Special Features
Etisalat has maintained a good financial position despite global economic situation
Despite the global economic situation and its direct and indirect impact on the different economic sectors, Etisalat has successfully maintained a good financial position, Salem Al Sharhan, Etisalat Chief Financial Officer, affirmed."Etisalat was able to achieve large success as a direct result of the prudent financial strategy followed by the company based on investing in the best opportunities and providing services at calculated rates. As a result Etisalat achieved excellent financial results in the past two years and was able to retain and even improve on its credit ratings from rating agencies Moody’s, Fitch and Standard & Poor’s," he told the Gulf Financial Forum organised by Etisalat Academy at The Address in Dubai Mall between the 9th - 10th June 2010. The forum is held under the theme of ’From Crisis to Conquest, The Challenges for Accounting and Finance’.
There is little doubt that the economic crisis has affected all corners of the globe and impacted many facets of accounting and finance. The Forum takes a positive and practical look at the professional accounting and finance practices and standards, both in the context of crisis and beyond.
The forum hosted finance and accounting specialists who represented a variety of local, regional and international companies including Dubai International Financial Center (DIFC), Deloitte ’&’ Touche ME, Mobily, ACCA, Ernst ’&’ Young, Michigan State University, Morison Menon Chartered Accountants, KPMG - UAE, Sustainability Excellence - Jordan, ICAEW, UK.
The forum discussed a variety of significant topics including cost cutting versus revenue enhancement, ethical dilemmas, IFRS and fair value challenges, accounting for environmental costs, and IFRS for SMEs.
Commenting on this event, David Brennan, the Etisalat Academy General Manager, said: "The economic crisis placed great challenges on finance and accounting, which has led to new regulation at the macro level and an enhanced application of standards at the micro level. While certainly the GCC has not been as affected as many other world economies, the challenge has remained for companies to stay strong and keep focus on the future beyond this crisis. That’s what this Forum focused on.
"From our position as the region’s leading hub of professional learning, we are committed to tackle all the major topics that shape the economy in the region. The 1st Gulf Finance Forum’ aims at discussing the after crisis era and the major topics associated to the finance and accounting sector in the GCC region, taking into account the active role this sector play in defining the future and success of organizations." he added.
