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Innovation is the Key to Success for Organisations at ACT-ME Awards ceremony in Dubai  Join our daily free Newsletter

MENAFN Press - 09/10/2012

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(MENAFN Press) The ACT Middle East Deal of the Year awards were presented to companies in three categories; bonds, loans and corporate finance.

Additionally, the Treasury Team of the Year award was presented in two categories; large enterprise and small-to-medium enterprise.

Matthew Hurn, Chairman of ACT Middle East said: "With the International Monetary Fund forecasting economic growth in the region to reach 4.2%, the Middle East remains a region of opportunity.

As a result, the pressure is on finance professionals across the GCC to ensure their company reaches its potential is vast and the treasury function is a key instrument for this.

Our awards recognise the teams who have gone above and beyond in the deals made over the past twelve months either using intelligent structures, innovative funding mechanisms or sheer professionalism.

"Each year the conference and awards increase in significance and stature, as is clear from the quantity of nominations received and the attendance today.

The judges applaud the excellent and innovative treasury practise they saw from all the nominees.

Dr. Nasser Al Saidi, the Chief Economist of the DIFC, said: "I applaud the efforts of the ACT in organising this event again.

The region is still a challenging environment for corporate treasurers.

ACT events such as this one are key to underlining the importance of treasury roles and discussing regional issues."

The winners are as follows:

-Treasury Funding Deal of the Year:

Majid Al Futaim for successfully diversifying funding sources and securing an innovative Sukuk (Islamic bond).

-Cash and Trade Finance Deal of the Year:

Etithad Airways for a ground-breaking funding solution by facilitating a shareholder loan for Air Berlin giving it the boost it needed to grow its fleet.

This is the first time that one airline has provided a loan to another airline using aircraft orders and PDPs as security.

-Super Max Group were highly commended in this category due to its treasury team securing a 30m financing package to support the group's growth

-Corporate Financial Management Deal of the Year:

Dolphin Energy for excellent timing in raising 1.3bn in senior secured bonds. This was the second largest project in the region to successfully achieve migration.

-Zain KSA were highly commended in this category for successfully completed one of the most complicated equity capital market transactions in Saudi Arabian history when it raised 1.69bn in a rights issue.

-Treasury Team, Large Enterprise:

DP World for confirming their reputation as an outstanding treasury team by securing more than 3bn in finance from four large and complex financing deals over a twelve month period from June 2011.

-Treasury Team, Small-to-Medium Enterprise:

Alghanim Industries for successfully implementing a modernisation process to make the treasury function more efficient and innovative.

Many initiatives were put in place to streamline the processes as well placing a focus on the treasury team and their own personal development.

The Association of Corporate Treasurers (ACT) is an internationally recognised body established to qualify, support and represent professionals working in treasury, risk and corporate finance.

ACT Middle East was established in 2008 and provides a valuable network for professionals working in this increasingly critical role in the GCC.

ACT also provides training courses for students wishing to qualify professionally in this important sector.


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