KIPCO CFO wins first MENA CFO of the Year Award

The award - made by CFO Middle East Strategies - was presented to Pinak at a ceremony in Dubai.

Over 100 Chief Financial Officers from companies throughout the Gulf region were nominated for the award. Pinak was personally nominated by KIPCO's Executive Vice Chairman, Mr Faisal Al Ayyar. In his nomination, Mr Al Ayyar said that he often describes Pinak as 'KIPCO's engine' for the way he continues to drive performance, commitment and team work throughout the company.

The CFO Awards were organised to honour excellence in finance departments and recognize the contribution that CFOs have made towards the success of their organizations.

In making their award to Pinak, the judges said that although KIPCO was not the largest company represented in the list of nominations, KIPCO's development as one of the leading holding companies in the region was highly commendable.

Accepting his award, Pinak said it was a great honour for both him and his family, but that he accepted the award on behalf of KIPCO:

"I accept this award not for myself, but for KIPCO. I am intensely proud to be part of a team that has revolutionized business practices in Kuwait and helped develop the country as a regional financial hub. We have led by example through our transparency, our commitment to creating shareholder value and our corporate social responsibility. I would like to give special thanks to KIPCO's Chairman, Sheikh Hamad Sabah Al Ahmad Al Sabah, the Board of Directors and my mentor and inspiration for over 25 years, KIPCO's Executive Vice Chairman, Mr Faisal Al Ayyar."

He also said the current turmoil in the financial markets and presented both risks and opportunities:

"At KIPCO we've learnt not to be trapped by circumstances, but to see marketplace opportunities and take advantage of them. We think the ability to see business opportunities even during the worst of times is the difference between those who lead market trends and those who just follow them."

Pinak added that CFOs in the Gulf region had a crucial role to play within their companies and that the current situation provided them with an opportunity to develop their role:

"I think CFOs in the Gulf should remain focused on articulating and leveraging the fundamentals of the region - its natural growth, its ample liquidity, its strong demographics and the lower cost of doing business here. This is a very positive message and it's what makes this region unique. I also think that the current downturn provides CFOs in the region with a great opportunity to develop their multi-dimensional role as business partner, entrepreneur and risk manager. By learning from each other and sharing our experiences, I think we will play a crucial part in the way the region deals with the current economic situation."