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Deloitte’s Javed Iqbal on the CFO’s shift from accountant to analyst

The finance transformation leader at Deloitte Middle East on how the CFO role is moving from controller to strategic catalyst, where AI is earning its keep, and the skills that will define the next generation of finance leaders

Neesha Salian
Neesha Salian

01 October, 2026

Deloitte’s Javed Iqbal on the CFO’s shift from accountant to analyst
Image: Suppliied

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For most of its history, the finance function had a clear job: control the costs, close the books, report the numbers. That job has not gone away, but across the Middle East it is no longer the point. Boards and chief executives now want their CFOs in the room where strategy is made, financially stress-testing the options, deciding where capital goes and tracking what it earns back.

Javed Iqbal, partner and CFO Program Leader at Deloitte Middle East, calls it a shift from a “licence to operate” mindset to something more forward-looking, the CFO as a catalyst for the wider business rather than its controller. It is a change that runs deeper than job titles. It is reshaping how finance is delivered, from shared service centres to global business services, how it is governed, and which skills matter, as the discipline moves, in his words, “from an accountant mindset to a greater analyst mindset.”

Iqbal, who led the recently held two-day Next Generation CFO Academy in Riyadh, talks to Gulf Business about the next generation of the finance operating model, where AI is genuinely earning its keep and where the hype still outruns the business case, and what will separate a high-performing CFO function from an average one over the next five years.

CFOs across the Middle East are being asked to do more than control costs and report numbers. How is the role itself changing, and where are you seeing the biggest shift in expectations from boards and CEOs?

The business is asking CFOs for ever-increasing inputs on enterprise strategy development and execution. From financially evaluating strategic options to optimum resource allocation and monitoring returns on investments. In addition, driving improvements around revenue growth, sustainable cost management, asset financial management and efficient funding.

In effect, shifting from a “license to operate” role around an operator/controller mindset to delivering as a forward-looking strategic/catalyst for the wider business.

Many companies in the region have spent years building shared service centres and centralising finance functions. What does the next generation of that model look like, and where are businesses still failing to capture the efficiencies they expected?

The finance delivery model has three key components: operations, governance, and business partnering. Operations has been on a journey from centralising transactional processing to building shared services to deploying value-creating global business services. Global business services has characteristics of being customer-centric, multi-functional, centres of excellence, outsourcing and digitally enabled. In essence, building scalable, resilient, and flexible back office platforms to enable growth.

Governance is going from financial controllership to business controllership, and business partnering from financial planning and analysis to enterprise performance management. Efficiencies will come from becoming customer-centric, focusing on the future of work (industrialisation and specialisation), and fully enabling digitalisation, including AI.

Cost pressure remains a major concern for companies, but aggressive cost-cutting can undermine growth. How are CFOs balancing margin protection with continued investment in technology, talent and expansion?

Taking a longer-term sustainable cost management approach rather than just deploying short-term tactical fixes that hurt growth. A longer-term approach challenges current services, operating models, deployed assets, cash management, and longer-term funding structures. Building more resilient and agile cost structures, leveraging partners and ecosystems.

ERP modernisation and AI are now central to finance transformation strategies. Where is AI already delivering measurable value in finance functions, and where is the hype still running ahead of the business case?

Firstly, the co-existence of multiple digital applications is pivotal to long-term value creation for finance functions. AI has huge potential to deliver process automation and even greater value-added capabilities on the advanced analytics agendas.

Currently, there is still a gap in achieving the full required ROI, but this will be bridged by taking a more holistic approach rather than just point-focused use cases. This holistic approach includes linking AI learning with data maturity, re-imagining work and transforming operating models with robust governance.

As companies automate more transactional finance work, which roles or skills are likely to become less important, and what capabilities will define the next generation of finance leaders?

Controllership and business partnering will become the dominant roles required, with finance building greater digital literacy and superior interpersonal skills, so that its workforce can manage digitally enabled processes and deliver advanced predictive and prescriptive insights

Finance transformation (FT) programmes can be costly and disruptive. What are the most common reasons these projects fail to deliver the promised return on investment, particularly in the Middle East?

More FT programmes would deliver superior efficiency and effectiveness if they leverage a more holistic approach. There is a seven-step approach that connects customers, services, work done, digital enablement and capability delivery, structure and sustainability. Also, ensuring Business, IT and HR work together with finance to develop and deliver the finance function of the future. The silver bullet is putting finance people at the center of the transformation.

In the near future, what will separate a high-performing CFO function from an average one, and which of today’s finance priorities do you think companies are underestimating?

A high-performing CFO function will be ‘famous’ for driving business insights as opposed to processing transactions. The skills in finance will include not just technical finance but also statistical, mathematical, data and digital individuals.

In effect, financial analysis coupled with business and performance analysis. Shifting from an accountant mindset to a greater analyst mindset

AI adoption among UAE businesses rises to 72 per cent, AWS report finds

The report highlighted the role of cloud computing in supporting AI deployment, particularly as organisations seek access to scalable computing infrastructure and advanced AI capabilities

Neesha Salian
Neesha Salian

30 September, 2026

AI adoption among UAE businesses rises to 72 per cent, AWS report finds
Image: Supplied

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Artificial intelligence adoption among UAE businesses rose to 72 per cent from 53 per cent a year earlier, representing a 36 per cent year-on-year increase, according to a report released on Wednesday by Amazon Web Services (AWS) in collaboration with the UAE Artificial Intelligence Office.

The Unlocking the UAE’s AI Potential 2026 report, developed by research firm Strand Partners, found that businesses across key sectors were increasing their use of AI and cloud technologies as the country expanded investment in digital infrastructure and workforce development.

The findings represent a 19-percentage-point increase in the proportion of businesses adopting AI compared with the previous year.

The report also found that 85 per cent of businesses using AI reported an acceleration in the pace of digital change, with further increases expected in the coming years.

Dr Abdelrahman Al Mahmoud, director at the UAE Artificial Intelligence Office, said the findings reflected the country’s efforts to translate its national AI strategy into wider business adoption.

“The UAE has long recognised AI as a key driver of economic growth, better services and future competitiveness. Our focus is on creating the right environment for organisations to innovate, scale new solutions and translate the potential of AI into meaningful outcomes for society,” he said.

AWS investment in cloud infrastructure

The report highlighted the role of cloud computing in supporting AI deployment, particularly as organisations seek access to scalable computing infrastructure and advanced AI capabilities.

AWS said it was investing up to Dhs20.1bn ($5.47bn) in its AWS Middle East (UAE) Region through 2037, an investment estimated to contribute Dhs41bn ($11.16bn) to the country’s gross domestic product.

The company has also partnered with e& enterprise to launch the AWS UAE Sovereign Launchpad, endorsed by the UAE Cybersecurity Council, to provide government entities and businesses with greater control over data and compliance requirements.

AWS is also backing a $1bn investment with e& to develop sovereign cloud and AI capabilities.

Chris Erasmus, general manager for the UAE, Rest of Middle East and North Africa at AWS, said businesses were increasingly shifting their focus from AI experimentation towards wider deployment.

“What we’re seeing in this research reflects that: businesses are adopting AI at speed, moving beyond ‘can we use this?’ to ‘how do we scale it responsibly?'” Erasmus said.

“Our investments in regional infrastructure, collaborations, and skills exist to answer that question – equipping organizations with the sovereign controls and technical capability to turn experimentation into real-world impact.”

Companies including Property Finder, Virgin Mobile UAE, The ENTERTAINER and Careem are among the businesses using AWS cloud and generative AI technologies to support their operations and customer services, according to the report.

Image courtesy: Getty Images

Skills and funding remain priorities

Despite the increase in adoption, the research identified several areas requiring further attention to support the wider deployment of AI across the UAE economy.

These include expanding access to secure cloud infrastructure, developing regulations that support innovation, addressing shortages of specialised AI skills and improving access to funding, particularly for startups and small and medium-sized enterprises.

The report also highlighted the need for businesses to move beyond incremental efficiency improvements towards more extensive changes in how AI is integrated into operations.

AWS said it was investing in workforce development through its AI Nation – Afaaq Programme, which aims to provide 30,000 people across the UAE with free access to AWS training.

The company also maintains a collaboration with Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) and supports Qudwatech, a mentorship programme aimed at developing the careers of Emirati women in technology.

The report identified four priorities for sustaining adoption: accelerating responsible AI use, maintaining an enabling regulatory environment, addressing skills shortages and expanding funding for AI-focused businesses.

It said the next stage of AI development in the UAE would depend on how effectively businesses translated wider adoption into more substantial changes in their operations.

The findings were released on the same day as AWS Summit Dubai, which brought together technology executives, businesses and developers to discuss cloud computing and AI deployment.

Update: flydubai confirms altercation on Dubai-Tel Aviv flight

Flight FZ1073 made an emergency landing in Saudi Arabia after a reported cockpit incident left both pilots injured and the aircraft lost more than 14,000 feet of altitude in 29 seconds.

Gulf Business
Gulf Business

30 September, 2026

Update: flydubai confirms altercation on Dubai-Tel Aviv flight
Image: flydubai/ For illustrative purposes

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Flydubai has confirmed that an altercation occurred in the flight deck of a Dubai-Tel Aviv flight that was diverted to Saudi Arabia on Wednesday.

Flight FZ1073, operating from Dubai International Airport (DXB) to Israel’s Ben Gurion International Airport (TLV) on September 30, landed safely at Tabuk Airport in northwestern Saudi Arabia.

“An altercation occurred in the flight deck of flight FZ 1073, operating from Dubai International (DXB) to Ben Gurion International Airport (TLV), on 30 September,” flydubai said in a statement.

The airline said the aircraft was successfully secured by on-duty flydubai crew travelling on the flight, who then diverted and landed the aircraft safely at Tabuk Airport.

“All passengers and crew are safe and accounted for,” flydubai said.

The airline has deployed two replacement aircraft to Tabuk to relieve the passengers and crew, adding that the incident has had no impact on other scheduled operations across the flydubai network.

“At this early stage, the underlying reasons and motives behind this event are unknown and remain subject to a formal investigation,” the airline said.

“We urge all parties to refrain from premature speculation while authorities gather the facts.”

Flydubai said its immediate priority was to ensure the ongoing safety, health and wellbeing of all passengers and crew involved in the incident and to support the official investigation.

Tabuk Airport said both the captain and co-pilot sustained injuries and were transported to hospital for medical care. It did not elaborate on the cause of the injuries.

Meanwhile, the UAE General Civil Aviation Authority (GCAA) announced Wednesday that flydubai flight FZ1073 experienced a security incident that was brought under control.

GCAA said its investigation teams, in coordination with the relevant authorities, are continuing their work to determine the causes and circumstances of the incident, including a review of the operational and security aspects.

Aircraft experienced sharp altitude changes

Preliminary data from flight-tracking service Flightradar24 showed the aircraft experiencing extreme fluctuations in its reported altitude before the emergency landing.

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The aircraft also transmitted emergency transponder codes during the incident, including 7700, the general emergency code, and 7500, which is used to indicate unlawful interference with an aircraft.

It remains unclear who transmitted the signals or what prompted them.

The incident triggered a security response in Israel, with the Israeli military dispatching fighter jets towards the aircraft.

Israeli Prime Minister Benjamin Netanyahu also held an emergency assessment with senior security officials.

“The incident is under control, and all measures are currently being deployed in order to return the Israeli passengers safely to Israel,” the Israeli prime minister’s office said.

According to the Wall Street Journal, Israel also requested permission from Saudi authorities to send an aircraft and officials to assist with the investigation and return passengers to Israel.

RTA rolls out new driving-test system in Dubai: Here’s what’s changing

The system is designed to standardise driving evaluations, reduce variations in test results and improve transparency by assessing learner performance against predefined criteria

Nida Sohail
Nida Sohail

30 September, 2026

RTA rolls out new driving-test system in Dubai: Here’s what’s changing

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Dubai’s Roads and Transport Authority (RTA) has introduced a next-generation Smart Test System (STS) for light-vehicle yard tests, bringing artificial intelligence (AI), computer vision and advanced data analytics into the assessment process.

The system is designed to standardise driving evaluations, reduce variations in test results and improve transparency by assessing learner performance against predefined criteria, a WAM report said.

Real-time assessment and tracking

Sultan Al Akraf, director of Drivers Licensing at RTA’s Licensing Agency, said the next-generation STS marks a step forward in the authority’s digital transformation of driver licensing services.

He said the system evaluates learner drivers against consistent standards, helping reduce differences in assessments and strengthen confidence in test results.

AI technologies integrated into test vehicles monitor learner performance and analyse manoeuvres in real time. The system assesses each part of the test against standardised criteria and calculates results without human intervention.

It also uses facial recognition to verify learner identity and monitors safety-related behaviour, including mirror and blind-spot checks and hand positioning on the steering wheel.

Al Akraf said recorded errors are displayed in a visual format, allowing customers to review their performance and identify areas that require improvement.

The system uses Real-Time Kinematic (RTK) positioning technology to track vehicles with accuracy of up to two centimetres. The technology can help identify errors related to vehicle paths, parking positions and other manoeuvres.

Safety features and training data

An interactive 3D map allows learners to review their test route and see the locations of major and minor errors recorded during the assessment.

The system also includes AI-powered collision avoidance and preventive automatic emergency braking. These features can intervene when a potential collision or other safety risk is detected.

Al Akraf said the technologies are intended to create a safer and more controlled testing environment by addressing potential risks before they develop into accidents.

RTA said the system is designed to maintain consistent performance across different weather and lighting conditions, including during daytime and nighttime tests.

The authority also plans to integrate test results with training systems. RTA said the data can help identify individual learner needs and support more targeted training programmes, while improving the efficiency, fairness and transparency of driver testing.

UAE announces fuel prices: Here’s how much you will pay from October 1

The UAE reviews fuel prices monthly under a deregulated pricing mechanism introduced in 2015, linking domestic retail prices to global oil market trends and distribution costs

Neesha Salian
Neesha Salian

30 September, 2026

UAE announces fuel prices: Here’s how much you will pay from October 1

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UAE fuel prices are set for a sharp increase in October, with petrol and diesel prices rising substantially from September as global oil markets face renewed geopolitical uncertainty.

The Gasoline and Diesel Prices Follow-up Committee approved October prices at Dhs4.21 a litre for E-Plus 91, Dhs4.28 for Special 95, Dhs4.40 for Super 98 and Dhs4.80 for diesel, according to the Emirates News Agency, WAM.

The increases mark a significant month-on-month move after September prices stood at Dhs3.61 for E-Plus 91, Dhs3.69 for Special 95, Dhs3.80 for Super 98 and Dhs4.30 for diesel.

E-Plus 91 will therefore rise by 60 fils a litre, or about 16.6 per cent, in October. Special 95 will increase by 59 fils, or about 16 per cent, while Super 98 will climb 60 fils, or nearly 15.8 per cent. Diesel will rise by 50 fils, an increase of about 11.6 per cent.

Global oil prices rise on Iran uncertainty

The increase in UAE pump prices comes as international crude markets regain momentum following a volatile period marked by geopolitical tensions and changing expectations over oil supplies.

Oil prices rose on Wednesday after US President Donald Trump denied reports that he was prepared to ease sanctions on Iran, Reuters reported.

Brent crude’s November contract was up 71 cents, or 0.69 per cent, at $103.30 a barrel by 0408 GMT. The more actively traded December contract gained 35 cents to $96.51, while US West Texas Intermediate crude rose 43 cents, or 0.48 per cent, to $89.81, according to Reuters.

Brent was heading for a monthly gain of about 14 per cent, its strongest monthly increase since July, while WTI was on course for a gain of about 4 per cent.

“Continued uncertainty over sanctions relief and negotiations is keeping a geopolitical risk premium embedded in prices,” Sugandha Sachdeva, founder of New Delhi-based SS WealthStreet, told Reuters.

“Improving supplies could cap further gains, but renewed disruption or an escalation in tensions could trigger another rally,” she said.

Supply recovery offers some counterweight

The oil market is also contending with signs that crude flows from the Middle East are recovering from disruptions earlier in the year.

Saudi Arabia resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline, Reuters reported.

J.P. Morgan estimated that crude oil exports from Middle Eastern producers recovered to 16.328 million barrels per day in September, the highest level since the US-Israeli war with Iran began in late February.

The bank said regional exports were about 11 per cent below pre-war levels after the Saudi pipeline was restored. Its research also estimated that the 10-day average for total oil exports over the previous five days was 20.5 million barrels per day, equivalent to 89% of 2025 levels.

The improving supply picture could put some pressure on oil prices, although the market remains sensitive to any further disruption in the region.

What the October increase means for UAE motorists

For motorists, the October adjustment represents a considerably larger increase than the changes announced for September.

In September, petrol prices were raised between 5.56 per cent and 5.87 per cent, with Super 98 priced at Dhs3.80 a litre, Special 95 at Dhs3.69 and E-Plus 91 at Dhs3.61. Diesel was priced at Dhs4.30.

The October rates move all three petrol grades above Dhs4 a litre, while diesel approaches Dhs5 a litre.

The UAE uses a monthly fuel-pricing mechanism that reflects movements in global energy markets and domestic market conditions. The latest adjustment means motorists will face higher fuel costs from October 1, following the sharp rise from September’s rates.

Meanwhile, oil-market participants are watching US fuel inventories and possible policy changes. US crude and gasoline inventories rose last week, while distillate stocks declined, according to data cited by Reuters from the American Petroleum Institute. Official inventory figures from the US Energy Information Administration were due later on Wednesday.

The competing forces of recovering Middle East supplies and renewed geopolitical risk are likely to remain central to the oil market as traders assess the outlook for crude prices, and, in turn, future monthly fuel-price adjustments in the UAE.

Etihad Rail’s first Dubai-Abu Dhabi passenger train departs from Al Yalayis

The inaugural service marks the start of passenger operations on the UAE’s national railway network and introduces a new rail connection between the two emirates.

Nida Sohail
Nida Sohail

30 September, 2026

Etihad Rail’s first Dubai-Abu Dhabi passenger train departs from Al Yalayis

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Etihad Rail began passenger services between Dubai and Abu Dhabi on Wednesday, September 30, with the first train departing Al Yalayis Station in Dubai at 6:14am.

The inaugural service marks the start of passenger operations on the UAE’s national railway network and introduces a new rail connection between the two emirates.

The first Dubai departure was followed by a second service at 7:14am. Trains arriving from Abu Dhabi reached Dubai at 7:47am and 8:47am.

The route runs from Abu Dhabi Station to Mohamed bin Zayed City Station before continuing to Al Yalayis Station in Dubai, providing a direct rail option for passengers travelling between the two emirates.

The first journey also marked the opening of the passenger service at Al Yalayis Station, where passengers gathered ahead of the inaugural departure. The train’s arrival at Mohamed bin Zayed City Station in Abu Dhabi marked another stage of the launch as the new service began carrying passengers between the two emirates.

Dubai station links to Metro network

Al Yalayis Station is connected to the Dubai Metro network through an approximately 400-metre pedestrian bridge. The route links the station with Jumeirah Golf Estates Metro Station, allowing passengers to transfer to the Red Line and continue to destinations across Dubai.

Etihad Rail stations also provide access to car parks, taxis, buses and private transport operators, giving passengers options for the first and final legs of their journeys.

The passenger service is designed to accommodate different groups, including People of Determination, senior citizens, families, students, employees, visitors and tourists.

The connection between Etihad Rail and Dubai’s public transport network gives passengers additional options for continuing their journeys after arriving in Dubai.

Services extend to Fujairah

Passenger services between Abu Dhabi, Dubai and Fujairah begin on September 30, expanding the initial passenger network beyond the Dubai-Abu Dhabi connection.

Tickets are available through the Etihad Rail mobile application, website and ticket vending machines at stations. Fares start at Dhs39 for Comfort Class and Dhs109 for Premium Class.

Etihad Rail’s Dubai Station is designed to connect the national railway network with Dubai’s wider transport system. Its pedestrian link to Jumeirah Golf Estates Metro Station provides a direct transfer between Etihad Rail and Dubai Metro.

Passengers can also use Dubai’s Nol system to combine Etihad Rail journeys with public transport services. A single QR code can be used across train, Metro, Tram and bus services.

Etihad Rail Mobility operates services

Passenger services are operated by Etihad Rail Mobility, a joint venture between Etihad Rail and Keolis.

The partnership brings together Etihad Rail’s UAE transport operations and Keolis’ international experience in passenger transport and railway operations.

The launch adds passenger services to the UAE’s national railway network and provides a new rail option for intercity travel between Abu Dhabi and Dubai, as well as connections with local public transport networks.

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Deloitte's Javed Iqbal on the CFO's shift from accountant to analyst