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Yawar Kamal Pasha

CAREER OBJECTIVE

To secure a challenging top executive position in an organisation with professional work environment, providing opportunity for application of my experience, knowledge, ideas and creative abilities, resulting in high-level job satisfaction and rapid growth. PROFESSIONAL EXPERIENCE

Tawazun Economic Council (2013 till Aug 2018)

Worked as Advisor, Finance. Tawazun Economic Council, formerly known as the Offset Program Bureau is headed by the Crown Prince of Abu Dhabi as Chairman. Tawazun is mandated to develop manufacturing capabilities in UAE in the Defense and Aerospace sectors. However, during 2014 a major real estate project under development named Al Forsan Village was transferred to Tawazun. Tawazun was invested in 18 subsidiaries. My role at Tawazun was very wide till the transfer of Al Forsan Village and was mainly related to review, analysis, evaluation and advise on critical financial, operational, strategic and other matters, decisions, feasibilities, restructurings, financing etc across the Group. Al Forsan Village

Worked as Chief Financial Officer. Al Forsan Village (“Project”) is a premium integrated community comprising a Sports Resort, a Five Star Hotel, Villas, Residential Buildings, a Retail Center, District Cooling Plant and Staff Accommodation. I was a key player in relation to the Project as I was the only one having extensive experience in the real estate and investment industry covering all aspects and was specifically hired by Tawazun for this purpose My role and responsibility is summarized below.

Handover/Transfer of the Project

• Due Diligence of the existing financial information in terms of cost incurred vis-a-visa the running or completed contracts and determining the cost to complete the Project.

• Verifying the amounts payable to the contractors, consultants, suppliers and identifying all existing and potential claims, disputes, variations etc with them.

• Verifying the amounts drawn down from the Bank to finance the Project and thus the balance of the outstanding loan including interest and penal interest.

• Establishing clearly the responsibility for any unidentified liability between the transferor and the transferee of the Project.

• Overseeing Legal Due Diligence of all contracts and their assignment/transfer to Al Forsan.

Mobile: +971-**-*******

E-mail: adgyiq@r.postjobfree.com

Mobile: +971-**-*******

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Al Forsan Village (Continued)

• Verifying the ownership documents of all assets and their transfer to Al Forsan. Strategy and Business Plans

• Involved in laying down the strategy for the Project and translating it into business plans and projected performance.

Structuring the Project

• Formulating a structure for the Project by identifying the major components and putting them under dedicated SPVs/subsidiaries held by a Holding company entailing allocation of all costs, assets and liabilities.

• Sub-division of the plot of land and transfer of their ownership to respective SPVs. Structuring of Bank Financing and Evaluating Interest Rate Swaps

• Negotiating with existing and other Banks to structure the existing loan already overdue for settlement into a long term facility tied to the projected cash flows as a Single or a Syndicated Facility.

• Negotiating for waiving the penal interest charged for overdue loan and also part of the interest due.

• Evaluation of different Interest Rate Swap options to convert Floating Interest Rate to Fixed.

Budgeting, Forecasting and Valuations

• Played key role in producing effective annual budgets, revised annual forecasts, projected five year financial performance and valuations/impairment exercises based on these forecasts for each component of the Project and then consolidation of these for the Group.

Selection and Implementation of Accounting and Other Software

• Selection and implementation of accounting and other software like Property Management, Fixed Asset identification, tagging and recording, CRM, HR and others based on suitability, cost, local support etc,

Designing Management Reports

• Designing effective reports for the Management, Committees, Boards, Parent Company, Auditors and other Authorities with focus on relevance, precision, quantum, accuracy, timeliness etc.

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Al Forsan Village (Continued)

Establishing Policies and Procedure Manuals

• Designing and implementing policies and procedures through establishing manuals in relation to Finance, HR, IT, Procurement etc.

• Embedding adequate and effective Internal Controls and Checks and all areas. Issuance of Previous and Future Years’ Audited Financial Statements

• Project audited since its inception in 2008 but the auditors unable to issue the financials mainly due to lack of Impairment Exercise.

• Carried out the Impairment Exercise to the satisfaction of all parties.

• Resolving major complexity in allocation of Impairment provision from impairment exercise carried out in current scenario to the financials of previous years.

• Handling production, audit and issuance of yearly financial statements in compliance with the adopted IFRS and resolving all complex issues with the auditors. Involvement in Marriott Al Forsan Hotel

• Directly involved in completion of Hotel dealing with issues of the contractors, consultants, suppliers, government authorities etc

• Involved in the selection of Marriott as the operator from amongst other operators.

• Negotiating their fees and the management agreement.

• Handling issues relating to acceptance of the Hotel under construction by Marriott with minimal changes and finalizing the Property Improvement Plan.

• Formulation of the Pre-Opening Budget in consultation with Marriott and controlling the flow of budgeted funding during the pre-opening.

• Finalizing the OS&E Budget and acted as the approving authority for its procurement through a third party procurement agency.

• Post successful opening being delegated to oversee closely the operation of the Hotel on a day-to-day basis.

Al Forsan International Sports Resort

• This is a very large sports resort with a wide offering of Sports, Leisure, Entertainment and Event Hosting activities. Sports activities include Shooting, Go-Carting, Wake- Boarding, Equestrian, Paintball, Polo, Football, Tennis, Pool, Gym etc, It also hosts 3 F&B outlets and has Banqueting facilities. It has been hosting international events in a number of sports.

• I was responsible for closely overseeing the financial management, carrying out feasibility for investment in new streams of revenue and improving existing, introducing operational and cost efficiencies, improving governance etc. 4

Al Forsan Village (Continued)

Villa Development, Sale, Lease and Rent-To-Own

• Involved in the completion of the villas including handling EOT and other claims with the contractors, suppliers, consultants etc.

• Launch for sale of villas in the Cityscape designing the sale strategy, setting the pricing and payment plans after benchmarking, appointing and overseeing sales agencies, arranging MOUs with banks to provide mortgage financing for the buyers, finalizing the SPA and related documents etc.

• Leasing of unsold villas setting the rentals and payment plans, appointing leasing agents, finalizing lease agreements etc.

• Overseeing the Property and Facilities Management of the Villa community.

• Budgeting the expenses for the maintenance of the common areas and arriving at the Service Charge Rate to be collected from the Villa Owners.

• Establishing and operating Owners’ Association for the Villa Community including presenting audited financial statements for the Owners’ Association.

• Designing and launching Rent-To-Own option to promote sales in a weak market. Joint Venture with an Airline

• Key role in finalizing long term lease of all the residential buildings to an Airline as staff accommodation through a JV with the Airline, with the JV buying the property from Al Forsan.

• Arranging long term bank financing for the JV at favourable terms to acquire properties from Al Forsan.

• Being the first contact for the management of the long term lease with the Airline. Retail Community Center

• Formulation of Retail Strategy through an external real estate consultant finalizing the optimum retail mix, market placement, benchmarking rentals, payment and other major terms etc.

• Appointment of exclusive leasing agent and negotiating and closing leases with the tenants.

• Making changes to the units to accommodate the requirements of the tenants.

• Formulation of Fit-Out Guidelines and overseeing the Fit-Out through an external agency.

• Resolving disputes with the tenants including breach of lease terms.

• Budgeting annual expenses for running the Center and arriving at a Service Charge Rate and Marketing Fee to be collected from the tenant annually.

• Overseeing the Facilities Management through an external contractor. 5

Al Forsan Village (Continued)

Al Forsan District Cooling

• Involved in setting up of charge out rate after benchmarking.

• Negotiating with consumers the rates and signing with them the service agreements.

• Appointment of an external agency to carry out billing and collection and managing the entire process.

• Increasing utilization of the idle installed capacity of the Plant by finding new demand.

• Appointment of an external agency to operate the plant and overseeing its performance.

• Evaluating the possibility of selling the Plant to a third party. Proposal for New Mixed-Use Project

• Involved in Concept Design, Cost Estimate, Feasibility and Financing options of a New Mixed-Use Project within Al Forsan Master Community. Master Plan for the rest of the Plot of Land

• Involved in arriving at the most desirable usage mix complimenting the existing Project and maximizing returns.

• Formulating proposal for submission to an Airline to build a large scale residential staff accommodation community with retail, leisure and entertainment elements within the proposed Master Plan.

Deyaar Development PJSC (2011-2013)

Worked as Chief Financial Officer. Deyaar is a major real estate group listed on the Dubai Financial Market. Deyaar is involved in development projects mainly in Dubai and Lebanon in commercial and residential sector. Deyaar also has major Property and Facilities Management Divisions and a subsidiary involved in MEP contracting. Challenges Faced Resulting From Economic Crisis

-Extremely difficult negotiations with contractors to restart/pick up pace on the Projects under development, with minimal payments to them and without accepting their Extension of Time claims.

-Difficult negotiations with banks to restructure overdue Loans at favourable pricing, tenor and other terms.

-Dealing with defaults by a huge percentage of customers in taking handover of units and the corresponding payment of the balance 50 to 70% of the purchase consideration resulting in acute shortage of funds.

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Deyaar Development PJSC (2011-2013) (continued)

-Dealing with the resulting huge inventory of completed units in generating cash by selling/leasing in a very gloomy market.

-Very difficult negotiation with customers of projects which were cancelled, to offer them properties in the projects going ahead or completed and moving the amounts paid by them to those projects at favourable prices.

-Dealing with legal cases by customers asking for refund of amounts paid due to cancellation or delay in projects.

-Negotiating with partners to unwind overseas Joint Ventures which were stalled as result of the crisis and getting back the capital invested.

-Reducing the operational cost of the Company without affecting performance.

-Falling values of assets and their impact on the Financial Statements due to impairment provisions/fair valuation losses

Apart from the close involvement in handling the above:

-Was also overseeing the Property and Facilities Management and Owners’ Association Management businesses of Deyaar.

-Was also instrumental in redesigning the strategy of the Group going forward. Alpha Group (2009-2010)

Worked as Chief Financial Officer. Alpha Group is a holding company in Umm-Al-Quwain, to hold, streamline and expand a portfolio of existing subsidiaries and joint ventures involved in a wide range of businesses as well as to invest in other profitable and strategic ventures. The role had more strategic business focus rather than purely financial. The role was expected to contribute substantially, along with the Group Chief Executive Officer, to introduce best business practices across the entire Group, to provide strategic direction and to take the Group to the next higher level in the short term and to the highest levels in the longer term. Al Qudra Real Estate LLC (2007-2009)

Worked as Chief Financial Officer. Al Qudra Real Estate LLC (“AQRE”) is a major real estate Group in Abu Dhabi, which is involved in Master Development, Development, Hospitality, Project Management, and Construction Contracting. The Group’s focus is UAE, MENA and Europe. Was involved very closely in the following projects: Danet Abu Dhabi and Desert Tower Projects

These are two major master development projects undertaken by AQRE in Abu Dhabi. AQRE sold the plots of land to other major developers from UAE and GCC and was undertaking the development of the infrastructure.

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Al Qudra Real Estate LLC (2007-2009) (continued)

Holiday Inn Hotel at Danet Abu Dhabi

This was a hotel which was being developed by AQRE as an owner in its Danet Abu Dhabi project. Was involved in the feasibility, in monitoring costs, progress of construction, dealing with different contractors, hotel operator, marketing strategy, project financing etc. Shades project in Reem Island, Abu Dhabi

This was a development project called Shades undertaken by AQRE in Shams Abu Dhabi, in Reem Island The project comprised five residential towers on a common podium. Was involved right from the initiation of the project i.e. concept design, preliminary feasibility, cost anaylsis, detailed design, detailed feasibility, negotiating with banks for project financing, pricing of the project including best payment plans, marketing and sales strategy, final launch of the project, selection of construction contractor and negotiating terms of construction contract and launching of contruction. Also, responsible for collection of payments from the customers and negotiating different options from customers in default.

Ain Al Fayda project in Al Ain

This is a 25 Sq. Km master development cum development project in Al Ain. The project comprises town houses and villas for UAE nationals. Was involved very closely from the initiation to the successful launch of the first phase of the project. Dubai Investments PJSC (2002-2007)

Dubai Investments PJSC (DI) is a public joint stock company listed on the Dubai Financial Market and is engaged in investing in industrial projects through its subsidiaries, joint ventures and associate companies, in almost all sectors such as real estate, steel structures and glass, other building materials, pharmaceuticals, edible oil, petrochemicals, shipping, telecommunications, district cooling etc. The Parent Company together with all its subsidiaries is referred to as the

“Group”. The Group comprised about 40 Group entities engaged in a wide range of industrial activities, which makes the Group very complex and unique. The Group, thus, posed unique, diverse and complicated challenges in the field of financial management, accounting, investing, risk management, public reporting etc.

Heading the Finance function, successfully meeting high level challenges posed by the complexity and uniqueness of the Group, with the following key areas of responsibility:

• Financial Reporting

• Financial & Risk Management

• Budgeting and forecasting

• Monitoring and supervision of performance of subsidiaries 8

Dubai Investments PJSC (2002-2007) (continued)

• Diversified Investments

• Mergers and Acquisitions

• Group restructuring

• IT & ERP implementation

KPMG, Dubai (1999-2001)

Worked as Audit Senior.

Major clients handled

Parmobel (Loreal Group), Total Lubricants, Shell, Al Naboodah-Laing, Danzaz. Deloitte Touche Tohmatsu International, Jeddah (1997-1999) Worked as Semi-Senior auditor.

Major clients handled

Raytheon, Lever Arabia, Glaxo, Savola.

S.L.Chhajed & Co., India (1990-1993)

Worked as articled clerk to undergo compulsory three-year apprenticeship required by the Institute of Chartered Accountants of India. Involved in statutory and tax audit of public & private companies, banks, trusts, schools, co-operatives, hotels etc QUALIFICATION

-Chartered accountant from the Institute of Chartered Accountants of India.

-Bachelor of Commerce from Sydenham College, Mumbai, under University of Mumbai, India. Sydenham is one of the top commerce colleges in India.

-Senior School from Daly College, Indore India. Daly College is one of the top British period public schools in India.

PERSONAL

Date of birth: May 20, 1968

Marital status: Married with two children

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