Dubai World is currently rolling out Oracle Hyperion Financial Management software to more than 300 users across 150 legal entities in a bid to strengthen its corporate governance and regulatory compliance processes. 

The new software deployment, which is the largest installation of Oracle’s Hyperion solutions in the wider Middle East region, will enable the finance departments of various Dubai World companies to accelerate and enhance their reporting status, analyse financial growth, and develop a single instance of financial reporting across their organisations.

“Robust corporate governance, accurate and swift financial reporting, and rapid compliance with changing regulatory frameworks are key elements of Dubai World’s growth strategy as a global company, and our new Oracle Hyperion Financial Management system is a critical tool to achieving these aims,” said Maryam Sharaf, group chief financial Office, Dubai World.

The Hyperion Financial Management software selected by Dubai World is a comprehensive, Web-based financial software application that delivers global collection reporting and analysis in a single, highly scalable offering.

While the software utilises the most advanced technology currently available in the market, its user-friendly interface and financial reporting tools enable it to be owned and maintained by Dubai World’s Corporate Finance team together with its Information Technology Center which provides hosting services, said a top Oracle official.

"We anticipate that Hyperion Financial Management will enable Dubai World to reduce its financial consolidation timeline by half by automating and streamlining its closing and analysis processes,” said Arun Khehar, vice president, RPM Industries, Oracle.

“This type of system also helps customers like Dubai World identify new sources of profitability while cutting down on the operating costs of its finance departments, and these benefits can be significant to a growing global brand with multiple overseas subsidiaries,” he added.

One of the fundamental benefits that Dubai World expects to derive from using Hyperion Financial Management is a ‘single version of truth’ in the reporting of its financial results across a diversity of subsidiaries, Khehar explained. 

Rather than relying on spreadsheets or custom-made reporting solutions, the new software can integrate information from multiple systems and companies within Dubai World and provide a single and centralized view of the company’s finances.

This latest software deployment was managed in partnership with Paragon Middle East.

Dubai World plans to extend the Oracle Hyperion solution to its subsidiaries in Europe, Africa and the US within the year, said Sharaf.-TradeArabia News Service