What upcoming technologies are likely to be more prevalent in the finance industry?

Advancements in technology, especially AI, will heavily influence the future of finance. AI will be significant in providing personalised financial advice and optimising wealth management processes. Additionally, the integration of open banking and digital-first solutions will make financial services more efficient, transparent, and client-centric. While there will be regulatory and data protection challenges, the overall goal is to create a more innovative and client-focused financial ecosystem. 

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What is one big area where you find AI to be particularly beneficial? 

One major benefit of using AI is its ability to provide highly personalised financial advice by analysing vast amounts of client data. 
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At Vault, we're developing an AI module integrated with OpenAI's technology to provide personalised financial recommendations. By leveraging extensive client data, such as assets, income, and expenses, our AI will act as a co-pilot alongside our wealth advisors. This AI will help tailor specific advice and suggestions that closely align with individual needs and goals, making financial planning more accurate and effective.

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However, it's crucial to ensure regulatory compliance and data protection. While there are challenges, particularly in gaining client trust and regulatory approval, I see AI playing a significant role in the future of financial services.

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Talking about automation, can you share an example of automation being used at Vault?

At Vault, we’ve automated compliance by leveraging our engineering team's capabilities. 

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We've developed systems that can onboard clients and provide risk ratings within seconds, which used to take hours. This is achieved through API integrations that streamline various compliance checks and ensure that our processes are both efficient and compliant with regulatory standards. This automation significantly reduces the time and resources needed for compliance, allowing us to focus more on serving our clients effectively.

Bio

Sami Abdul Hadi is a leader in fintech and wealth management. He began his career at Standard Chartered Bank in Hong Kong, and later worked at Deloitte and HSBC in the UAE, where he gained valuable experience in the financial industry.

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Sami co-founded Vault to create a transparent, digital-first wealth management platform. Drawing on his enthusiasm for technology, he successfully built a tech-focused team that drove Vault’s growth in the affluent market segment.

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At Vault, Sami leads investment strategies, marketing, and sales, using AI to improve financial advisement. He also plans to launch Vault Academy to educate future wealth managers.

What do you think is going to be the future of finance in the Middle East?

In the next five to ten years, I see the Middle East evolving into a major financial hub comparable to Hong Kong and Singapore. Financial centres like the DIFC, ADGM, and the King Abdullah Financial District will continue to grow, benefiting from the region’s strategic timezone, travel convenience, competitive tax regime, ease of doing business, high standard of living, and stability.

More global funds and asset managers will establish bases here, driving significant employment opportunities in the financial sector.

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What challenges do you think the Middle East, particularly the UAE, will face in the next five years?

The primary challenges in the Middle East are market size and regulatory fragmentation. Our region is outsized in global finance relative to its population size, leading to capacity constraints. Additionally, regulatory fragmentation means each country has its own requirements, increasing business costs. However, as the population grows and regulatory harmonisation improves, these challenges will diminish, making the market more accessible and more cost-effective to navigate.

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Do you think the finance function has been slower in adapting to AI? If yes, why so?

I believe the finance sector has been slower to adapt to AI, mainly because integrating it into high-value analytics is complex. The hesitation isn't about job loss but understanding and leveraging AI effectively.
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The challenge is demonstrating AI’s tangible value and ensuring the costs justify the benefits. I see AI as a tool to assist with tasks and provide insights, not as a job replacer. Awareness and education are crucial for accelerating AI adoption in finance.

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What do you think is the role of AI and technology in finance functions and business in general?

I view AI and technology as vital tools for enhancing overall business performance, not just within the finance function. At ADNOC Drilling, we leverage AI for procurement, predictive maintenance, and safety on rigs. While AI can assist with tasks like predictive analytics for investor relations, its true value lies in driving strategic outcomes across the business. To me, AI and technology are crucial for boosting efficiency and supporting strategic operations across all business areas.

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Bio

Youssef Salem is CFO of ADX-listed ADNOC Drilling, the world’s largest integrated driller.

His experience includes being CFO of AIQ, MENA’s fastest unicorn and first AI unicorn, CFO & Director at Swvl, the world’s first mass transit marketplace to go public and MENA’s first unicorn to list on Nasdaq, Executive Director & Senior Advisor at Moelis with 13 years of investment banking experience, executing >$100bn of capital raises, financings, M&A, and restructurings across >60 transactions, Founder of Core71, a Hub71 backed venture investors syndicate, Entrepreneur in Residence at Hub71, Adjunct Professor of Practice at the American University in Cairo, and Board / Advisory Board Member in multiple technology companies and funds. He is a CFA Charterholder, Fellow of the Society of Actuaries, youngest CFO on both Nasdaq and ADX and was featured in Forbes Middle East 30 under 30 list.

What excites you the most about your role as a COO?

What really excites me about my role is seeing how we can scale and automate things. Being involved in finance while also integrating technology—seeing how we can match up or even outdo what’s happening in the West—that’s fascinating to me.

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How well do you think Finance has adopted AI compared to other business functions?

Honestly, finance hasn’t jumped into AI as much as other areas might have, especially here in the UAE. We're a bit behind because we don’t have things like open banking yet. It's not just about being cautious—it's also about not having the tools and systems in place that would make AI really useful for us yet.

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What advice would you give to the future leaders in Finance?

I’d say the key thing is being resourceful. Don’t worry too much about specific qualifications—focus on being able to handle various tasks. You’ve got to be adaptable because the field is blending more with tech every day. It’s about more than just finance; it’s about managing a mix of different skills.

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What do you think is going to be the future of finance in the Middle East in the next five to ten years?

Looking ahead, I see a lot of changes coming, especially with things like open banking on the horizon. We're going to see a lot of new players entering the market, which will shake things up and increase competition. This should really push the quality and variety of financial services. We’re also likely to see banks starting to innovate more or even creating new brands to stay competitive.

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Bio

Raj Karwal is a multi-disciplinary leader with over 23 years of expertise in product management, architecture, and technology development. He currently serves as the COO at Strive, a UAE-based corporate service provider.
Specialising in web and mobile applications, UI/UX, and dev ops, Raj skillfully connects business strategies with solid technological solutions. He has a strong track record in sectors such as e-commerce, marketplaces, and social networking, leveraging advanced tech stacks like AWS, Azure, and React. At Strive, Raj leads initiatives to automate and scale financial operations, enhancing the company's service offerings for international clients entering the Middle Eastern market. His leadership extends to managing diverse software teams, and nurturing a culture of innovation and efficiency.

What do you think is going to be the future of finance in the Middle East in the next 5 years?

The future of finance in the Middle East is heading towards significant digital transformation. We will see an increased reliance on AI, automation, and cloud technology. Finance professionals must evolve, developing broader business acumen and strategic skills, as the role of traditional accounting shifts.

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How do you think AI can help accounting and finance professionals?

AI can significantly enhance the analysis of profit and loss (P&L) statements. By automating data collection and analysis, AI can provide deeper insights and more accurate forecasting. This allows finance professionals to identify trends, make informed decisions, and improve financial performance, thereby driving better business outcomes.

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What advice would you give final-year finance students about to enter the job market?

Finance professionals must be confident in their ability to advance to finance manager roles. Remaining in purely accounting positions will become increasingly challenging as low-level and routine accounting tasks will be automated.

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My advice is to develop a comprehensive, entrepreneurial perspective of the company, extending beyond finance. This includes understanding legal aspects, contracts, credit control, and project management. Adopting this 360-degree view will help them maintain a higher-level position and ensure their skills remain valuable in the market.

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Bio

Giovanni Funes Nova is the CFO at Bahri & Mazroei Group in the UAE, with around 30 years of finance experience. Originally from Italy, he has held significant roles in the banking sector and multinational corporations like Permasteelisa Group.

Along with overseeing finance, Giovanni has an extensive general management exposure and a reputation for strong leadership. He is known for facilitating business expansion, directing M&A developments, driving major performance improvement and delivering substantial cost reductions.

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Where do you see the future of finance headed in the Middle East in the next 5 years?

In the upcoming years, the future of finance in the Middle East is going to see notable progress, especially in fintech. For example, in China, people use one app for almost all payments and hardly carry cash. I see a similar trend emerging here. We're also likely to see more extensive adoption of technologies that streamline operations and improve financial transactions, although we'll need to carefully watch how policies and regulations develop to support these changes.

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Ever since AI has been introduced to the finance function, how do you think it has impacted finance professionals?

The introduction of AI in finance has been great but also quite challenging. AI has forced finance professionals to adapt to new tools that automate and optimize tasks which were previously manual and time-consuming. This has allowed them to focus more on strategic decision-making rather than routine tasks. However, it also requires a continuous learning mindset to keep up with these advancements, which can be a major shift for many in the field.

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What excites you the most about your role as a CFO?

The CFO role is not only about finance, though most people understand it as such. It involves a much wider picture. Finance and accounting are essential for evaluating the company’s performance, but the numbers should drive us to think about future strategies. What makes me excited is thinking about what we are doing for the future of our company, not just the current financial arrangements.
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What is it like being the only female member in the finance team at Allsopp & Allsopp?

It’s quite a privilege. For instance, on Women's Day, my team, which is all male, surprised me with a bouquet of flowers, which is totally beyond what you’d expect. People often think accountants are just about numbers and not very emotional, but that gesture showed a lot of appreciation. Working in a male-dominated team is quite good because you often know what's the missing part in the team culture. My role extends beyond finance; I also try to coach the team to make us stronger and more cohesive.

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Bio

Faline is the Chief Financial Officer at Allsopp and Allsopp Group, with a decade of experience in finance across the Middle East. An ACCA and CFA holder, she began her career in Dubai through the prestigious Dubai Business Associates program. Her diverse background spans multinational banks, Fortune 500 companies, and the aviation industry. Known for her analytical acumen and strong communication skills, Faline excels in high-pressure environments and is passionate about using technology to drive business growth.

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Where do you see the future of finance headed in the Middle East in the next 5 years?

I see the future of finance in the Middle East being dominated by AI and digitalization. As businesses grow, the focus will increasingly be on how we can leverage systems to handle more of the workload, rather than simply hiring more people. This will involve a significant shift towards automating as much of the finance function as possible, which I think will not only streamline operations but also make many traditional finance roles, particularly those centered around data entry, redundant. The goal is to redeploy human capital to more strategic, value-added activities.

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Ever since AI has been introduced to the finance function, how do you think it has impacted finance professionals?

The introduction of AI into the finance function has definitely been a double-edged sword. On one hand, it's exciting because it allows us to automate mundane tasks and focus on more complex and value-adding activities. On the other hand, it has caused quite a bit of anxiety among finance professionals around the fear of job loss. In larger organizations, there's also some resistance from management who are hesitant to reduce or reallocate their teams. However, embracing AI and automation is crucial. It doesn't necessarily mean job losses but rather, enhancing our roles to make them more meaningful and impactful.

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With AI and digital transformation being in the picture, what sort of challenges do you see the finance function facing in the Middle East?

One of the biggest challenges we face with the ongoing digitalization and integration of AI within finance is building trust in these new systems. Many finance professionals, including myself, are used to performing numerous checks and balances because we are skeptical of the data accuracy from automated processes. The key challenge will be ensuring that the outputs from AI and digital tools are reliable and trustworthy. Once we can establish that trust, I believe we'll see much broader acceptance and a smoother transition to these advanced systems.

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Bio

James is a CIMA qualified senior finance professional with over 18 years of experience, specializing as a fractional CFO in the Middle East. His background includes significant roles in global MNC and entrepreneurial ventures, where he has excelled in driving financial performance and supporting strategic decision-making. His expertise in both established and developing markets makes him a pivotal asset to companies looking to innovate and adapt in rapidly changing economic landscapes.

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