EAG hon­ored with trea­sury ac­co­lades at Lon­don awards

Kuwait Times - - BUSINESS -

ABU DHABI: Eti­had Avi­a­tion Group’s (EAG) trea­sury team has once again been ac­knowl­edged for air­line trea­sury man­age­ment ex­cel­lence with four key ac­co­lades at the 2017 Adam Smith Awards pre­sented by Trea­sury To­day mag­a­zine. Fol­low­ing a string of suc­cesses in re­cent months with lead­ing awards from var­i­ous in­ter­na­tional or­ga­ni­za­tions, the group took home fur­ther honors at the an­nual event held in Lon­don. For the third con­sec­u­tive year, Eti­had Avi­a­tion Group has been rec­og­nized by the lead­ing pub­li­ca­tion for its on­go­ing com­mit­ment to Trea­sury ex­cel­lence.

EAG won the award for Best in Class Trea­sury in the Mid­dle East, and was Highly Com­mended in three fur­ther cat­e­gories - Best Fund­ingSo­lu­tion, Best Risk Man­age­ment So­lu­tion and Best Trade/Sup­ply Chain Fi­nance So­lu­tion. The awards were nom­i­nated by EAG part­ners, in­clud­ing Open­link, First Abu Dhabi Bank, ADCB, Citibank and MUFG. More than 200 en­tries span­ning 30 coun­tries were re­ceived for the pres­ti­gious Adam Smith Awards, now in their 10th year and firmly es­tab­lished as the ul­ti­mate in­dus­try bench­mark for ex­cep­tional achieve­ment in cor­po­rate trea­sury.

Trea­sury To­day said this year proved par­tic­u­larly chal­leng­ing against a back­drop of a tough op­er­at­ing en­vi­ron­ment, as in­no­va­tion and cre­ativ­ity within trea­sury de­part­ments were key cri­te­ria for the win­ning en­tries. Ricky Thirion, Eti­had Avi­a­tion Group In­terim Group Chief Fi­nan­cial Of­fi­cer, said: “These awards are tes­ta­ment to the great work by the trea­sury team in find­ing solutions to fur­ther strengthen the busi­ness in a chal­leng­ing en­vi­ron­ment. “Our trea­sury team has worked very hard over the yearsto de­liver a best in class global trea­sury de­part­ment, and the fact that we were nom­i­nated by our key fi­nan­cial part­ners demon­strates their con­fi­dence in our busi­ness.” The Best in Class Trea­sury in the Mid­dle East award was for a num­ber of in­no­va­tive prac­tices, in­clud­ing rais­ing US$1.5 bil­lion through a de­but Sukuk, the largest ever in Abu Dhabi, as well as a Murabaha pro­gram for US$145 mil­lion - the air­line’s first Is­lamic pri­vate place­ment. The Best Trade/Sup­ply Chain Fi­nance So­lu­tion ac­co­lade ac­knowl­edged EAG’s agenda to cen­tral­ize trea­sury oper­a­tions in the UAE by over­haul­ing pro­cesses us­ing tech­nol­ogy and re­duc­ing man­ual in­ter­ven­tion with its grow­ing sup­ply chain net­work.

The Best Fund­ing So­lu­tion award rec­og­nized Eti­had’s trea­sury team for lead­ing a short-term, cost ef­fec­tive bridg­ing so­lu­tion of US$230 mil­lion over a six-month pe­riod for two new A380s in the wake of the sus­pen­sion of Euro­pean credit agency sup­port for Air­bus air­craft de­liv­er­ies. The Best Risk Man­age­ment So­lu­tion award re­flected the high level of in­vest­ment in tech­nol­ogy aimed at re­duc­ing man­ual pro­cess­ing of all key trea­sury re­quire­ments.

Eti­had Air­ways’ trea­sury team, hail­ing from a va­ri­ety of back­grounds and na­tion­al­i­ties, lever­aged off each other’s skills to make a pos­i­tive im­pact to the busi­ness.

The team man­ages and over­sees cash and liq­uid­ity, risk man­age­ment and hedg­ing fund­ing, as well as re­la­tion­ships with bank­ing part­ners, in­vestors and rat­ing agen­cies. The trea­sury team is also re­spon­si­ble for in­sur­ance, di­rect cus­tomer pay­ments, as well as group wide tax man­age­ment. From its Abu Dhabi base, Eti­had Air­ways flies to, or has an­nounced plans to serve, more than 110 pas­sen­ger and cargo des­ti­na­tions in the Mid­dle East, Africa, Europe, Asia, Aus­tralia and the Amer­i­cas. The air­line has a fleet of over 120Air­bus and Boe­ing air­craft, with 204 air­craft on firm or­der, in­clud­ing 71 Boe­ing 787s, 25 Boe­ing 777Xs, 62 Air­bus A350s and 10 Air­bus A380s.

Adam Bouka­dida, Eti­had Avi­a­tion Group (EAG) Act­ing Group Trea­surer, cen­tre, Roger Fleis­chman, of J P Mor­gan, left, and Michael Gu­ral­nick, of Citibank, pose with some of EAG’s Adam Smith awards.

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