Muscat – The second edition of the Business Today Oman CFO Forum & Awards was held on Monday at the Sheraton Oman Hotel, bringing together over 200 senior finance professionals, business leaders and government officials for a day of high-level discussions on the evolving role of finance leadership.
The forum attracted a diverse audience comprising CFOs, CEOs, finance heads, senior executives and industry professionals from various sectors, alongside senior government officials.
Delivering the welcome address, Saleh Zakwani, Executive Chairman of Apex Media, highlighted the growing strategic importance of CFOs in shaping business resilience, governance and sustainable growth.
He said, “Today, we celebrate Chief Financial Officers who stand at the heart of strategy, governance and sustainable growth. The modern CFO is no longer just a financial steward, but a strategic partner, risk leader and catalyst for transformation – navigating uncertainty, digital change, and regulatory complexity and compliance. CFO leadership plays a vital role in supporting Oman Vision 2040, strengthening organisations through resilience, transparency and value creation.”
The event was held under the patronage of Khalil bin Abdullah al Khonji, Chairman of the Board of Directors of Muscat University, who attended as the chief guest.
Khonji said that the Oman CFO Forum comes at a time when the world is witnessing rapid and profound developments that have directly affected financial systems and channels, reshaping financial practices in unprecedented ways.
He added that the continuous acceleration of digital technologies and artificial intelligence has imposed a new reality on financial institutions, underscoring the urgent need for specialised intellectual and professional platforms – such as the Oman CFO Forum – that facilitate the exchange of expertise, the discussion of challenges, and the anticipation of the future of finance in an innovation-driven world.
He said, “At Muscat University, we strive – by aligning our specialised academic programmes with labour market needs and the evolving requirements of the financial sector – to prepare national talent capable of keeping pace with global transformations and contributing effectively to building an innovative and sustainable financial ecosystem.”
Keynote and presentations
Designed as a platform for dialogue and knowledge sharing, the Business Today Oman CFO Forum featured a keynote address, two expert presentations and two panel discussions, focusing on leadership, technology, sustainability and financial resilience.
The keynote address was delivered by Ghassan Khamis al Hashar, Chief Financial Officer of Omantel, on the theme “Shaping Tomorrow: Digital & AI Evolution in Finance – Driving Value & Future Readiness.” He spoke about how digital transformation and artificial intelligence are reshaping finance functions and enabling CFOs to drive strategic value across organisations.
Hashar said organisations undergoing transformation must think beyond traditional finance tools and competencies. He noted that Omantel, as a technology powerhouse, places strong emphasis on adopting state-of-the-art technologies.
“While automation has been part of the finance function for a long time, the real opportunity now lies in adopting artificial intelligence wherever possible. However, the successful use of AI requires the right framework and strong governance of historical data. Without this foundation, AI cannot be utilised effectively,” he said.
“There is significant value in deploying these emerging technologies across key finance-related areas, including investor relations, supply chain, procurement, strategic finance and financial reporting,” Hashar added.
The first presentation was given by Tom Cyriac, Chief Operating Officer of Sadad International, on “From Receivables to Resilience: Strategic Credit & Cash Flow Optimisation for CFOs.” He outlined how disciplined credit management, receivables optimisation and cash flow strategies are helping organisations strengthen liquidity, manage risk and build long-term resilience.
Cyriac said that while it is technically possible to conduct sales without offering credit in the GCC, such an approach often comes at a cost. “You can do business without credit, but you may have to compromise on sales and market share. The upside is fewer headaches when it comes to cash flow,” he noted.
He added that credit decisions are shaped by the ‘DNA’ of an organisation. “Some companies avoid extending credit altogether, others do so selectively, while many use credit as a tool to build sales and market share. That DNA reflects the organisation’s credit appetite and shapes how receivables are managed.”
“When credit is part of a company’s DNA, the pressure is on the CFO to support sales while managing cash flow. Striking the right balance between growth and financial discipline is where the real skill lies,” Cyriac added.
The second presentation was delivered by Dr Waseem Hoeneini, Founder and Managing Director of WMSJ, who addressed the growing importance of sustainability and impact-related financial reporting. He discussed the financial implications of climate change, the need for adaptation planning, and strategies to protect organisations from climate- and nature-related financial risks, while also highlighting emerging opportunities linked to sustainable finance.
Panel discussions
The first panel discussion, titled “Leadership, Technology & Transformation – Redefining the CFO’s Mandate,” examined how the role of the CFO has evolved amid rapid business transformation.
The panel featured Mohammed Humaid al Yahyaei, CFO, Galfar Engineering & Contracting; Abdullah al-Naimi, CFO, SMN Power Holding; Mahmood Rustam, Senior Finance Manager, Credit Oman; Yusra al Busaidi, CFO, Marafiq (CUC); and Issa al Abdali, CFO, Minerals Development Oman. The session was moderated by Shilpa Vipul Pawani, CA Member, Muscat Chapter of ICAI.
Panellists discussed how CFO responsibilities have expanded beyond traditional financial management to include leadership, technology adoption and governance. They also highlighted the growing role of emerging technologies, including AI, in improving efficiency within finance functions, as well as the importance of CFOs in driving ESG and sustainability-related initiatives and disclosures.
The second panel discussion, titled “Capital, Compliance & Confidence – Building Resilient Financial Ecosystems,” focused on how organisations are strengthening their financial frameworks amid rising regulatory demands and market uncertainty.
The panellists included Ahmed al Shukaili, Vice President – Finance / CFO, Asyad Shipping; Giridhar S. Varadachari, General Manager/CFO, National Bank of Oman; and Ali al Hadhrami, Chief Financial Officer, Integrated Gas Company. The session was moderated by Dr Waseem Hoeneini.
Awards
The forum concluded with the Business Today Oman CFO Awards, which recognised outstanding CFOs and finance teams for excellence, innovation and leadership. A total of 18 top performers from various sectors were honoured for their significant contributions to their organisations and the wider business community.
The event was organised by Interactive Apex, with Muscat Daily as media partner. The ICAI Muscat Chapter served as support partner, Competence as talent partner, and Lincoln as strategic auto partner. Omantel, Sadad International and WION – World Is One News were the strategic partners for the forum.
