Tariq Salam
Dubai
Summary
Multifaceted, results-driven CFO with 20+ years of expertise in managing financial operations and driving business growth out of which 9 years in healthcare industry. Specialist in leading turnaround for companies under crisis.
Financial leader with strong track record in strategic planning, risk management, and financial analysis. Adept at driving financial growth through effective team collaboration and adaptive strategies. Known for reliability, flexibility, and results-driven approach. Skilled in budgeting, forecasting, and regulatory compliance, ensuring fiscal health and organizational success.
Overview
17
17
years of professional experience
1
1
Certification
Work History
Chief Financial Officer (CFO)
AL Reem Hospico, Abu Dhabi (Construction, MEP and Biomedical Engineering)
01.2022 - Current
- Direct finance team with focus on cultivating culture of excellence, collaboration, and continuous improvement. Formulate and execute financial strategy in alignment with corporate objectives. Guide CEO and board of directors with financial recommendations. Analyse and forecast financials to support strategic initiatives and identify growth opportunities. Lead financial planning, budgeting, and forecasting processes for all business units. Conduct due diligence, including financial analysis, valuation, and risk assessment. Oversee preparation of financial statements, management reports, and disclosures. Work closely with external auditors, tax advisors, and regulatory bodies for compliance. Manage cash flow, liquidity, and working capital requirements. Administer risk management strategies to mitigate financial risks. Hire, train, and mentor finance professionals with aim of building high-performance team. Set performance targets and provide regular feedback for individual and team growth. Promote effective communication and collaboration across departments.
- Spearheaded implementation of automated systems, leading to 25% reduction in time required for performing critical operational tasks.
- Implemented procedures like building a cash culture, placing accountability on project managers, engaging with customers on a regular basis, identifying process gaps between invoicing to cash collections which led to increase in collections from the budget and previous years. This led to ~25% increase in our collections from previous year.
- Restructured and optimised capitalisation and financial arrangements to fuel business expansion and facilitate growth.
- Managed and supervised all mergers and acquisitions initiatives within organisation.
- Developed and enforced efficient internal control measures to safeguard company assets and guarantee adherence to financial policies and procedures.
- Led financial reporting activities to ensure compliance with accounting standards and regulatory guidelines, delivering accurate and timely reports.
- Tracked financial markets and evaluated economic impact on performance.
- Implemented integration plans for successful post-acquisition synergy.
- Identified and assessed potential acquisition targets for financial viability and fit.
- Assigned additional responsibility of overseeing payroll department of 1500 employees from August 2023, tasked with driving process automation to reduce errors and increase efficiency.
- Directed financial strategy to optimize resource allocation and drive organizational growth.
- Oversaw budgeting processes, ensuring alignment with operational objectives and financial goals.
Associate Director, Finance
Gulf Pharmaceutical Industries PSC, Ras Al Khaimah
01.2020 - 01.2022
- Promoted through positions of increasing scope and responsibility to lead team of 10 people in Finance Department. Revamped finance, commercial, and supply chain operations in collaboration with external consultants. Streamlined performance and executed strategic initiatives to boost productivity and divest non-core assets. Offered precise, timely, and relevant financial guidance to optimise departmental outcomes. Identified deviations and provided corrective solutions. Conducted operational review of working capital functions like procure to pay, order to cash, and forecast to fulfilment. Detected operational gaps and formulated comprehensive reports to address issues. Executed recommended improvements and reported key performance indicators to board. Produced up-to-date consolidated financial statements and delivered monthly Standard Financial Pack to CEO and CFO, board of directors, audit committee and investment committee. Assisted CFO in analysing profit and loss forecasts, gross to net reconciliations, and cash flow allocations. Optimised Group’s tax structure, focusing on transfer pricing to subsidiaries, and enhanced VAT return processes. Conducted thorough analysis and evaluation of potential investments and divestments, ensuring informed decision-making.
- Reviewed financial performance of cash generating units and provided insights based on DCF analysis.
- Participated in divestment process of valuable assets and subsidiaries with net assets valued at AED 50M to AED 200M to generate funds for organisation.
- Played key role in strategic program aimed at enhancing IT function and implementing revamped SAP architecture.
- Conducted comprehensive evaluation of SAP functionalities to determine opportunities for process optimisation.
- Joined as Financial Reporting Manager and within span of three years was assigned additional responsibility of Head of Supply Chain, managing 300 people in Supply Chain.
- Facilitated acquisition of strategic assets to foster organic growth.
- Collaborated with various financial institutions to secure funding for company’s projects.
- Revamped procurement into strategic department by implementing forecasting processes and a Quality Management System.
- Transformed Supply Chain department into strategic unit by streamlining manpower, establishing innovative functions, and leveraging IT. Led Supply Chain functions, overseeing planning, procurement, clearing, and warehouse teams.
- Assessed insurance policies for adequacy and engaged with insurance companies to renew or source new policies.
- Improved working capital management by implementing various process enhancements.
Senior Associate/Acting Manager/Senior Associate
PricewaterhouseCoopers, Dubai, UAE | Deloitte & Touche, UAE/Qatar
01.2009 - 01.2016
- Served at PricewaterhouseCoopers from 2015 to 2016 and at Deloitte & Touche from 2009 to 2015. Oversaw audit staff, assigned and evaluated work, monitored audit progress, and resolved accounting and audit concerns. Observed physical stock counts, ensuring compliance with management procedures for recording and controlling results. Conducted strategic audit planning and coordinated kick-off meetings with manager and partner. Prepared summaries of significant account balances and work needed for each account. Reviewed minutes of Board Directors, managed committee and audit committee, and maintained statutory company books.
- Assessed company controls to improve design and operation by determining weaknesses, identifying critical risks, and engaging in meaningful discussions with management to mitigate risk factors.
- Prepared financial statements and presented ISA 260 reports to Board of Directors.
- Generated new business by identifying potential clients and conducting meetings to cultivate relationships.
- Served as member of Deloitte Doha technical advisory team to produce a series of impactful technical memos for clients, including back-to-back and fair value hedge FX options, hedge exposure in fluctuations in currency, proprietary FX options – cash flow hedge, off balance sheet commitment in foreign currency, repurchase agreements to repurchase securities after stipulated periods of time: implications of IFRS 9 in such agreements, and waiver of government dividend payments from bank and implications of IAS 10, IAS 20 and IAS 39.
Education
Chartered Accountants of England and Wales (ICAEW), Member -
01.2020
Chartered Certified Accountants (ACCA), Fellow - undefined
01.2007
Skills
- SAP Accounting Software MS Office
- Strategic financial planning
- Financial management
- Financial reporting
- Performance metrics analysis
Accomplishments
- Led transformation programs to restructure operations, reduce credit risk, improve cash flows and increase revenues of companies. Implemented programs to reduce reliance from one customer contribution 90% of revenue to 55% in a span of 18 months.
- Implemented procedures like building a cash culture, placing accountability on project managers, engaging with customers on a regular basis, identifying process gaps between invoicing to cash collections which led to increase in collections from the budget and previous years. This led to ~25% increase in our collections from previous year.
- Oversaw acquisition of prominent wholesaler in Dubai, resulting in business growth of AED 1BN.
- Implemented IFRS standards across all financial reporting, ensuring compliance and accuracy, across MENA region.
- Negotiated and obtained refund of SAR 26 million from VAT authorities as refund for export supplies.
- Directed implementation of automated solutions to increase efficiency and minimize cost of operations.
- Oversaw implementation of SAP IBP to improve forecasting ability and SAP costing tool to calculate variances.
- Oversaw process improvements in collections and receivables leading to highest single month collections during my tenure.
- Led divestment of core and non-core assets, raising significant funds for organisation.
- Decreased receivables exposure by 21% by launching awareness campaign for country managers, effectively connecting receivables to individualised KPIs.
- Secured AED 1B in funds through successful negotiations with financial institutions.
- Promoted to Head of Supply Chain to lead team of more than 300+ people for two years.
Certification
Certification in International Taxation and Transfer Pricing, The West Bengal National University of Juridical Sciences, 2018
Languages
English – Fluent Proficiency
Hindi – Fluent Proficiency
Additional Experience
- Cash Analyst – Treasury, Rasgas Company Limited, Qatar
- Audit Senior, KPMG, Channel Islands, UK
Timeline
Chief Financial Officer (CFO)
AL Reem Hospico, Abu Dhabi (Construction, MEP and Biomedical Engineering)
01.2022 - Current
Associate Director, Finance
Gulf Pharmaceutical Industries PSC, Ras Al Khaimah
01.2020 - 01.2022
Senior Associate/Acting Manager/Senior Associate
PricewaterhouseCoopers, Dubai, UAE | Deloitte & Touche, UAE/Qatar
01.2009 - 01.2016