In today’s rapidly evolving business landscape, the role of the Chief Financial Officer (CFO) has never been more crucial. These leaders are not only responsible for steering their organisations through economic challenges and towards financial success but also play a pivotal role in strategic decision-making. In the UAE, a region known for its dynamic business environment and rapid economic growth, having the right financial leadership is a must-have. This is the reason Finance Middle East is proud to present the inaugural 2025 Top UAE CFOs list. This list highlights the top 20 CFOs who have made significant impacts in their industries, demonstrating exceptional leadership, technical acumen and innovative approaches to complex challenges, which have allowed them to take their companies to new heights.
Methodology
To compile the list, the editorial team gathered data through information requests sent to key leaders and publicly available sources. CFOs were assessed based on the following criteria: overall experience, career progression, and tenure in their current role; company size and performance based on revenues, assets and market capitalisation; impact, innovation and thought leadership; and other achievements. This rigorous approach ensures that the list accurately represents the most influential executives, ensuring the financial wellbeing of the UAE business landscape.
Ahsan Ahmed Akhtar
Acting CFO
Abu Dhabi Islamic Bank (ADIB)
Akhtar joined ADIB in April 2008 and held the role of Group Financial Controller for over 15 years before being appointed to the position of Acting CFO in March 2024. In the first nine months of 2024, ADIB reported a net profit after tax of AED 4.6 billion ($1.5 billion), a 24% yearly increase. Prior to joining ADIB, Akhtar was Group CFO at Citibank, Pakistan, where he worked for 10 years. He also has consulting experience, having worked for PwC between 1991 and 1998. He is a Chartered Accountant from the UK and holds a Bachelor of Science degree in Accounting and Finance from the London School of Economics and Political Science.
Ayub Ibrahim
CFO
KEO International Consultants
Ibrahim is the CFO of KEO International Consultants, an architectural engineering and project management firm based in the Middle East. With over 20 years of experience, Ibrahim has significantly shaped KEO’s financial strategy, delivering innovative solutions that align operational excellence with strategic growth.
Ibrahim’s leadership is at the forefront of KEO’s transformation journey, including the adoption of digital platforms to enhance project management and financial workflows. A firm believer in leveraging technology for strategic advantage, Ibrahim has played a pivotal role in embedding AI-driven platforms to enhance financial planning and analysis. His efforts have redefined efficiency and ensured data-backed decision-making that empowers the entire organisation.
Beyond technology, Ibrahim’s impact lies in his passion for learning and fostering cross-functional collaboration. He regularly conducts training workshops designed to explain financial concepts for non-finance professionals, bridging the gap between technical expertise and business understanding. He also leads sessions such as Performance Monitoring and Control, which are integral to KEO’s Project Management Program: The KEO Way, empowering employees to contribute more effectively to organisational success.
Ibrahim is an active voice in the finance and construction sectors, regularly sharing insights through publications, podcasts and conferences. where he showcases his expertise on the intersection of technology and finance. He is passionate about leveraging AI to transform finance within the construction industry, driving innovation and setting new benchmarks for efficiency and strategy. He has been a keynote speaker at the Leaders in Construction: Middle East 2024 conference and has spoken at events such as the Middle East Construction Weekly Conference and podcasts, including Construction Voices.
Away from the calculator, Ibrahim’s leadership extends to KEO’s wellness programme, where he manages KEO’s Qatar basketball team and led Team Qatar to victory in the KEO Football Cup of Nations.
Ibrahim’s forward-thinking approach extends to building broader partnerships and influencing the industry’s direction.
“It’s no longer an option for finance functions to embrace AI and
Ayub Ibrahim
technology—it’s a necessity. Those who fail to adapt will be left behind, outpaced by competitors who leverage automation and data-driven insights”
Deepak Khullar
Group CFO
Abu Dhabi Commercial Bank (ADCB)
Khullar became ADBC’s Group CFO in August 2008. Since 2021, he also oversees the bank’s overall ESG strategy and delivery. Before joining ADCB, Khullar spent 15 years holding senior roles at Standard Chartered Bank in the Middle East and Korea. During this time, he led two of the bank’s largest acquisitions in the region. Prior to that, he worked for 12 years with EY and PwC in their assurance, advisory and technical services and training practices in the Middle East and India. Deepak is an alumnus of the University of Delhi, an Associate of the Institute of Chartered Accountants of India and an Associate Member of the Association of Corporate Treasurers (UK).
Faisal Falaknaz
Group Chief Financial and Sustainability Officer
Aldar Properties
Falaknaz became Aldar Properties’ CFO in 2023. As part of his role, he is responsible for a broad remit that includes the company’s finance, corporate finance, investor relations, treasury, group digital services and sustainability verticals. He also sits across the group’s various executive management committees and boards.
Prior to his current role, Falakanaz served as CFO of Aldar Investment. Falaknaz held this role between 2020 and 2023, overseeing the financials of the company’s core asset management business, a unit that includes Aldar Investment Properties, Aldar Education, Aldar Hospitality and Principal Investments.
In 2024, Aldar achieved substantial results, including a 52% net profit surge for the first nine months of the year, hitting AED 4.6 billion ($1.25 billion) with group sales reaching AED 24 billion ($6.53 billion). During Q3 2024, the property developer recorded a net profit of AED 1.3 billion ($353.93 million), up 41% year-on-year. This growth was attributed to an increase in both demand and inventory.
Between July and September 2024, the company made three significant launches, including Verdes by Haven in Dubai, The Arthouse on Saadiyat Island and Yas Riva–taking the total year-to-date launches to eight.
During the course of his career, Falaknaz has held several senior roles working for sovereign wealth funds and public companies such as Mubadala Investment Company and Emaar Properties. His experience includes mergers and acquisitions and asset management having deployed capital across the US and Europe as Vice President of Global Real Estate Investments at Mubadala Investment Company, a position he held between 2016 and 2019.
Falaknaz was also a Co-Founder of Gambit Holdings, an investment company focused on supporting early to late-stage technology companies and startups. The company’s portfolio highlights include Ripple Labs, Relativity Space, Nomod, OpenSea, AngelList, Whoop and Boom Supersonic.
Falaknaz holds a Master in Business Administration (MBA) from The Wharton School of the University of Pennsylvania, in the US, and a Bachelor of Science in Finance from the American University of Sharjah, UAE. Falanknaz is also a CFA charter holder.
“Our results across the breadth of our portfolio showcase our accelerated growth trajectory, whilst remaining focused on diversifying and expanding our exciting and powerhouse business”
Falaknaz said in a statement regarding Aldar’s H1 2024 results
Hesham Heikal
Group CFO
Emaar Properties
Heikal spent the first 15 years of his career with PwC, working across the company’s practices in Cairo, Dubai, Abu Dhabi and California. In 2015, he was appointed Group CFO of Dubai Properties Group, a position he held until 2019. Before joining Emaar, Hesham was the Group CFO of Alrajhi Holding Group and served as member on the Board of Directors of its industrial, building solutions and contracting sectors, as well as two industrial joint ventures. Hesham is currently a member of the Board of Directors and of the Audit Committee of Emaar the Economic City in Saudi Arabia. He is a CPA and holds an MBA from London Business School.
Jan-Martin Nufer
CFO
Borouge
Nufer became the CFO of Borouge in late 2022. During his career, he has held senior finance positions in various industries such as aviation, telecommunications and banking. Nufer has served companies ranging from startups to multinationals in a number of countries including Germany, Austria, Switzerland, USA, France and the UAE. Prior to joining Borouge, he was the Vice President of Treasury and Funding at Vienna-based Borealis, position he reached after 14 years in the company. Nufer is also a Founding Board Member of the Austrian Corporate Treasury Association (ACTA), a Board Member of the European Association of Corporate Treasurers (EACT) and an International Group of Industry Associations (IGTA) representative.
John Macedo
CFO
Dubai Islamic Bank (DIB)
Macedo joined DIB in January 2016. In the period between January and September 2024, DIB reported a net profit of AED 5.45 billion ($1.48 billion), a 13% increase compared to the same period a year prior. Before joining DIB, Macedo worked at the Saudi Hollandi Bank, where he rose to the role of CFO in 2011. He also served as CFO Africa Division at Liberty Life between 2007 and 2008, overseeing financial, accounting and commercial matters for six countries in the African continent, and a Director at South Africa’s Standard Bank. Macedo is a graduate of the South African Institute of Chartered Accountants and holds a Bachelor’s degree in Accounting from the University of South Africa.
Kais Ben Hamida
CFO
Emirates Integrated Telecommunications Company (du)
Ben Hamida became the CFO of du in 2019, after holding positions in banking, private equity and telecommunications across Europe, the US and the Middle East. Ben Hamida was the CFO of Mobily, CFO of Orange Egypt, a Partner at Valiance Capital and Senior Vice President of Merger and Acquisitions of the Orange Group. He has also held board positions at companies including Orange Austria, Orange Denmark, Orange Sweden, Viaccess, Khazna Data Center and Linked.net; and roles at Société Générale and the World Bank. Ben Hamida holds a BSc in Statistics and Financial Engineering from the Ecole Polytechnique, Paris; an MSc in Engineering from the Ecole des Ponts et Chaussées and an MSc in Economics from Sorbonne University.
Khaled Alalkeem Al Zaabi
Group CFO
Abu Dhabi National Oil Company (ADNOC)
Al Zaabi joined ADNOC in 2014, from KPMG. In H1 2024, the group’s six subsidiares achieved a combined net profit of AED 89 billion ($24.23 billion). Before becoming ADNOC’s Group CFO in 2021, Al Zaabi served as the energy company’s Senior Vice President responsible for Group financial planning, budgeting, MI reporting and Performance Management. Currently, Al Zaabi is a member of the Board of Directors of a number of companies including ADNOC Gas, Borouge, ADNOC Logistics and Services, ADNOC Refining. He also serves as a member of Borealis Supervisory Board and OMV Supervisory Board. Al Zaabi holds a Bachelor’s Degree in Finance from Deakin University, in Australia.
Lars Kramer
Group CFO
First Abu Dhabi Bank (FAB)
Kramer has been FAB’s Group CFO since May 2023. He joined FAB from Netherlands-based ABN AMRO, where he held the role of CFO since June 2021. Previously, he was Group CFO at Hellenic Bank and for almost 20 years worked with ING, where he was CFO for ING Direct, ING Retail Banking Direct and International and ING Commercial Bank. Kramer is a Chartered Accountant and holds a Bachelor of Science in Accounting from the University of South Africa and a Master of Business Administration (MBA) from the University of Cape Town, specialising in finance, markets and strategy. In H1 2024, FAB’s net profit reached AED 12.9 billion ($3.5 billion)
Manzoor Ahmad
CFO
Pure Health
Ahmad has held the position of CFO at Pure Health since October 2019. Prior to this role, he served as the CFO at JC Maclean International from 2017 to 2019. Ahmad has also worked at Warid Telecom Pvt, holding multiple roles including Director of Financial Accounting and Director of Financial Risk Monitoring from 2014 to 2017. Before that, he worked as a Finance Executive of Financial Planning and Budgeting at Fauji Fertilizer Bin Qasim Limited from 2000 to 2005. Ahmad is a Chartered Accountant in Canada, Pakistan and the US, and holds a Bachelor’s degree in Commerce, Financial and Management Accounting from the University of Punjab.
Maged Ibrahim
CFO
Salik Company
Ibrahim has served as CFO of Salik Company since mid-2022, In this time, he has played a pivotal role in Salik’s initial public offering (IPO) on the Dubai Financial Market, a transaction that raised $1 billion and was oversubscribed 49 times. Before joining Salik, Ibrahim served as a Financial Expert (Advisor) at the Roads & Transport Authority in Dubai from 2010 to mid-2022. Maged holds a Master of Business Administration (MBA), as well as multiple certifications, including Certified Public Accountant (CPA), Certified Internal Auditor (CIA), Certified Fraud Examiner (CFE), Certified Internal Control Auditor (CICA) and Certified Chartered Accountant (ESAA).
“It is a privilege to be recognised among such a talented group of financial leaders in the UAE and, while I am grateful for this recognition, it results from the efforts of a team who are committed to excellence and who continue to innovate to drive growth and shape the future of our business,” he told Finance Middle East. “Salik continues to thrive and deliver on its ambitious strategy. Since our IPO, we have continued to grow and diversify, and have most recently been assigned strong investment grade credit ratings by Moody’s and Fitch – something that, as CFO, I am especially proud of. This acknowledgment is a testament to the hard work and dedication of our entire team, and all at Salik have much to look forward to as we enter 2025.”
“It is a privilege to be recognised among such a talented group of financial leaders in the UAE”
Maged Ibrahim
Mark Paver
CFO
Modon
Paver is currently the CFO at Modon. He joined the company in 2023, before a deal in which Abu Dhabi investment group Q Holding acquired control of Abu Dhabi National Exhibitions Company (ADNEC), Modon Properties, Miza Investments, Sahel 1 Restricted Limited, Sahel 2 Restricted Limited and Oryx Action Restricted, among other real estate assets, from International Holding Company (IHC) and Abu Dhabi Development Holding (ADQ). The resulting real estate conglomerate has been rebranded as Modon Holdings. Paver has held various finance leadership positions in companies such as BrandSafway, Tatweer and i-mate. Paver holds a BSc in Mathematics and Statistics from the University of Bath and is an ICAEW Chartered Accountant.
Martin Ginge Aarup
Group CFO
Abu Dhabi Ports
Aarup joined Abu Dhabi Ports in 2019, after having moved to the UAE from Germany. Before his current role, Aarup spent three years as Head of Global Finance Operations for the Marquard & Bahls Group. Between 2011 and 2016, Aarup was the Group CFO of Oiltanking Group. Aarup started as a management trainee in Nordea, a Nordic leading bank, before joining the global Danish shipping conglomerate, A.P. Moller–Maersk, where he worked in various finance management and leadership roles, primarily in Asia Pacific over a 10-year period. Aarup graduated from Copenhagen Business School in Denmark with a double major in Economics and Business Administration Degree as well as Finance and Credit.
Mohammad Bader
Group CFO
Alpha Dhabi Holding
Bader joined Alpha Dhabi in 2020 and was named Group CFO in 2023. In his role, he oversees the financial operations of the group’s 250 businesses. Previously, he was the Group CFO at Emirates Stallions Group (ESG) and Group Finance Manager of International Holding Company (IHC). In addition to his role at Alpha Dhabi, Mohammad holds other key positions as a board member in EnerSol (EnerSol), Mawarid Holding Investment (Mawarid), Sandstorm Auto Manufacturing, and Canal Sugar. He also serves as an audit committee member of the board of Pure Health Holding, EnerSol, Mawarid, and OCI Clean Fuels Limited. Bader holds a CMA from the Institute of Management Accountants (IMA) and a Certified Internal Auditor (CIA) from the Institute of Internal Auditors (IIA).
Dr Mohamed Karim Bennis
Group CFO
Emirates Telecom (e&)
Dr Bennis was appointed as Group CFO of e& in 2020. Previously, he was Vice President, Financial Control and Planning of e& for seven years. He was also Deputy Managing Director and CFO at Tractafric Motors Corporation, Financial Controller, Strategic Planning, Subsidiaries Management and Investor Relations of Maroc Telecom and Financial Controller of Crown Cork Holdings. Dr Bennis is a member of the Board and Audit Committee of Etisalat Egypt, Maroc Telecom Group in Morocco, Mobily in Saudi Arabia, Pakistan Telecommunication Company and Atlantique Telecom Holding. He holds a PhD in Economics and Technology from Conservatoire National des Arts et Métiers, a Master’s degree in Economics and Corporate Finance from Sciences-Po, a Master’s degree in Audit and Management Accounting from SKEMA Business School and an Executive MBA from École Nationale des Ponts et Chaussées.
Norman Tambach
Senior Executive Vice Pesident and Group CFO
Mashreq
Tambach joined Mashreq as its Group CFO in September 2023. The bank recorded a pre-tax net profit of AED 6.5 billion ($1.78 billion) in the first nine months of 2024, a 9% increase compared to the same period the year prior, and achieved despite an increase in corporate income tax of almost AED 500 million ($136 million).
In the first six months of 2024, Mashreq recorded a net profit of AED 4 billion ($1.09 billion), reflecting a significant 14% increase year-on-year. The bank’s return on equity (ROE) reached 25.8% for 9M 2024, showcasing the management’s commitment to deliver optimal value to shareholders.
As Group CFO of Mashreq, Tambach’s role is to ensure the development and execution of financial strategies that support the bank’s strategic objectives, driving innovative technology adoption and process improvements within the finance and corporate affairs functions across the group.
He oversees the bank’s balance sheet, its financial reporting structure and its interaction with multiple regulatory and tax jurisdictions. Tambach also plays a central role in the continued digitisation of the bank’s financial operations, as well as the efficacy of its reporting functions and the professional development of a highly experienced finance team.
Tambach’s background comprises several senior financial leadership roles, including his time at the publicly listed global bank ING, which he joined in 2013 as Group Controller and Head of Finance. Tambach became the CFO and Executive Board Member of ING Germany in 2019.
Previously, he held significant positions at KPMG in Belgium and the Netherlands. Tambach joined the consultancy company in 1991 and thereafter worked there for over two decades, across a series of roles.
Tambach brings a wealth of expertise encompassing strategic financial engineering, mergers and acquisitions, financial operations, regulatory governance, risk management, capital management and corporate tax planning, in addition to in-depth understanding of financial technologies, data analytics and digital transformation.
Tambach holds a Master of Science in Accountancy from the Nyenrode Business University in the Netherlands and is a Certified Public Accountant.
“Innovation and a pioneering spirit drive Mashreq’s success and inspire me personally. Together with my team, we developed a genAI ‘Best-in-Class CFO Function’ strategy, focusing on future-skilling and leveraging advanced tools like genAI to enhance the efficiency and effectiveness of our performance”
Norman Tambach
Patrick Sullivan
Group CFO
Emirates NBD
Sullivan joined Emirates NBD as Group CFO in 2020. In the first six months of 2024, Emirates NBD delivered a record profit of AED 13.8 billion ($3.76 billion), driven by increased lending across its regional network and substantial impaired loan recoveries.
In the period between January and September 2024, Emirates NBD obtained a net profit of AED 19 billion ($5.17 billion), marking a 9% increase compared to the same period a year prior. During these nine months, Emirates NBD provided AED 100 billion ($27.2 billion) in credit across its network. The bank’s income grew 7% in the third quarter of 2024, driven by a combination of strong loan growth, improving margins and higher fee and commission income. Meanwhile, the bank’s Digital Wealth platform allowed the group’s assets under management to surpass the $40 billion mark, as a result of the product offering
expansion to include fractional bonds, sukuk, equities and mutual funds.
Before joining Emirates NBD, Sullivan worked at Standard Chartered Bank for almost two decades. He joined the bank in December 2002, as Head of Group Reporting, a role
based in London.
In November 2006, Sullivan relocated to Hong Khong, taking on the role of Head of Finance, Wholesale Banking for Hong Kong and Greater China. Four years later, he was
appointed to the position of CFO of Standard Chartered Bank’s China operations, based in Shanghai. In October 2014, Sullivan became the bank’s Group Financial Controller, a role he held until December 2019.
Prior to joining Standard Chartered Bank, Sullivan worked as Senior Manager of PwC’s London operations, where he spent 12 years. He joined the consultancy firm in 1984, as a Moscow-based Manager. Between 1997 and 2002 he held the role of Senior Manager, based in London, UK.
Sullivan attended New Zealand’s Massey University and is a Chartered Accountant.
“A great nine months so far delivering $6 billion PBT, with all businesses and countries performing at record levels”
Sullivan in a social media statement discussing the bank’s 9M 2024 results.
Steve Ridlington
CFO
Ridlington has served as TAQA’s CFO since July 2020. In the first nine months of 2024, the company achieved group revenue of AED 41.7 billion ($11.35 billion), 6% higher than the prior year period, mainly due to the contribution from TAQA Water Solutions and Transmission and Distribution. The group’s net income for the period amounted to AED 6.3 billion ($1.72 billion), an increase of 13.2% compared to the net income recorded in the same period a year prior.
Prior to his role at TAQA, Ridlington was the CFO of the Dubai Financial Market-listed National Central Cooling Company (Tabreed) between 2009 and 2011. During his time at Tabreed, Ridlington led the full restructuring of the business and designed a new financial strategy to ensure sustainability.
Ridlington left the Abu Dhabi-based utilities company to join Buried Hill, a private upstream oil and gas exploration company, securing financing for a start-up oil business in difficult conditions. After three years, he returned to serve as TAQA’s CFO once again, a role he held between 2015 and
Before moving to the Middle East, Ridlington spent 17 years working for BP in a variety of roles and locations. He also worked for TNK-BP between 2003 and 2008. Prior to this, Ridlington served as Economic Adviser for HM Treasury in the UK.
Ridlington’s career covered all strands of corporate finance and treasury, including debt and equity finance, investor relations, financial strategy, joint ventures, acquisitions, disposals and major financial restructuring with a sound commercial focus, among others. The executive’s sector experience includes upstream and downstream oil and gas, chemicals, power and infrastructure and utilities. Ridlington has lived and worked in the UK, the US, the UAE, Singapore, Russia and Hong Kong.
In terms of education, Ridlington holds a Master of Philosophy in Economics from St Antony’s College in the University of Oxford and a Bachelor of Science in Economics and Mathematics from the University of Sussex, in the UK.
“ESG is at the heart of everything we do. It’s embedded in our strategy, which we announced back in 2022”
Ridlington said during an interview for the ADX ESG series in 2023.
Thomas Varghese
CFO
Dubai Electricity and Water Authority (DEWA)
Varghese joined DEWA in 1998 and was appointed to the position of Group CFO of the Dubai utilities company eight years later. During the first nine months of 2024, DEWA reported a cumulative revenue of AED 23.5 billion ($6.4 billion), a 6.2% growth compared to the same period a year prior. DEWA also recorded a net profit after tax of AED 5. 5 billion ($1.5 billion) for this period. Meanwhile, the company’s DEWA’s third quarterly consolidated revenue increased by 4.75% to AED 9.9 billion ($2.7 billion) in 2024. Varghese has 30 years of experience holding senior roles in a range of industrial and commercial organisations, including as a Finance Manager at Galadari Automobiles, Financial Controller at Emirates Stone, Sharjah and a Manager in Project Finance at The Associated Cement, Mumbai.
