Cash And Trade Magazine For Cash and Trade professionals in the Middle East
October 10, 2012 – Dubai, U.A.E – Dubai Aluminium (DUBAL), one of the world’s largest single site aluminum smelters and the industrial flagship of the United Arab Emirates, has selected SunGard’s AvantGard Treasury (Quantum) for treasury management and hedge accounting. The solution will also help DUBAL manage foreign exchange, interest rate and commodity risk.
Moving from a spreadsheet driven environment to an automated integrated solution will allow DUBAL to efficiently manage, control and report on all of its treasury activities while helping provide increased transparency, enhanced data integrity and improved integration with internal systems. SunGard’s AvantGard Treasury (Quantum) will complement DUBAL’s enterprise-wide risk management initiative through integration with SAP Exposure Management for the identification of commodity and foreign exchange exposures.
Corporate treasurer and chief risk officer at DUBAL, Toby Shore, said, “We sought a treasury management system (TMS) to help us mitigate financial risks and address security concerns resulting from the use of spreadsheets. We chose SunGard because its system provided this as well as being easy to integrate; and also because of SunGard’s strong reputation in the Middle East. The flexible, configurable reporting capabilities of SunGard’s AvantGard Treasury (Quantum), its complete coverage of complex instruments required for hedging, and its ability to accommodate our need for SAP-integrated risk management were also deciding factors.”
Wissam Khoury, managing director of SunGard Middle East said, “DUBAL’s treasury modernization project aligns with the roadmap of many corporate treasury teams across the Middle East who share the goal of automation and centralization. To achieve these goals, it’s imperative for treasuries to partner with solution providers that understand the regional and cultural nuances of the Middle East and who have a strong local presence. DUBAL joins a growing list of customers in the region who recognize the value of SunGard’s AvantGard treasury solutions and its expertise.”
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