Conversations at the ACT’s Middle East Teasury Summit revealed a potent triad of technology, partnership and people as the foundation for making working capital truly work harder.
“There’s relatively little new in working capital mechanics,” said Toby Shore, VP of group treasury at Emirates Global Aluminium (EGA) (pictured above, centre right). “But when [interest] rates hit 17% to 19% in the 1980s, working capital became critical,” he recalled. “Today, with rising inflation and geopolitical flashpoints from Red Sea disruptions to margin call volatility, treasurers are once again focused on unlocking trapped value.”
Shore emphasised that releasing working capital can be one of the cheapest forms of liquidity. “If you can’t solve it contractually, financial engineering becomes essential. Unlocking value from the balance sheet gives you options – paying down debt, reinvesting or returning capital to shareholders. But you need a plan for that liquidity.”
Technology is increasingly central to that plan. Shore shared how EGA developed a machine learning tool to predict its cash conversion cycle. “We track patterns across 330 customers – some pay four days early, others three days late. That predictive insight helps us manage liquidity proactively.”
Cash is the lifeblood of any company. To optimise it, you need to know where it sits, how it moves and what markets it’s in
But technology alone isn’t enough. “We once worked with a provider using proprietary tech for a discounting facility,” said Shore. “It didn’t scale. We learned the hard way that banks should be banks, and fintechs should be fintechs. Fintechs are more agile, especially when you need something done on a Friday afternoon.”
Khaloud Alhammadi, director of treasury at Abu Dhabi Ports (pictured above, centre left), stressed that visibility is fundamental. “Cash is the lifeblood of any company. To optimise it, you need to know where it sits, how it moves and what markets it’s in.” She highlighted virtual account structures and treasury management systems (TMS) as key enablers of agility: “With the right sweeping structures and data visibility, treasurers can make faster, smarter decisions.”
Alhammadi also shared that while her team had built a robust financial infrastructure, its success depended on having the right people to interpret data and adapt systems. She emphasised that shifting internal mindsets can be just as challenging as selecting the right external partners.
A session titled ‘Strategies for Optimising Working Capital’ explored how agility is becoming essential in volatile markets. Panellists discussed how tools like commercial cards, such as corporate and purchasing cards, are helping businesses streamline payables and receivables, unlock liquidity more efficiently, and improve visibility and control over cash flow.
Pinaaz Kulkarni, head of Visa Commercial Solutions CEMEA (central and eastern Europe, Middle East, Africa), reinforced the perspective that commercial cards are increasingly viewed as strategic enablers, offering real-time visibility, simplifying reconciliation and reducing reliance on traditional credit lines. The panel also highlighted that even the most sophisticated structures can fall short without internal alignment.
Emma Procter is a business journalist based in Dubai