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Umar Saleem FCA

Profile picture of Umar Saleem FCA

Umar Saleem FCA

Active 4 years, 2 months ago
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Name

Umar Saleem FCA

Your Country

United Arab Emirates

Company

Maven Investment Partners

Position

Co-Founder & CEO

Gender

Male

Core Industries

Alternative Investments, Digital | e-Commerce | Technology, Family Office, Manufacturing, Real Estate, Retail

Experience

Umar is a UK qualified Chartered Accountant (FCA – ICAEW) with 29 years of experience in corporate finance, M&A, operational and financial restructuring, business transformation and hands-on operational management across a broad spectrum of industries. Prior to co-founding Maven Investment Partners, Umar worked as Group CFO for a listed company in Dubai for seven years and was instrumental in its turnaround. He has also held leadership roles at Alvarez & Marsal, IBM, Oracle, Majid Al Futtaim Group and PwC. Having been based in Dubai since 1996, Umar has an extensive network of contacts across the MENA region.

Board positions:

Maven Investment Partners – Executive Director
NORR Middle East – Independent Board Member
Initial Saudi Group – Chairman of the Audit Committee
Initial Saudi Group – Chairman of the Nomination & Remuneration Committee

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NEDs and Economic Substance (“ESR”)

Pursuant to ESR, certain companies deploying a “relevant activity” have to demonstrate that they have effective substance in their jurisdiction by satisfying a so-called “economic substance test”. ESR is in force in the UAE since 30th April 2019.

A company meets the test if it is directed and managed in the UAE and has adequate people, premises and expenditure in the country.

In this context, the composition and competence of the board of directors – composed of both executive director(s) and NED/s –, and the proper recording of minutes of all board meetings are key factors when assessing whether a company is compliant or not.

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