2020 has been a momentous year both on at personal level and professional level for a lot of people. Families and businesses, alike have endeavored to struggle, survive and succeed in the most challenging of years in recent history.
At ProdigyWay - both a firm and family of colleagues have continued to stay close to our core ethos - serve our clients in the toughest of circumstances and help them navigate through these tumultuous times. We persevered and showed resilience by being out there for our clients in their "hour of need".
Whilst, the year 2020 has had more than its share of challenges we as a firm had noteworthy successes notwithstanding Covid-linked New Normal'.
- We were able to recruit top talent across our banking and finance team with small specialized team having 200+ years of GCC / ex-GCC experience helping our clients raise capital and restructure businesses through perhaps the worst crisis of our lifetimes.
- We successfully concluded AED 500 Million in financing deals with another mandates worth AED 3.5 Billion under active execution vis-a-vis new funding, restructuring, special situations etc.
- We structured proprietary 'non-recourse' extended payment term financing solutions to support top EPC clients in successfully receiving lender term sheet for the largest developer in GCC.
- Our structured proprietary 'non-recourse' financing structure, for one of the largest real estate developer in GCC enables our client to liquidate inventory despite challenging market, by offering attractive Rent-to-Own payment plans.
- We successfully executed transformation mandate for the largest FMCG in the region.
- We won mandate for business process re-engineering and cost optimization from the largest educational institution in the MENA.
- We expanded our portfolio of outsourced / co-sourced clients, provided independent and objective internal audit and risk management function, including winning mandate for a government-owned, city-wide transportation infrastructure service provider in KSA.
- We continued to scale-up our Shared Services Centre by winning mandates of complete to provide our expertise in managing the complete finance function from several leading organizations across GCC (including a prominent media house and household name in the fashion industry).
- We through our Business Process Outsourcing expertise successfully concluded transactions with the largest real estate owner and with a leading REIT in UAE.
We've been at the forefront in offering our clients innovative solutions in the toughest of economic environments. Then again, we at ProdigyWay have always believed in the dictum - when the going gets tough, the tough get going. We continue to actively stay engaged with prospective clients.
Wishing you and your family a wonderful New Year blessed with good health, success, and prosperity.
President of the UAE, has issued the landmark Federal Law No. (7) of 2017 for Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA).
Saudi Arabia’s Shura Council has approved the draft of value-added tax (VAT), a major step forward in levying of sales tax in the kingdom, which is at the heart of the government’s push to generate revenues through alternative sources as windfall from oil dwindles.