Almost half, or 48 per cent, of all GCC chief financial officers expect a return to pre-crisis or near-normal levels of operations by the second quarter of next year or later, according to a survey by Deloitte.
Sentiment varied significantly across industries, with finance executives in manufacturing, technology, media and telecommunications being most optimistic, according to the survey which polled 100 chief financial officers from the UAE, Saudi Arabia and Qatar in July.
“Regional CFOs have been very busy in recent months assisting their businesses to recover from significant reductions in revenue and cash flow,” said Declan Hayes, partner and CFO programme leader at Deloitte Middle East.
Regional CFOs have been very busy in recent months assisting their businesses to recover from significant reductions in revenue and cash flow
The stay-at-home conditions imposed to contain the spread of the Covid-19 pandemic, international travel restrictions and the enforced closure of businesses resulted in a decline in economic activity globally.
The biggest step taken by CFOs in the region to mitigate the impact of Covid-19 was cost-cutting initiatives by companies, with 30 per cent adopting this strategy. Other key actions taken included revenue growth initiatives and working capital optimisation. Almost four out of 10 CFOs surveyed did not seek to make any salary reductions, the Deloitte report found.
In response to the pandemic, 41 per cent of CFOs in the Middle East are focused on ensuring financial viability, 36 per cent are adapting their business to maximise performance, while 23 per cent are focusing their time on evolving business models and strategising for the post-Covid era, the survey found.
“All CFOs in the travel, hospitality and leisure and 62.5 per cent of CFOs in consumer business industries were most focused on responding to the crisis, with those operating in construction, manufacturing, technology, media and telecommunications concentrated their efforts on recovery,” the Deloitte report added.
A majority of CFOs also said improving cash flow, cost management and digitalisation are the highest priorities for the next 12 months. Despite the growth in remote work and an increased need to access data securely from third-party locations, cyber security remained the lowest-ranking priority for CFOs in 2020, the Deloitte report noted.
Most CFOs surveyed by Deloitte also said they expect remote working in their companies to remain at the current levels or increase, with 43 per cent planning on investing and expanding remote working capabilities across the next 12 months. Meanwhile, 45 per cent of CFOs expect more of their finance team to be working remotely.
“Though mostly cautious as to when the impact of Covid-19 begins to recede, CFOs are adapting their businesses through a combination of changes to remote working while actively seeking strategic opportunities to reposition, including the potential for mergers and acquisitions,” Mr Hayes said.
The Deloitte report added that 34 per cent of CFOs are actively seeking M&A opportunities and 42 per cent are willing to execute any M&A activity should the right opportunity arise.
A Covid-19 CFO Pulse survey conducted by PwC in June found nearly 72 per cent of finance executives in the Middle East believe it will take at least three months or more for the economy to recover from the pandemic.
if you go
The flights
Emirates fly direct from Dubai to Houston, Texas, where United have direct flights to Managua. Alternatively, from October, Iberia will offer connections from Madrid, which can be reached by both Etihad from Abu Dhabi and Emirates from Dubai.
The trip
Geodyssey’s (Geodyssey.co.uk) 15-night Nicaragua Odyssey visits the colonial cities of Leon and Granada, lively country villages, the lake island of Ometepe and a stunning array of landscapes, with wildlife, history, creative crafts and more. From Dh18,500 per person, based on two sharing, including transfers and tours but excluding international flights. For more information, visit visitnicaragua.us.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
Look%20Both%20Ways
%3Cp%3EDirector%3A%20Wanuri%20Kahiu%3Cbr%3EStars%3A%20Lili%20Reinhart%2C%20Danny%20Ramirez%2C%20David%20Corenswet%2C%20Luke%20Wilson%2C%20Nia%20Long%3Cbr%3ERating%3A%203%2F5%3Cbr%3E%3C%2Fp%3E%0A
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
If you go
The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.
The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).
When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
Who is Ramon Tribulietx?
Born in Spain, Tribulietx took sole charge of Auckland in 2010 and has gone on to lead the club to 14 trophies, including seven successive Oceania Champions League crowns. Has been tipped for the vacant New Zealand national team job following Anthony Hudson's resignation last month. Had previously been considered for the role.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
India squad for fourth and fifth Tests
Kohli (c), Dhawan, Rahul, Shaw, Pujara, Rahane (vc), Karun, Karthik (wk), Pant (wk), Ashwin, Jadeja, Pandya, Ishant, Shami, Umesh, Bumrah, Thakur, Vihari
Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
UAE currency: the story behind the money in your pockets
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
