Be more daring, CEO of Dubai's Nakheel tells CFOs

Sanjay Manchanda, CEO of Dubai-based master developer Nakheel, believes that CFOs in the region need to be more daring, agile, and courageous in the face of uncertainty and change.
Speaking to over 120 CFOs from the region on the second day of the CFO Strategies Forum Mena, Manchanda gave insights into the challenges he faced immediately upon taking over as CEO of the troubled company in 2011, and the steps he took to put the real estate giant back on track.
"Declaring a loss of $20 billion back in 2011 was not easy, but necessary. We needed to acknowledge our losses and come clean, which had a very positive impact on the financial community. In troubled times, one needs to have the tenacity and courage to face realities, own up to mistakes, rectify them and move forward - which is exactly what we've done over the past 5 years," he said.
When asked about the need for adaptability and the rapid pace of change, he asserted: "The rules of the game are changing, both in finance and technology. We can't just rest on our laurels. The CFO, sitting at the fulcrum of business strategy, needs be able to embrace change, be an expert at analysing data and provide sound advice to the business stakeholders."