Dubai Duty Free commended for financial accomplishments

By Charlotte Turner |

Dubai Duty Free has once again been applauded for its accomplishments, taking the title of  ‘Finance Team Of The Year’ at the 8th Annual MENA CFO Awards held at Park Hyatt Hotel in October.

 

The awards were presented on the sidelines of the CFO Strategies Forum (22 – 23 October) that recognize outstanding achievements by individuals and organizations in advancing the region’s finance industry.

 

The forum attracted around 100 Chief Financial Officers from the region’s leading companies  under  the theme, “The Many Hats of a CFO”, which reflects the effect of the ever-shifting business landscape on changing the role of a regional CFO.

 

Bernard Creed, Dubai Duty Free’s Vice President – Finance [pictured left], accepted the award on behalf of the operation, and he was accompanied by his fellow Finance team members on stage, including Kumar Ananthan (Mgr-Finance), Bharat Javeri (Mgr-Finance), PK Suresh (Mgr-Cash Office) and Pradeep Vaddake (Accountant).

 

The 8th Annual MENA CFO Awards recognized the Dubai Duty Free Finance department for its great teamwork, consistent delivery of financial data to deadlines and collaboration with other departments.

 

In September, DDF completed the repricing of its $1.75bn loan facility – originally signed in July 2012 – as well as its US$750m syndicated financing facility signed in September 2013.

 

The repricing transaction was launched on the 7th of August 2014 “on the back of improved bank market conditions and to reflect DDF’s strong performance over the past 12 months,” says DDF.

 

According to DDF, the transaction was very well received by the existing lenders with several institutions offering to provide increased commitments.

 

And on Friday 31 October, Dubai Duty Free’s Executive Vice Chairman Colm McLoughlin received one of only 10 Irish Presidential Distinguished Service Awards 2014.

 

This makes McLoughlin the very first Irish person living in the United Arab Emirates to be recognised by the Irish Government for his contribution to Irish business and communities abroad.

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