Like a falling star blazing through the vast expanse of the sky, he brought light to the lives of countless individuals and organizations, illuminating their paths even as he navigated his own challenges. His journey across the UAE, Qatar, and Saudi Arabia was one of transformation and impact, reshaping financial strategies and empowering teams to rise above adversity.
Sultan Sindi’s story is one of relentless pursuit of excellence. He redefined the finance department at UCA, breathing new life into its operations by enhancing efficiency and optimizing credit policies. His efforts bolstered the company’s financial performance and inspired tenacity, enabling it to weather economic storms. His expertise in strategic diversification across fixed-income securities and selective equity investments brought stability to turbulent markets while upholding strict Insurance Authority (IA) compliance.
Even as he presided over critical business reviews, tackled operational challenges across IT, legal, HR, and logistics, and managed ambitious real estate projects, Sultan’s focus remained on guiding others toward success. His unique perspective on regional financial markets and regulatory frameworks allowed him to assess risks with precision, particularly during moments of uncertainty that tested the industry’s resilience.
Much like a star that leaves a trail of brilliance, Sultan’s legacy lies in the lives he touched and the organizations he transformed, his light continuing to inspire long after he has passed through.
A Visionary Leader Driving Financial Excellence
Sultan Sindi, recognized as one of the Global 200 Power Leaders in Finance for 2024 and one of Saudi Arabia’s Most Visionary CFOs to Watch in 2024, is a distinguished financial expert with over 18 years of experience in the industry. His academic foundation is exemplary, holding a Bachelor of Science in Finance with a minor in Economics (with honors) from the American University of Sharjah, followed by an MBA from the prestigious London Business School. Sultan is also a CFA (Chartered Financial Analyst), FRM (Financial Risk Manager), CAIA (Chartered Alternative Investment Analyst), and FMVA (Financial Modeling & Valuation Analyst), demonstrating his deep expertise and commitment to continuous professional development.
His career began in the dynamic fields of investment banking and private equity, where he contributed to transactions exceeding $3 billion, sharpening his financial management and strategic investment acumen. With professional experience spanning the UAE, Qatar, and Saudi Arabia, Sultan has gained unparalleled insights into regional financial markets and regulatory landscapes. His tenure at Istithmar World Capital in the UAE, where he executed complex valuations and due diligence for high-value transactions, laid the groundwork for his progression through impactful roles, including those at the Chalhoub Group.
A polyglot fluent in Arabic, English, and French, Sultan leverages his linguistic capabilities to navigate international business environments and forge strong relationships with global stakeholders. His cross-industry expertise spans retail and distribution finance, insurance, and transformative megaprojects like the AlUla World Heritage site, underscoring his ability to drive strategic change and organizational growth in any industry.
Sultan’s approach to financial leadership is rooted in his passion for optimizing financial operations and fostering sustainable economic development. With his unique blend of strategic vision, technical proficiency, and cultural adaptability, Sultan continues to leave an indelible mark on the organizations and industries he serves.
Journey of Strategic Impact and Leadership
United Cooperative Assurance (UCA) is an insurance company listed on the Saudi Stock Market since May 2008. Its paid-up capital is 400 Million SAR. The company started underwriting insurance business on January 1, 2009.
Since its foundation in 1974, UCA has consistently acquired the best talents. Its members are technically equipped and always available to extend support with care and passion.
Sound expertise has kept UCA at the top of the regional market for decades. Its brand name has been associated with general lines, especially engineering mega projects.
Currently, after extensive practice and familiarity with the Saudi market, UCA still repeats the same story of success day after day, presenting the same high standards of service and integrity. UCA positions itself as one of the insurance industry leaders in the Kingdom.
Sultan’s journey in financial planning aligns seamlessly with this ethos of excellence. His Post-MBA career began at Chalhoub Group in Dubai, where his role as a Financial Controller involved coordinating Joint Venture relationships with key luxury brands. He then moved within Chalhoub Group to Qatar, where he honed his financial acumen by developing annual budgets and crafting detailed 3-year plans and forecasts.
These early experiences laid the groundwork for his strategic approach to corporate financial planning. He further advanced at Bupa Arabia, where he played a pivotal role in creating the company’s five-year strategic plan, a blueprint that ensured financial stability and sustainable growth and instilled confidence in stakeholders.
A defining chapter of Sultan’s career unfolded during his tenure as Executive Director of Financial Planning & Analytics at the Royal Commission for Al-‘Ula (RCU). There, he led the development of the 2024 annual budget and introduced an innovative online budgeting tool.
This initiative revolutionized the budgeting process, enabling the completion of budgets for 29 departments ahead of the Ministry of Finance’s deadline. This milestone underscored Sultan’s leadership and project management prowess, streamlining operations and reinforcing stakeholder trust.
Strategic Risk Management and Investment Excellence
At United Cooperative Assurance (UCA), risk management is not merely a regulatory requirement but a cornerstone of the organization’s operational philosophy. Guided by the IA mandates, UCA has established a dedicated Risk Management department that collaborates closely with Finance and other key departments to foster a proactive risk management culture.
Central to this approach is the development of a comprehensive risk management framework that aligns regulatory compliance with UCA’s broader business objectives. A pivotal element of this framework is the Key Risk Indicator (KRI) system, designed to capture and monitor potential financial risks.
Through quarterly reviews involving Risk Management and Finance teams, emerging risks are promptly identified, and mitigation actions are swiftly implemented. This integrated coordination has strengthened UCA’s risk governance structure, ensuring robust internal controls while providing stakeholders with the assurance of stability and resilience.
As Chief Financial Officer (CFO), Sultan Sindi has played a critical role in bolstering UCA’s financial stability through effective investment strategies and seamless integration with the risk management framework. Under his leadership, UCA’s investment income increased by 50% year-to-date (YTD) as of Q3 2024, despite a portfolio growth of only 9%—clear evidence of the effectiveness of the organization’s strategic diversification. Sultan’s approach combines a focus on fixed-income securities and selective equity investments while adhering to the stringent guidelines of the IA.
Navigating IA’s regulations, which emphasize asset admissibility and solvency limits, Sultan has continually sought opportunities to optimize UCA’s investment portfolio. His strategies ensure financial stability and sustainable growth while maintaining compliance and reinforcing stakeholder confidence. Sultan’s efforts embody UCA’s commitment to proactive risk management and strategic investment, securing the company’s position as a resilient leader in the Saudi insurance sector.
Strengthening Financial Resilience
At United Cooperative Assurance (UCA), evaluating cash and liquidity risks is paramount to maintaining financial health and stability. During periods of economic uncertainty, when market fluctuations threatened liquidity positions across the insurance industry, Sultan Sindi, as CFO, took proactive steps to safeguard UCA’s financial standing.
A comprehensive approach was implemented, which included thorough reviews of cash reserves and liquidity profiles and stress testing solvency under various economic scenarios. Strengthening reinsurance structures ensured adequate coverage for potential claims outflows, while robust systems were established to monitor premium collections and claims payments.
These efforts resulted in a resounding success: UCA maintained a healthy liquidity buffer and met all financial obligations without disruption.
Sultan’s ability to navigate these challenges highlighted the effectiveness of the company’s proactive risk management approach. It reinforced the importance of strong banking relationships, which he had carefully cultivated early in his tenure as CFO. The success of these measures has since become a blueprint for UCA’s ongoing liquidity risk management strategy, setting a high standard for future financial resilience.
Sultan’s focus on ensuring optimal cash flow is a cornerstone of his role at UCA. The company uses a combination of processes and tools to manage cash inflows and outflows efficiently. For inflows, UCA prioritizes timely premium collections supported by a stringent credit control policy to address delinquent accounts and ensures the prompt collection of insurance commissions to enhance cash flow further.
On the outflow side, UCA has streamlined payment processes for claims, vendors, suppliers, reinsurance, and broker commissions. Automated claims payments for minor claims and a rigorous review process for larger claims ensure efficient handling of outflows, while negotiated vendor terms allow UCA to maintain favorable cash positions.
These initiatives have significantly improved UCA’s cash conversion cycle while maintaining strong relationships with clients and vendors. By combining these processes with robust reporting tools, UCA continues to demonstrate its ability to maintain solid cash flow and liquidity, reinforcing its position as a leader in the Saudi insurance market.
Strategic Vendor Management and Budget Allocation
Sultan’s experience in managing complex vendor relationships spans multiple industries and organizations, highlighting his ability to foster strategic partnerships that enhance operational efficiency and reduce costs. At Chalhoub Group in Dubai, Sultan managed venture partnerships with world-renowned brands such as Christian Dior, Louis Vuitton, Fendi, Sephora, Chaumet, and Berluti. His role included overseeing frequent business review meetings, managing real estate projects, and addressing operational challenges across IT, legal, HR, and logistics. This experience sharpened his skills in navigating multi-faceted vendor relationships across diverse sectors.
Sultan’s approach to procurement at Bupa Arabia further exemplifies his vendor management expertise. Leading the procurement function, he achieved 10% genuine savings on procured products while maintaining high-quality and punctuality KPIs. This experience highlighted his proficiency in balancing cost optimization with service quality and vendor satisfaction, key elements in maintaining sustainable vendor relationships.
Sultan’s extensive vendor management background has positioned him to handle even the most complex relationships, ensuring mutually beneficial outcomes that support the strategic objectives of the organizations he works with. At UCA, his approach continues to build on these principles, focusing on strategic partnerships that enhance operational efficiency while maintaining strong, long-term relationships with vendors and service providers.
In the realm of budget allocation, Sultan has refined a strategic and meticulous approach, ensuring every expenditure aligns with broader organizational goals and regulatory requirements. At Bupa Arabia, he was responsible for managing SR 1 billion in operational and capital expenditures, where he implemented robust monitoring systems to ensure spending stayed within budget. His three-year outlooks and regular year-end re-forecasting helped align spending with strategic goals and compliance.
At the Royal Commission for Al-‘Ula (RCU), Sultan introduced an innovative online budgeting tool that revolutionized the budget allocation process. This tool streamlined the data-gathering process for 29 departments, significantly reducing the complexity of the previous manual system. As a result, the annual budget was completed ahead of the Ministry of Finance’s deadlines, demonstrating Sultan’s leadership and innovation in financial management.
Currently, at UCA, Sultan ensures that the budget allocation process fully aligns with regulatory requirements from the IA and business objectives. He balances operational needs with strategic investments, ensuring compliance with regulatory capital requirements and investment guidelines. This balanced approach to financial planning positions UCA for continued success and stability.
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