated to generate sustainable wealth for the country, it is important to ensure that we have funds available throughout the year to meet our various funding requirements. This was reflected in 2016 as we supported Hawar Holding Company, one of our portfolio companies, tore-finance its US $225 million loan with better terms. The team also provides financial support to our investment team for any transaction made when entering new deals and acquisitions.

Our finance team managed all the statutory and internal reporting requirements within tight deadlines, managed the financial, reporting risks and compliance risks with no or very little exceptions, and provided support and coordination for our investments in matters relating to accounting, financial reporting, taxation, and deal structuring.