EY launches Jeddah CFO Forum

Updated 16 March 2016

EY launches Jeddah CFO Forum

EY recently hosted the inaugural session of the Jeddah CFO Forum in Jeddah. The forum was attended by CFOs from some of the largest companies in the Kingdom.
Ahmed Reda, office managing partner, EY Jeddah, says: “The introduction of VAT is a major fiscal reform. The volume, pace and complexity of these new taxes and the changes they bring can be overwhelming. CFOs need to be ready to address them. They also need to be updated on trends, including new technologies such as the Internet of Things, digital disruption, and the fast pace of market globalization.”
He added: “Tax knowledge and preparation must underpin strategic planning in the digital world, so that companies can make decisions that produce the right results. CFOs can increase their opportunity to deliver value to their business by taking a collaborative, enterprise-wide approach that combines tax with law, operations, technology and transactions.”
Reda said: “Our objective through the Jeddah CFO Forum was to inform CFOs on what lies ahead, share leading practices and discuss the trends and issues that will define the future of their businesses.”
The discussions at the forum were led by Finbarr Sexton, MENA indirect tax leader at EY, who spoke on the implementation of VAT in the GCC. Joanna Truffaut, MENA advisory digital and innovation government and public sector leader at EY, gave a presentation on the digital megatrend and
its impact on business strategy, and Philip McCrum, MENA head of economic advisory at EY presented a session on the GCC economic update and overview.

360-degree mentoring to boost Saudi social enterprise sector

Updated 23 May 2019

360-degree mentoring to boost Saudi social enterprise sector

The King Khalid Foundation (KKF) and Mowgli Mentoring have collaborated to strengthen the growing social enterprise sector in the Kingdom through the provision of 360-degree mentoring, which will support the personal and professional development of social entrepreneurs. The EMCC-accredited mentoring organization is working to built the capacity of Saudi mentors by instilling best mentoring practices and sharing experiences from its 10-year work around the world.

Globally, the concept of social entrepreneurship is increasingly gaining momentum and positive attention as it combines commerce with social good, allowing entrepreneurs to go beyond profit to positively impact communities and societies. Supporting these entrepreneurs, therefore, is in line with the KKF’s vision, which is to have a Saudi society with equal opportunities.

The KKF’s collaboration with Mowgli resulted in the creation of the Athar (Impact) Mentoring Program.

This program aims to build and increase the capacity of Saudi mentors, and equip them with the necessary tools to be able to provide mentorship, support and guidance to social entrepreneurs in the Kingdom. Matching mentors with social entrepreneurs and managing their mentorship relationships is a key benefit of the program.

To commence the mentoring program, Mowgli recently delivered a four-day workshop in the KKF premises in Riyadh. Fourteen professionals and business leaders received training to be 360-degree mentors before being matched with 14 social entrepreneurs. Both groups were provided with the guidelines to build solid foundations for their 1-2-1 mentoring relationships. In addition, the matched pairs will be supported over a duration of six months, during which structured on-going support will be provided to ensure that trust-based and impactful mentoring relationships are developed.

Mowgli Mentoring’s CEO Kathleen Bury said: “We see this program supporting the three themes on which the Kingdom’s Vision 2030 was built upon: Developing a vibrant society, a thriving economy and an ambitious nation. By supporting social entrepreneurs, we’re working toward achieving the Kingdom’s economic aspirations of increasing SME GDP contribution by 20–30 percent by 2030. We are, therefore, excited to be back in Saudi Arabia and are honored to be working with the King Khalid Foundation in delivering this program, and building Saudi Arabia’s mentoring capacity to sustainably support change-makers and their surrounding ecosystems for years to come.”

The key to developing entrepreneurship and fostering economic development lies in having a well-balanced ecosystem with equal investment in four key pillars: Environment (schooling, parenting), finance (working capital, debt and equity financing), infrastructure (incubators, accelerators, utilities and sound legal frameworks) and human capital development (mentoring, skills and knowledge development). Mowgli supports the latter and has successfully delivered more than 110 mentoring programs across the Middle East, North Africa and sub-Saharan Africa.