CEO Insights Magazine

In today's ever-changing financial world, the role of a Chief Financial Officer (CFO) goes beyond traditional tasks and plays a crucial role in making organizations successful and transformative. As custodians of financial health and growth, CFOs play a critical role in formulating long-term strategies, optimizing financial resources, and identifying opportunities for expansion and innovation. Meet Amro Farag, an experienced and accomplished CFO with an impressive career spanning 22 years. With over 15 years of expertise in accounting, financial planning, international reporting, and budget control, Amro is a seasoned executive with a proven track record in leadership and strategic thinking.

Amro embodies the qualities of a modern CFO – agile, forward-thinking, and capable of using financial strategies to drive organizations towards greater success. His achievements are a testament to his dedication to excellence, transformation, and financial prosperity. With Amro leading the way, Saudi Consulting Services Engineering Consultants gain a competitive advantage in navigating the complexities of today's financial world.

Briefly share your professional background and experiences. What motivates your daily routines?

My professional journey began in 1994 at American Express and later moved to KPMG after a decade. Eventually, I became a CFO in 2010, leading the international finance function for a major retailer group in Saudi Arabia. Obtaining my CPA qualification in 2004 from the American Institute of Certified Public Accountants was a pivotal moment that propelled me into the consulting environment with KPMG, where I honed my skills in finance and accounting through various projects and advisory services.

With valuable experience gained at KPMG, I focused on guiding prominent companies in Saudi Arabia through transformation journeys within their finance functions. This involved developing accounting policies and procedures to comply with evolving standards and implementing new ERP systems and IFRS.

Throughout my career, I have worked extensively with numerous governmental organizations and assisted private sector companies in their growth and progression towards their 2030 vision. My passion for finance and accounting fuels my motivation to contribute to the growth and success of the organizations I work with. The challenges of transformation projects and the chance to implement automation and compliance measures drive me to excel as a CFO, making a positive impact on companies' journeys to significant milestones.

Define Saudi Consulting Services as an organization?

SAUDCONSULT is a reputed and experienced multidisciplinary engineering and architectural firm in Saudi Arabia. Founded in 1965 by Eng. Dr. Tarek M. A. Al Shawaf, it has played a crucial role in the country's development through various post-oil boom projects. With a workforce of over 2000 professionals, SAUDCONSULT excels in completing complex projects in sectors such as infrastructure, healthcare, transportation, and more. Led by Chairman Eng. Dr. Tarek M. A. Al Shawaf and CEO, Eng. Fahad Al Tamimi, the company is committed to delivering top-quality engineering services to its clients and contributing to Saudi Arabia's Vision 2030 goals.

As the CFO, how will your extensive experience enhance the organization's profile?

As the CFO of SAUDCONSULT, I plan to leverage my extensive professional experience in the domain to elevate the organization's profile. Being a well-established and renowned company, we face both opportunities and challenges, particularly in dealing with legacy systems, paperwork, and stringent compliance requirements for governmental projects.

To address these issues and propel the company forward, I have initiated a transformation journey. This entails the implementation of Oracle ERP across multiple modules, including HR, finance, procurement, and project management. By doing so, we aim to add significant value to the company and streamline our operations. Within a few months, we anticipate going live with the Oracle ERP, marking a major milestone and achievement for SAUDCONSULT.

The Oracle ERP system will revolutionize the company's IT infrastructure, replacing internal programs and legacy systems, and facilitating seamless data sharing and processing. This will improve reporting capabilities, provide timely and accurate financial information, and empower management to make well-informed decisions for future growth.

Describe your leadership approach and guiding principles as a leader.

My leadership approach revolves around understand­ing and empathizing with my team. When I joined the company, some team members had been there for more than 15 to 20 years, making it a challenge to convince them to switch from the legacy system to a new ERP. In such an environment, change can be dif­ficult, and people tend to stay in their comfort zones.

To overcome this, I adopt a flexible and empathetic management style. I take the time to learn, educate, and teach my team, easing their fears about the transition. I encourage them to develop new skills and set them on a path to achieve our targets together. Sometimes, my leadership style shifts from leading by example to being part of the team, taking the initiative, and driving progress together.

What is the future destination you are heading towards? What advice would you give to the upcoming financial leaders in the industry?

We intend to take our company to the stock market and become the first engineering firm in Saudi Arabia to be listed. This move will create new investment opportunities for shareholders and support our growth initiatives. By being pioneers in the industry and making our presence felt on the stock market, we aim to enhance transparency and clarity for investors in the engineering consulting field. This aligns with the Saudi Arabia 2030 vision and contributes to the development of the construction sector. Strong and capable engineering consulting firms are vital to providing accurate and timely financial information for the country's development projects, and we are determined to play a significant role in achieving these goals.

The advice I would give to upcoming financial leaders in the industry is to focus on acquiring comprehensive knowledge and staying up-to-date with current information. This involves obtaining professional certifications and gaining hands-on experience to manage teams effectively. Maintain a strategic perspective and align your objectives with the long-term goals of the organization. Embrace the IT mindset to understand and lead transformation initiatives, ensuring the company is prepared for the future.

Amro Farag, CFO, Saudi Consulting Service

Amro Farag is a versatile and highly accomplished CFO with over 22 years of experience, specializing in accounting, financial planning, and operational management. His expertise has been instrumental in driving financial prosperity and transformation for organizations.