Proposal for

the development of
Five year Business Plan for
a client of
Rawasi Financial Solutions

Insights – Real Estate Advisory

Insights – Corporate Finance & Deal Advisory

Technical & Financial Proposal

Dated: 2nd February 2022
Table of Contents
Pages No.
Covering Letter
Introduction and Project Brief
Detailed Scope of work and Our Approach and Methodology
Proposed Project Plan and Timelines
Deliverables
Project Fee
Experience of Relevant Engagements
Project Team
Why Insights
Our Clientele
Contact Us

68
Covering Letter

Mr. Zuhdi Zubair,

Chartered Value Investor,
Rawasi Financial Solutions,
Kingdom of Saudi Arabia.

Dear Mr. Zuhdi Zubair,

We are pleased to be considered for the development of five year We are committed to providing you with the value for your
Business Plan of one of the client of Rawasi Financial Solutions. We business at a fee that is competitive in the market place. We
would also like to express our thanks for considering Insights for this intend to be a long-term partner for you and therefore seek a
key project. fee that is mutually acceptable.

We would be delighted to provide further information as

We understand the scope and magnitude of the efforts required to required. Should you have any questions or require additional
execute the project, with the aim of complying applicable information, please feel free to contact myself at
requirements. We believe that we are uniquely positioned to meet mai@insightss.co or on + 966 555 177 076
your requirements.
Your Sincerely,
Our approach to this important project is designed to be as rigorous, Asif Iqbal Malik
focused, and informed as possible. As you will see in the proposal
details, we have carefully considered the best way to meet your Partner – Real Estate Advisory
INSIGHTS
objectives, and are committed to helping you achieve your goals.

3
Introduction and
Project Brief
Introduction

Preface About Potential Client

Insights (“Our” or “We”) is a financial advisory consultancy Rawasi Financial Solutions is a specialized and boutique financial
founded by a fraternity of qualified professionals and business consulting firm providing services for the past 10 years in the
analysts. KSA.

This document has been prepared by Insights on the request of Rawasi was established in 2007 by a team of corporate bankers,
Mr. Zuhdi Zubair, (“Client” or “Your”) to provide Proposal for risk professionals, investment bankers, and financial experts.
the development of five year Business Plan of one of the client
of Rawasi Financial Solutions. Rawasi has a wide range of clientele including banks, real estate
development, Healthcare services, etc.
This proposal outlines the scope of work that Experts will cover
and the methodologies to be used, together with our estimated
timescale and proposed fees.

5
Project Brief

Background • We understand that Rawasi Financial Solutions wants to develop a five year business plan for one of it’s client in-
order to maximize the returns.
• The client operates in the real estate sector and is a joint stock company. Its main objective is to build residential
units for high- and middle-income classes in the Kingdom. They require a full-fledged business plan and strategy
for the purpose of improving the revenue performance and growth and becoming profitable.
• In this regard, Insights is pleased to submit a proposal to act as Advisor to the Client on this exciting project.
Our understanding of We understand that the objectives of this engagement and we will assist the Client in the development of business
your requirements plan by undertaking the following procedures:
• Desktop Market Analysis/Concept Validation including Macroeconomic Overview and General Appraisal.
• Study the existing Business and Operating Model Designs.
• Develop Master Plan for the company and define New Business & Operating Model if required.
• Compile financial projections.
• Financial analysis, including sensitivity analysis for identification of critical variables.
• Preparation of factual information i.e. assumptions to agree with client in order to make financial model.
• Preparation of financial model for business plan.
• Submission of detailed business plan to the client.
• We use the inputs arranged by the Client to form the basis of our deliverables.
How we can help • Insights is recognized as one of the best advisors in the market.
• In choosing Insights to carry out this project, we will deploy a skilled team with good experience in local and
international market.
• Furthermore, we have assembled a blend of outstanding resources to deliver against your objectives and business
drivers. We realize that this is an important endeavor designed to enable the Client to better position itself for the
future.
• We have proposed an approach and methodology and a team to deliver a first class deliverable.
• We hope that this proposal appear to be helpful and we look forward to working with you on this important project

6
Detailed Scope and
Our Approach &
Methodology
Detailed Scope of work and Our Approach & Methodology

Our Work Schedule for the development of Business Plan

Business and Develop Financial

Desktop Market
Operating Model Model & Document
Analysis Design Business Plan

Estimate Revenue and Cost

Key Activities/ Macroeconomic Overview Develop Master Plan for
Estimates & Develop 5 year
Deliverables and General Appraisal the company
Financial Model

Desktop Market Analysis

Planning and – Business Analysis (Overall Define Business & Operating Finalize Business Plan
Organization Market, Industry & Model Report
Competitor Analysis) (Overall Business Strategy)

Project status meetings to be held at key milestones throughout the duration of the project
Final Presentation at the completion of the deliverables

Overall project management, communication, change management & quality assurance

8
Detailed Scope of work and Our Approach & Methodology

Our Approach and Methodology

1. Planning and Concept Analysis

Objective • To define the framework for planning, monitoring and controlling the engagement.

Key Activities

• Reconfirm engagement objectives / expectations and work scope;

• Develop detailed project work plan and reporting timelines
• Establish and mobilize project team; Define roles and responsibilities of the engagement team.
• Develop information requirement list for the Project;
• Set overall project planning and appraisal including the review checkpoints / milestones/meetings/mode of communication etc.
• Refine and formally document the vision and mission of the Project; and
• Generate preliminary strategy issues.

9
Detailed Scope of work and Our Approach & Methodology

Our Approach and Methodology

2. Desktop Market Analysis – Macroeconomic Overview and General Appraisal

• To highlight the macroeconomic fundamentals of the economy;

•To critically analyze the key industries in the identified states as follows:
Objective − Industry overview.
− Key players.
− Recent developments

Key Activities

Macroeconomic Overview
• An Overview of KSA Economy, including current performance and future forecast with regard to Real and nominal GDP and GDP growth rate.
• Inflation
• KSA yearly budget (Public Revenue Vs. Expenditure with outlook of Government Debt, Budget Deficit along with Oil and non-oil sector performance
• Saudi Vision 2030 including Government policies to increase the non-oil sector contribution in the economy.
• KSA legal environment. Impact of newly imposed regulations on KSA economy.

General Appraisal
• Analysis of KSA relevant sectors – . (Key Characteristics – Sizing, Main Facilities and Services
• Total market size and positioning including share of offered services.
• Major players in the market and their market share (Competitor Analysis encompassing unique selling propositions, benchmarking etc.)
• Key demand generators in the market i.e. Growing Literate Population and demographics with other socio-economic factors taken in consideration.
• Key existing supply characteristics – Trends & KPIs
• Demand - Supply Gap
• Future potential for growth

10
Detailed Scope of work and Our Approach & Methodology

Our Approach and Methodology

2. Desktop Market Analysis – Business Analysis (Overall Market, Industry & Competitor Analysis)

• To estimate/ quantify the market size and growth potentials.

Objective
• To identify the potential users and understand their needs, with a view to assessing effective market demand.

Key Activities

Methodology for Market Research:

• We will be conducting secondary research to provide a better industry insight
• Gather relevant data/information.
• Analyze existing market with focus on existing players, facilities and the service offerings (Key Segments)

Market Analysis
• Address the characteristics of target customers in term of geographical location, segmentation and behavioral factors etc.
• Existing Supply and Demand of product/services and What factors might contribute future growth of Supply and Demand of product/services.
• Address the market opportunity that can be capitalized.

Industry Background
• Address the products and services offered by the industry, and range of products and services encompassed by the industry.
• Geographically spread of the industry and it key features
• Industry trends such as growth rate, new patterns of growth, factors contributing to future growth, Barriers to entry etc.

Competitive Analysis
• Major market players, their product/services, market share, strength, weakness
• Marketing strategy and key success factors of competitors
• Value Propositions of the competitors and Address the possible threats from existing major market players.
• Company Success Factors and SWOT Analysis

11
Detailed Scope of work and Our Approach & Methodology

Design principles of our methodology

Framework in defining the operating model
Insights Levers of Value Framework
BUSINESS MODEL CONSIDERATIONS

Strategy and
• What is the overall strategic aspiration and how does this translate into the 5 year revenue / profit targets?

REVENUE ENHANCEMENT
Financial
• Will this be sufficient to sustain / create a market leading position and deliver against strategic aspirations?
Performance

• Which market segments will be core and which new areas need to be prioritised to drive the growth agenda and improve competitive
Customers and =
positioning?
Markets
• How do you permeate and grow your share of the customer’s wallet and what is a sensible growth rate?

Propositions and • How do you innovate and differentiate yourself within a competitive market place?
Brands • What will be your key differentiators and value propositions? How will you deliver your propositions profitably?
OPERATING MODEL CONSIDERATIONS

Operations, • How can you achieve operational and service delivery excellence?
Infrastructure • What improvements need to be made to your operating model and infrastructure to support your growth aspirations and changes within
and Technology the business model?

COST EFFICIENCY
Talent • What is the most effective organisation structure for the business? Will it facilitate effective communication and timely decision making?
Management & • Does the entity have the skills and capabilities required to operate in this industry? Are there any key resourcing gaps which need to be =
Organisation filled?
Structure • What is the total and additional staff cost required to operate in this industry?

Governance and • What needs to change in governance structure?

Risk • What additional structures/ functions are required to support the overall market aspirations?

12
Detailed Scope of work and Our Approach & Methodology

Our Approach and Methodology

3. Design Business and Operating Model – Define Business and Operating Model (Current & Proposed Operations)

• Articulate key business design principles/ philosophies to guide development of an optimal target operating model.
Objective
• Design an optimal target operating model for the company.

Key Activities

Background and Company Overview

• Company Information including vision and mission and competitive positioning etc.
• Legal Structure, Ownership, Management& Organizational Structure.
• Product & Services (detail description, key features, and unique points of differentiation)

Understanding the Business Environment

• Description of the Business needs. For assessing the business needs and desired outcomes, strategic environment, business demands, constraints, problems,
opportunities and prioritized requirements will be scrutinized to come with strategic fit options and set assumptions & highlight dependencies.
• Current state of the business plan is analyzed and the future aspired state determined to understand the gap and propose the business and operational model
to achieve the client objectives. Provide recommendations to close the gaps
• Operating future state options and hypotheses for prioritized functions. (Strategic Objectives)

Understanding the Business Model

• Development of value propositions for each of business opportunities core capabilities and current resource. Description of bundle of products, services that
create Customer Value Proposition for specific customer segment and how revenue streams run as a result of its communication channel with the customers.
• Identification of key regulatory requirements and appropriate regulatory options to offer incentives. (Enablers & Incentives)
• Articulate and agree target operating model for the business covering: Services, functions & processes, Organization structure, Corporate Governance
framework, Information Technology requirements and People & skills
• Identify key operating facilities, services and the technology usage requirements for better R&D facilities.
• Identify relevant operational risks and mitigation strategies for existing business and new growth opportunities.
• Based on the market opportunities and value propositions developed, we will develop high level business case by considering change in management aspects,
supplies, potential investment opportunities and determine recommendations, if any.
• Identify impacted areas/stakeholders and degree of impact (Project Impact & Sustainability)

13
Detailed Scope of work and Our Approach & Methodology

Our Approach and Methodology

3. Design Business and Operating Model – Develop Masterplan for Business Expansion (Overall Business Strategy)

• To determine technical and resources requirements for future

Objective • To determine the effects of physical factors of the business activity if any i.e. on the environment and people

Key Activities

Review, Analyze and Evaluate following parameters to develop Business Plan

•Market outlook analysis to determine market size and opportunities. This includes Market size, Customer/client/partner analysis, Channel analysis, Competition
landscape and Business Risk
•Understanding on current state condition of Strategy, Current operations e.g. sales and operations plan, Capital's strategy and business models, Capital's
constituents and requirements to better serve each type, Consider market trends.
•Requirements, implications and design principles for organizational and operating models
•Evaluation of current supply of factors essential for the business segments. Prioritize functions based on impact and relevance
•Identify all the business development components and provide realistic sequencing options.
•5 years strategic plan with specific growth milestones, targets, and product/service growth plan (including department wise business strategy).
•Develop High Level Marketing Strategy i.e.
• Brand/Patents Positioning Development. 
• Communication Plan (Media Strategy - channel selection, audience profiling, KPI, and Content).
• Launch Plan. 
• Implementation of initiatives.
•Develop the Investment Strategy for the entity if any.
•Identify any possible segments where the entity can diversify and minimize its operational risks and optimize its profits.

14
Detailed Scope of work and Our Approach & Methodology

Our Approach and Methodology

4. Develop Financial Model

• To determine the business case in concept into key financial elements, assessing funding requirements and the financial viability for the
Objective
future.

Key Activities

•Based on the sequencing options determine the business plan

•Prepare financial appraisal specification detailing critical business issues, functionality and scenarios to be addressed by the model;
•Insights will rely on the assumptions derived from the Desktop Market Analysis and discussion with client. The client will be responsible for providing all the
technical data like machinery, tools, utensils, raw material cost, etc.
•Define key financial assumptions underlying the model:
• Revenue assumptions
• Operating Assumptions (Develop a high-level costing of all human and other resources required for the business. Determine the cost implication of the
specific components of the business segments)
• Investment Assumptions
• Capital Structure
• WACC calculation
• Inflation & growth factors
•Review key drivers for the financial model based on input and data as provided by the company;
•Define the high-level financing/fundraising strategy for the company, indicating funding requirements and mix, sources and timing;
•Build a 5 year high-level model using Discounted Cash flow Method , showing projections of cost, income and profitability;
•Perform sensitivity analysis on the model to determine the key project parameters that will require careful monitoring during the project implementation; and
•This task will also include the use of investment appraisal tools such as ROI, ROE, NPV, IRR, Pay-back period with detailed Ratio Analysis.

15
Detailed Scope of work and Our Approach & Methodology

Our Approach and Methodology

5. Document Business Plan

• To determine the business case in concept into key financial elements, assessing funding requirements and the financial viability for the
Objective
future.

Key Activities

• Summarize market analysis and study

• Document detailed Strategic direction, vision, mission, goals & objectives of company along with business strategies and focus areas and operating model
• Historical Statement Analysis of P&L, Balance Sheet and Cash flows.
• Summarize 5 Year financial projections of P&L, Balance Sheet and Cash flows.
• Quantification of business opportunities including Expansion Plans using selected business case scenarios. (Scenario Analysis)
• We will use financial model to see the material impact of our proposed business plan.
• Review and rationalize in-flight and already planned projects (accelerate, adjust, deprioritize, or abandon)
• Consider required broadening of stakeholder involvement (visibility of business)
• Determine immediate next steps and design the overarching implementation roadmap
• Document detailed implementation roadmap covering short term, medium term and long term
• Document business plan
• Perform Profitability Analysis including GP, EBITDA, EBIIT and NP Margins.
• Appraisal tools such as ROI, ROE, NPV, IRR, Pay-back period with detailed Ratio Analysis.
• Sensitivity and Risk Analysis to show fluctuations in Projected Results with regard to change in assumptions of Revenue, Capex, Opex and other identified Risks
& KPIs.
• Recommendations to mitigate the assessed risks from Sensitivity analysis.

Deliverable

• Detailed Business Plan

16
Proposed Project Plan
and Timeline
Proposed Project Plan and Timeline

• Our consultants believes that they can complete the deliverables as outlined above within approximately 6 weeks of commencing work,
which will start as soon as we have a signed copy of this proposal and confirmation of the receipt of the requested retainer fee.
• Factors beyond our direct control, such as availability of management and availability of requested information could have an impact on
the time required. However, we estimate a period of approximately 6 weeks to complete the engagement post receipt of all required
information We will work closely with you at every stage of the process in order to ensure a robust and comprehensive report

1st 2nd 3rd 4th 5th 6th

Activity week week week week week week

Engagement Mobilization

Desktop Market Analysis

Preparation of Financial Model

Documentation of Business Plan

18
06
Deliverables
Deliverables

Final Report
Note:

• The deliverable will be solely for the

internal use of the Client and shall
not be disclosed to any third party
without our specific approval.

• We must also point out that neither

the whole nor any part of the
report(s) thereto may be included in
• The deliverables would be: any published document, circular or
o Detailed Business Plan (Draft and Final reports in English and statement or be published in any way
Arabic Language). without our previous consent to the
• Upon timeframe completion, our consultants will email a digital soft copy form and context in which it may
of the completed Report in draft form. appear.
• Following the completion of the feedback period (i.e. two weeks or
otherwise agreed)
• The digital copy of the report will be sent in the read only format.

20
06
Project Fee
Project Fee

Our Fees:
Our fee estimates reflects a decent discount to our Standard rates, demonstrating our strong desire to work with you

Project Fee Amount (SR) Key Assumptions

Fee for Business Plan Our fee would be based on the following assumptions:

• This fee is net of any withholding tax, value added tax,

VAT @ 15%
sales taxes, bank charges or deductions of any kind at
the time of payment.
Total Fee
• The scope does not include updating client policies and
procedures manuals and assessment/implications on
Zakat and tax.

Settlement of our invoices will be as follows:

First Payment: 50% upon written instructions to proceed

Final Payment: 50% on the submission of our final report.

22
22
06
Experience of Relevant
Engagements
Experience of Relevant Engagements

The Client
TAB Regional Company is established in 2014 with the aim to become a major player in KSA real
estate and facility management market. TAB Regional Company is mainly owned by following
two companies:
• Design & Build (D&B)
• ESNA Holding
TAB Regional
Company D&B is a leading one stop shop company in the field of construction industry. Moreover, since
1993 ESNA Holding has positioned itself as an active investor in a diverse and varied array of
businesses sectors both locally and internationally in seven high growth companies: ACTEST
Electromechanical, ACTEST Medical, NISCO, Private Aviation Services Company (MPA),IGTC, BMH
and Watershade

Background & Project Details

Insights Advisory was appointed by TAB Regional Company (the “Client”) to develop Business Plan
(the “Project”) in connection with the acquisition of Mövenpick hotel.

The Client was planning for the acquisition of property with following salient features:
• Property span on a land area of 4,800 square meters.
Insights • Strategically located.
Corporate Finance & Deal Advisory • Property was a modernly designed four star hotel that comprised of 120 units and expected
to be operational by mid 2020.
• Ground floor was mainly designated for four retail showrooms
2019

| Business Plan | Market Analysis | Real Estate Advisory |

24
Experience of Relevant Engagements

The Client

ACIT enable private local and foreign companies with best in class advisory and advocacy services.
They facilitate the landing of positive impact investments into Saudi Arabia.

ACIT Advisory & ACIT contracted by Doyoof Al Rahman Program (DARP) KSA which is one of Saudi Arabia’s Vision
Consultancy 2030 Realization Programs whose mission is to comprehensively improve the Pilgrims’ quality of
experience, and to achieve the target of 30 million Pilgrims visiting annually by 2030. Three of
Saudi Arabia’s 2030 Vision Strategic Objectives entrusted to DARP are:
• Facilitate hosting more Umrah visitors and provide an easier access to the holy mosques
• Improve quality of services
• Enrich the spiritual and cultural experience.

Background & Project Details

Preparing 20 different Business Cases for Investment Opportunities in Hajj and Umrah sector to
Insights facilitate Ministry of Hajj and Umrah KSA, Ministry of Tourism KSA, and Doyoof Al Rahman
Corporate Finance & Deal Advisory Program (DARP) KSA aiming to host the largest ever number of International Visitors - Muslims to
perform ‘Umrah’ (a year-round Islamic religious ritual) increasing from 6 Million to 30 Million by
2030 under ambitious Saudi Vision 2030.
Ongoing - 2020
Our deliverable includes Market Sizing, Financial model, Business Plan documentation along with
information memorandum and teasers for each business case.
Our business cases will be used to pitch the investors.

| Business Plan | Market Analysis | Information Memorandum | Teasers

25
Experience of Relevant Engagements

Background & Project Details (Contd)

The study area is limited to Makkah and Medinah otherwise mentioned. The Business Cases delivered/finalized up-till now include (Business
Plan – Objective):

• Renovating and Operating Accommodations – Ensuring adequate supply of the accommodations options available to the Domestic
ACIT Advisory & and International Umrah Pilgrims.
• Childcare Centers – Provision of the childcare facility to the Pilgrims at a scale sufficient to cater the significant demand.
Consultancy • Spiritual Wellbeing and Religious Reflection Centers – Provision of places where pilgrims can take productive relaxing breaks after
their Umrah Journey.
• Destination Management Company (Study Area : KSA) – Effective management of the Umrah Journey of pilgrims and to activate the
dormant historic sites for the KSA cultural showcase.
• Inspection Services – Efficient distribution of the resources and to get better idea of the existing quality and supply of services in both
cities.
• Home Terminal (Baggage Services) – Easing the Umrah Journey of pilgrims by not worrying about the luggage.
• Mobile Clinics – Ensure the provision of the medical facilities in the periphery of key locations.
• Hejaz Railway Museum (Study Area : Medinah) – Upgrading the museum and ensuring the provision of the entertainment services like
Events, Exhibitions, F&B Outlets so on and so forth.
• Kiswa Factory & Maarad Al Harmain– Upgrading the museum and ensuring the provision of the entertainment services like Events,
Exhibitions, F&B Outlets so on and so forth.
Insights
• Cultural Market – Upgrading the historical cultural markets to attract the pilgrims and enhance the F&B oulets and offer shopping
Corporate Finance & Deal Advisory opportunities to the pilgrims.
• Hop On Hop Off & City Pass – Providing the opportunity to the pilgrims the visit the holy cities on the buses and enjoy the city tour.
• Facilities Management Co. – Ensure same quality of accommodation service in all hotels in the holy cities to the pilgrims
Ongoing - 2020 • Parking Plus Makkah Co – Help the Umrah pilgrims visiting the cities by private vehicle to find easy parking slots.
• Group Transportation Platform - Help the Umrah pilgrims coming with families visiting the cities to get the logistic services
• Training & Skills Development Company– Ensure same quality of accommodation service in all hotels in the holy cities to the pilgrims
• Cable Car – Help the Umrah pilgrims to room around Al Nour Mountain Station and Thawr Mountain Station via cable cars.

| Business Plan | Market Analysis | Information Memorandum | Teasers

26
Experience of Relevant Engagements

The Client

Amaar real estate is a leading Saudi company, specializing in all areas of real estate investment. it
was founded in 2011 by overcoming all the obstacles due to its competitive strength. Thirteen
projects have been launched, till date, at a total cost of 5.5 billion SAR, its supreme motto is “land
development” by diversifying its projects.
Amaar Real Estate

Background & Project Details

Insights Advisory was appointed by Amaar (the “Client”) to conduct 3 different Highest & Best
Use, Feasibility study on three different land parcels, and Market Study (the “Project”)
pertaining to the Real Estate projects (including Residential, Commercial, Hospitality and Retail)
undertaken by Amaar.

More specifically, the real estate studies contain the Site Assessment, Socio Economic & Market
Insights
Dynamics, City Real Estate Market Analysis, Initial Concept of Development Options, Financial
Real Estate Advisory Analysis, Risk Mitigation, Critical Success Factors and Consultants’ comments &
recommendations.

2020 & 2021

| Real Estate Advisory | HBU | Feasibility Study |

27
Experience of Relevant Engagements

The Client

Al-Maqar Development and Development Company was established in 2014 by royal decree to be
the investment arm of the Municipality of Al-Madinah Al-Munawwarah region and works on the
re-development of urban and municipal services in the residential, commercial, entertainment,
medical and agricultural sectors by offering and managing pioneering projects in the field of
Al Maqar urban and urban development to be an extension of the historical and developmental position of
Development Al-Madinah Al-Munawwarah and to contribute In achieving the Kingdom’s Vision.

Comapny Background & Project Details

Insights Advisory was appointed by Al Maqar Development Company (the “Client”) to

assist them in the Feasibility Study (the “Project”) of land development for commercial use
undertaken by Al Maqar on a land size of 458,486 sqm located in Madinah, Saudi Arabia.

More specifically, the real estate feasibility study contain the Site Assessment, Socio
Economic & Market Dynamics, City Real Estate Market Analysis, Financial Analysis, Risk
Insights Mitigation, Critical Success Factors and Consultants’ comments & recommendations.
Real Estate Advisory
We performed detailed market study to highlight the market overview and market
2021 performance of the concerned sector

| Real Estate Advisory | Feasibility Study |

28
Experience of Relevant Engagements

The Client

Amaar real estate is a leading Saudi company, specializing in all areas of real estate investment. it
was founded in 2011 by overcoming all the obstacles due to its competitive strength. Thirteen
projects have been launched, till date, at a total cost of 5.5 billion SAR, its supreme motto is “land
development” by diversifying its projects.
Amaar Real Estate
Background & Project Details

Insights Advisory was appointed by Amaar (the “Client”) to conduct Feasibility Study (the
“Project”) of land development and selling of the land (including Residential, Commercial,
and Mix use) undertaken by Amaar on a land size of 5,391,138 sqm located on Khurais
Road in Riyadh, Saudi Arabia.

More specifically, the real estate feasibility study contain the Site Assessment, Socio
Economic & Market Dynamics, City Real Estate Market Analysis, Financial Analysis, Risk
Mitigation, Critical Success Factors and Consultants’ comments & recommendations.
Insights
Real Estate Advisory
We performed detailed market study to highlight the market overview and market
performance of the concerned sector
2021

| Real Estate Advisory | Feasibility Study |

29
Experience of Relevant Engagements

The Client

Amaar real estate is a leading Saudi company, specializing in all areas of real estate investment. it
was founded in 2011 by overcoming all the obstacles due to its competitive strength. Thirteen
projects have been launched, till date, at a total cost of 5.5 billion SAR, its supreme motto is “land
development” by diversifying its projects.
Amaar Real Estate
Background & Project Details

Insights Advisory was appointed by Amaar (the “Client”) to conduct Feasibility Study (the
“Project”) of land development and selling of the land (including Residential, Commercial,
and Mix use) undertaken by Amaar on a land size of 2,707,000 sqm located on Khurais
Road in Riyadh, Saudi Arabia.

More specifically, the real estate feasibility study contain the Site Assessment, Socio
Economic & Market Dynamics, City Real Estate Market Analysis, Financial Analysis, Risk
Mitigation, Critical Success Factors and Consultants’ comments & recommendations.
Insights
Real Estate Advisory
We performed detailed market study to highlight the market overview and market
performance of the concerned sector
2021

| Real Estate Advisory | Feasibility Study |

30
Experience of Relevant Engagements

The Client

AlRajhi Development where the sufficient in investing in real estate, administrative, operate, and
develop the properties and facilities by innovation and creativity.

The specialty for developing and investing in real estate in such a professional way while
Al Rajhi maintaining the creativity and keep provide the best.
Development
Background & Project Details
Company
Insights Advisory was appointed by Al Rajhi Bank (the “Client”) to conduct Financial
Feasibility Study for an exciting new project for Al Rajhi Development (ARD) - Subsidiary of
Al Rajhi Bank (the “Project”)

We performed detailed market study to highlight the market overview and market
performance of the concerned sector

Insights
Corporate Finance and Deal
Advisory

2021

| Feasibility Study | Market Study |

31
Experience of Relevant Engagements

The Client

“Al Masane Al Kobra (Amak) Mining Co” is the pioneer private closed joint stock mining company
of Kingdom of Saudi Arabia, producing copper, zinc in concentrate and gold and silver in doré
since 2012.

Al Masane Al Kobra The company had accumulated losses since commencement of operations and the management
(Amak) Mining Co of the company have recorded treasury stock as a result of share buy-back and have not
performed the Share Capital reduction until now.

Background & Project Details

Insights Advisory was appointed by “Al Masane Al Kobra (Amak) Mining Co” for the option
analysis for settlement of carried forward accumulated losses and treatment of its share capital
reduction (Treasury Stock). The client aimed to absorb the accumulated losses and seeks advice
on the settlement of losses and appropriate treatment in compliance with the IFRS, KSA company
law and legal considerations.

Insights
We have undertaken the following procedures:
Real Estate Advisory • Study company’s Buy back of share transactions and reasons of accumulated losses
• Identify possible solutions for adjustments of Treasury shares and writing off accumulated
losses
2020 • Analysis of scenarios to be worked out, keeping in consideration the practical aspects,
shareholder interests and a capital restructuring that improves the entity’s leverage ratios
and contribute positively to the overall financial performance.
• Recommendation on the best possible solution.

| Corporate Finance | IFRS |

32
Experience of Relevant Engagements

The Client

Saudi Payments was established as a wholly owned subsidiary of SAMA with the mandate to continue
the legacy of SAMA by continuing to develop secure, interoperable national payment infrastructure,
serving banks and fintechs equally, and providing the required standardization to ensure all providers
have a level playing field.
Building Strategy
Study Report Background & Project Details

Insights Advisory was appointed by Saudi Payments (the “Client”) to a Strategy Study in order to do an
investment decision related to their long-term business operations.

Insights
Real Estate Advisory

2021

| Capex Planning | Real Estate Advisory | Market Study |

33
Click to edit Master title style

Project team
 Team Structure

Project Leadership

Engagement Partner (Real Estate Advisory) Engagement Partner (Tax Advisory) Client Relationship Partner & Engagement Lead Engagement Partner (Financial & Risk Advisory)

Asif Iqbal Malik Hafiz Muhammad Almas Muhammad Shahid Nazir Khawaja Soha Butt

Partner Partner Partner Partner

Real Estate Advisory Tax Advisory Corporate Finance & Deal Financial & Risk Advisory
Advisory

Execution Lead - Our team of dedicated and experienced specialists

Co -Engagement Lead Co -Engagement Lead Co -Engagement Lead

Shahan Khalid Zeeshan Azeem FasihudDin Asif

Senior Consultant Assistant Manager Consultant

Corporate Finance & Deal Corporate Finance & Deal Corporate Finance & Deal
Advisory Advisory Advisory

Co -Engagement Lead Co -Engagement Lead

Muhammad Uzair Tahir Adeel Rehman Shaikh

Senior Consultant Consultant
Corporate Finance & Deal Corporate Finance & Deal
Advisory Advisory

Team structure
• The Engagement Partner would assume overall responsibility for the client relationship and Insights’ deliverables
• Although members of the proposed engagement team have experience in this sector, we may also seek to involve additional resources from Insights with appropriate sector experience in an
advisory capacity

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Team Member CVs
Name Muhammad Shahid Nazir

Position Partner – Corporate & Deal Advisory

Education & • FCA - Fellow Member of the Institute of Chartered Accountants of Pakistan (ICAP)
Qualification • ACMA from The Chartered Institute of Management Accountants (CIMA)
• CGMA from Association of International Certified Professional Accountants (AICPA)
• Member – CPA Australia

Profile • Shahid has over 15 years of diversified experience in the field of Financial Advisory, Corporate Finance and Audit &
Assurance in both public and private sector.
• He has worked with KPMG for 5 years and has served both local and international clients in Real Estate,
Manufacturing, FMCG, Oil and Gas, Financial, Public, Healthcare and Telecom sectors.

Experience
• Shahid is Head of Insights’ Corporate & Deal Advisory practice.
• He has worked with a core team of advisory professionals who oversaw the growth of advisory services in KSA
market and providing Corporate Finance and Deal Advisory product offerings to international clients located in
KSA, UAE, Australia and USA.
• He has attended various international trainings for Transaction Services and Corporate Finance work.
Major engagements included the tasks handled by him in recent past include:
• Responsible for setting the overall direction of the engagement and provide valuable insights and inputs on report.
• Advising Financial Modeling Expert and Reporting team on the relevant matters, attending meetings to address
concerns and supervising and handling client issues.
• As Quality Control Review Partner, he was responsible for the overall quality control review of the assignment and
managing all the deliverables in areas of Business Valuations, Due Diligence Reviews and Financial Feasibility
Studies of Multibillion Dollar Mega Projects (primarily of Five Star Hotels, Residential Compounds, Commercial
Towers, Shopping Malls, Recreational Resorts and various strategic real estate investments) & financial data
analysis for investment indicators and sensitivity analysis.
• Involved in Strategy formulation, evaluating of long term investment proposals, valuation of companies for
acquisition purposes and project financing.
• Agreeing the Business plan, forecast and financial testing of different strategic options including models for joint
arrangements with client.
• Oversee the design and implementation of KPIs for finance and related departments.
• Guiding the advisory team on the ad-hoc financial metrics analysis and operational efficiency analyses.

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Team Member CVs
Name Asif Iqbal Malik
Position Partner – Real Estate Advisory
Education &
Qualification • Masters in Economics (Quaid-e-Azam university, Islamabad, Pakistan)

Profile
• Accomplished real estate professional with exemplary career spanning over the last 20 years with a
proven track record of delivering specialized real estate advisory services to leading developers,
investors, banks, and investment houses. He has extensive knowledge of real estate supply and demand
modelling and analysis, master planning, and portfolio advisory. The core area of expertise are feasibility
studies, highest and best use studies, real estate development studies, and market studies.

• Good track of managing real estate acquisition and sale of commercial and residential projects in local
and international market.

Experience
• Asif is heading real estate advisory at Insights where he is managing a team of real estate experts to
deliver professional real estate consultancy services in local and regional markets.

• Asif brings with him more than 18 years of hands on development and consultancy Real Estate
experience spanning real estate Strategy, Feasibility Studies, Highest and Best Use, Valuations, Research,
and Capital Markets.

• Since joining Insights, Asif has been working very closely with bankers, investors, developers and funders
in Saudi Arabia through providing leading-edge strategic, operational and financial investment analysis,
highest and best-use studies and feasibility studies for various master plan and mixed-use
developments.

• As a real estate advisory expert Asif has managed advisory of several large size real estate projects where
he participated in turning concepts into high profitable real estate projects.

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Team Member CVs
Name Khawaja Soha Butt
Position Partner – Financial & Risk Advisory
Education & • CA Affiliate of Institute of Chartered Accountants of Pakistan (ICAP)
Qualification • CIA from The Institute of Internal Controls, USA
• Bachelor in Commerce (University of the Punjab, Pakistan)
Profile • Soha has over 12 years of diversified experience in the fields of Auditing, Accounts & Finance and
Advisory. He specializes in traditional finance areas (accounting, financial planning and analysis) as well
as strategic planning and global real estate. He has worked with KPMG for a period of 10 years in Audit
and Assurance department where he honed his management skills by proficiently discharging his duties
at various statutory audits, consultancy and risk advisory assignments.

Experience • Soha has performed internal audits, internal control evaluation, gap analysis and system development
exercises of various clients operating in general manufacturing, processing, textiles, chemicals,
technology and telecom, services, energy, not for profit and banking sectors.
• Business development strategies formulation and developing negotiation strategies while examining
specific risks, potentials and needs of the clients.
• Financial modeling and analysis (primarily of Five Star Hotels, Commercial Towers, Shopping Malls and
various strategic real estate investments.
• Prepared Highest and Best Use studies, Development Recommendations and Feasibility studies.
• Computer-aided presentations of financial alternatives and proposals for new business, as well as
presenting advice and recommendations as part of an assignment team.
• Handled group reporting of multinationals and large scale public companies
• Involved in the process of group taxation strategies formulation and structuring
• Conducted business reviews to ensure satisfaction level of business partners and catered concerns
raised by them.
• Soha brings a good combination of International Financial Reporting Standards, International Standards
of Auditing, Taxation and has experience of over a decade.
• He has a deep understanding and practical experience of handling complex group structures with
respect to consolidation under IFRS and Taxation under International and local regulations.
• With the strong technical background, Soha is eager to advising businesses on VAT implementation
readiness in the Middle East to develop understanding of clients in VAT requirements and compliance
obligations.

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Team Member CVs
Name Hafiz Muhammad Almas
Position Partner – Tax Advisory
Education &
Qualification • CA Finalist of Institute of Chartered Accountants of Pakistan (ICAP)
• Bachelor in Economics (University of the Punjab, Pakistan)

Profile
• Almas Comes with over 7 years of manifold experience in public and private sectors, Hafiz specializes
advising clients in the field of Risk Advisory, Risk Management, Financial Advisory, Corporate
Compliances and Taxation in different sectors of economy including Manufacturing, Construction, Real
Estate, Oil & Gas and Retail.

Experience
• Management of day to day matters of companies and business tax planning
• Reviewing and providing guidance in preparation and filing of tax returns as per tax regulations
• Other statutory compliances in accordance with the relevant tax laws
• To deposit the taxes into Government Treasury within due date as per prescribed format of Tax Laws
through online system in different Tax Heads
• Developed complex and sophisticated financial models and performed financial analyses
• Managed statutory audits and international reporting of various multinational and public companies
• Almas brings extensive experience of Financial Reporting and Taxation. He took the ownership of the
planning process including management of the budget, operating plan and quarterly forecasts of various
companies.
• His expertise encompasses financial audits, corporate finance, taxes and review of compliances with
international as well as local standards and regulations.

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Team Member CVs
Name Zeeshan Azeem
Position Assistant Manager - Corporate Finance & Deal Advisory
Education & • Association of Chartered Certified Accountants (ACCA)
Qualification • BSc (Hons) Applied Accounting, Oxford Brookes University, Oxford, UK
• CFA Level 2 Candidate
Profile • Zeeshan Azeem has over 5 years of experience in the field of Financial Advisory, Corporate Finance and
Transaction Services in both public and private sector. He has worked with KPMG for 3 years and has
served both local and international clients in Real Estate, Manufacturing, FMCG, Power, Oil and Gas,
Public, Healthcare, Education, Entertainment and Utilities sectors.
• Possess exposure of working in KPMG Pakistan team on 3 different assignments under multi firm
engagement with KPMG KSA, KPMG UK and KPMG Thailand
• Currently, working at Insights Advisory and responsible for dealing with public and private clients in KSA
particularly Capital Houses, Real Estate companies and government departments.

Experience • Major area of expertise includes business valuations, financial due diligence (as part of mergers &
acquisitions and Pre-IPO Assessment exercise), feasibility studies, business plan (information
memorandum), investor pitch, bid evaluation and infrastructure advisory (PPP projects).
• He has expertise in preparing/drafting technical and financial proposals that are core for business
development of organization. He has also assisted in preparing market research reports for clients.
• Performed Business Valuation of the company using discounted cash flow, capitalized earnings and net
assets based methods operating in Real Estate (REITs), Pharmaceutical, Food manufacturing, Cement
manufacturing, Paint manufacturing, Automobile dealership and Entertainment sector.
• Performed Financial Due Diligence of the target company operating in the Frozen food sector by working
on multi firm engagement with KPMG Thailand and KPMG Pakistan. (Buy-side assistance)
• Worked with KPMG KSA and KPMG UK, to provide (Buy side) Due Diligence to a group of companies in
power sector located at different geographical locations and practicing different accounting standards
• Performed Feasibility study for establishment of Oil Marketing Company, High Tech Mechanization
Centers, Hotel, Road construction, Hospital, Media House and University.
• Performed Bid Evaluation in a multi firm engagement of KPMG Pakistan with KPMG China and KPMG UK
to provide bid evaluation services for mega procurement by a public sector entity in utilities sector.
• Carried out financial modeling of Infrastructure Projects for the development of a real estate project in
Riyadh, KSA. Project included shopping mall, residential apartments, offices and hotels.

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Team Member CVs
Name Muhammad Uzair Tahir
Position Senior Consultant - Corporate Finance & Deal Advisory
Education & • Institute of Chartered Accountants of England & Wales (ICAEW) Part Qualified
Qualification • Association of Chartered Certified Accountants (ACCA)
• B.Sc (Hons) Applied Accounting, Oxford Brookes University, Oxford, UK
Profile • Uzair Tahir has over 3.5 years of experience in the field of Financial Advisory, Corporate Finance and
Taxation services in both public and private sector. He has worked with KPMG for over 3 years and has
served both local and international clients in Real Estate, Manufacturing, Banking, Services, Healthcare,
Education, and Utilities sectors.
• Currently, working at Insights Advisory and responsible for dealing with public and private clients in KSA
particularly Capital Houses, Real Estate companies and government departments.

Experience • Major area of expertise includes business valuations, financial due diligence (as part of mergers &
acquisitions and Pre-IPO Assessment exercise), feasibility studies, business plan (information
memorandum), investor pitch, bid evaluation and infrastructure advisory (PPP projects).
• He has expertise in preparing/drafting technical and financial proposals that are core for business
development of organization. He has also assisted in preparing market research reports for clients.
• Performed Business Valuation of the company using discounted cash flow, capitalized earnings and net
assets based methods operating in Power, Real Estate (REITs), Pharmaceutical, Food manufacturing,
Cement manufacturing, Paint manufacturing, Chemical, Textile and Entertainment sector.
• Performed Financial Due Diligence of the target company operating in the Power sector by working on
multi firm engagement with KPMG Qatar and KPMG Pakistan. (Buy-side assistance)
• Performed Financial Due Diligence (Sell side) of target company operating in beverage industry.
• Performed Feasibility study for establishment of Tyre retreading plant, High Tech Mechanization Centers,
Hotel, Infrastructure (Road), Hospital, Resort and University.

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Team Member CVs
Name Shahan Khalid
Position Senior Consultant - Corporate Finance & Deal Advisory
Education & • Association of Chartered Certified Accountants (ACCA)
Qualification • B.Sc (Hons) Applied Accounting, Oxford Brookes University, Oxford, UK
• CFA Level 1 Candidate
Profile • Shahan Khalid has over 4 years of experience in the field of Financial Advisory, Corporate Finance and
Transaction Services in both public and private sector. He has worked with KPMG for over 3 years and
has served both local and international clients in Real Estate, Manufacturing, FMCG, Power, Oil and Gas,
Public, Healthcare, Education, Entertainment and Utilities sectors.
• Possess exposure of working in KPMG Pakistan team on 2 different assignments under multi firm
engagement with KPMG Qatar, KPMG UK.
• Currently, working at Insights Advisory and responsible for dealing with public and private clients in KSA
particularly Capital Houses, Real Estate companies and government departments.

Experience • Major area of expertise includes business valuations, financial due diligence (as part of mergers &
acquisitions and Pre-IPO Assessment exercise), feasibility studies, business plan (information
memorandum), investor pitch, bid evaluation and infrastructure advisory (PPP projects).
• He has expertise in preparing/drafting technical and financial proposals that are core for business
development of organization. He has also assisted in preparing market research reports for clients.
• Performed Business Valuation of the company using discounted cash flow, capitalized earnings and net
assets based methods operating in Power, Real Estate (REITs), Pharmaceutical, Food manufacturing,
Cement manufacturing, Paint manufacturing, Chemical, Textile and Entertainment sector.
• Performed Financial Due Diligence of the target company operating in the Power sector by working on
multi firm engagement with KPMG Qatar and KPMG Pakistan. (Buy-side assistance)
• Performed Financial Due Diligence (Sell side) of target company operating in Manufacturing and frozen
food sector.
• Performed Feasibility study for establishment of Tyre manufacturing, solar power plant, High Tech
Mechanization Centers, Hotel, Infrastructure (Road), Hospital, Resort and University.
• Carried out financial modeling of Infrastructure Projects for the development of a real estate project in
Riyad, KSA. Project included shopping mall, residential apartments, offices and hotels.

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Team Member CVs
Name Adeel Rehman Shaikh
Position Consultant - Corporate Finance & Deal Advisory
Education & • Masters in Finance, Barcelona Graduate School of Economics (BGSE)
Qualification • BSc (Hons) in Economics, Lahore University of Management Sciences (LUMS)
• Financial Risk Management (FRM) Level 2 Candidate

Profile • Adeel has over 3 years of experience in the field of Financial Advisory, Corporate Finance, and
Transaction Services in both public and private sector, serving the local and international clients in Real
Estate, Manufacturing, Education, Entertainment, and Utilities sectors. Posses advance level of expertise
in Financial Modeling and Report writing.

Experience • Major area of expertise includes business valuations, mergers & acquisitions, investment portfolio
construction, feasibility studies, financial restructuring, bid evaluation, financial due diligence, and
infrastructure advisory (PPP projects).
• He has expertise in preparing/drafting technical and financial proposals that are core for business
development of organization. He has also assisted in preparing market research reports for internal
usage as well as for clients.
• Performed Business Valuation of the various companies using discounted cash flow, capitalized earnings
and net assets based methods operating in Real Estate, Food & Beverage, and Manufacturing.
• Assisted NCB Capital to provide Business Valuation & Assessment under IAS-36 (Impairment of Assets) of
Al-Ahli REIT Fund. Worked as a team member in the project involving valuation of the individual assets
under REIT reporting to Saudi Capital Market Authority (CMA) for Annual Reporting of market value in
accordance with Saudi Authority for Accredit Valuers (Taqeem) Regulations.
• Prepared a Business Plan for Investment Opportunities in the Hotel Industry (Hospitality Sector). Our
deliverable included Country, Industry, Market & Competitor Analysis, Risk Mitigation strategies, Key
Success Factors, and Financial Modeling for future projected cash flows and investment appraisal results
for pitching the investor.

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Team Member CVs
Name FasihudDin Asif
Position Consultant - Corporate Finance & Deal Advisory
Education & • MBA - University of Management & Technology (Pakistan)
Qualification • Bachelor’s in commerce - University of the Punjab (Pakistan)
• “Introduction to Business Valuation” Training - Course 200-201 by International Institute of Business
Valuers (iiBV) and Taqeem Academy KSA
Profile • Fasih has over with over 13 years of experience in diversified sectors i.e. Financial and Investment
Consultancy i.e. Logistics and warehousing, Manufacturing (Industrial pipes, Electrical panels and tools),
Real estate (Residential, Hotels, Offices, Shopping Mall), Tourism and Hospitality Industry (Hotels and
Hajj Umrah Services), Retail (Ready Made Garment), Utility (Drinking Water Treatment and Distribution),
Heavy Machinery and Equipment, Financing (Caterpillar, Volvo, Mustang), Wholesale & Retail (Dates, IT
Products Distribution), Manufacturing & Trading (Building Material, Steel, Wood), Exports Trade
(Ceramics & Sanitary Products).

Experience • Major area of expertise includes Financial Modeling, forecasting and Budgeting, PPM & IM preparation,
Investment recommendation reports, Business Plan, Valuations using various valuation methodologies,
Transaction structuring, Portfolio Management, Managing greenfield transaction, Financial analysis
report, Financial management of the project, Proposals and Contracts, Drafting MoUs and JV
agreements, Credit performance analysis, Risk assessment, Market studies (desk research), Due
diligence, Oracle ERP, Orion System, Microsoft, Great Plains, and Advanced Microsoft Excel.
• Possess Financial Analyst Experience of 7 years with the mentionable designations as indicated below:
• Apr 2019 till 2020 - Intelligent Unique Trading Company - Senior Financial Analyst
• Feb 2015 to Mar 2019 - Rawasi Financial Solutions - Senior Financial Analyst
• Nov 2010 to Jul 2012 - Delta Water Factory - Financial Analyst
• Possess the Credit Analyst Experience of 6 years.

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Click to edit Master title style

Why Insights
Why Insights

At Insights we have multi-disciplinary skills to address a range of services that our clients require in
dealing with composite matters in the areas of Financial Advisory, Tax, Real Estate Advisory,
Management Consultancy and Customized Research.
We employ the most experienced finance and management consultants bringing, expertise from
around the globe. All our team members come with a prior work experience in the big four
accountancy and consulting firms.
We serve our clients at every level of their organization, whether as a trusted advisor to top
management or as a hands-on coach for front line employees.
Our exclusive performance methodologies and analytical tools enable our clients to run their
business more effectively and efficiently.

Insights Advisory with a global footprint

Insights
Operate in 4 countries
The firm operates through four regions: the Middle East, the Americas, Australia
and the Asia Pacific - each with a dedicated executive management team.

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Why Insights

We are specialized in the following services:

Corporate Finance and Deal Advisory

Business Valuation Services Initial Public Offering Advisory

Due Diligence Restructuring Services

Project Finance Corporate and Capital Markets Strategy
Financial Modeling Advising on Public Private Partnership (PPP) projects

Investment Advisory Services Value-based Management

Mergers & Acquisitions Divestiture Advisory Services

Post-Merger Acquisition

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Why Insights

We are specialized in the following services:

Financial Advisory Tax Advisory Real Estate Advisory

Internal Audit Services Value Added Tax Feasibility Study

Standard Operating Procedure (SOP) Transfer Pricing Highest & Best Use Study
Development Tax Advisory Services Market Research Advisory
Actuarial Valuation Services Tax/Zakat Filing Services Real Estate Acquisition

Accounting Advisory Services Real Estate Sale

Bookkeeping Services
Payroll Services

IFRS 9,15,16 etc. Implementation

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Why Insights

We are specialized in the following services:

Management Consultancy Other Specialized Business Services

Strategy Outsourcing
Restructuring Strategy Training
Pricing HR Consultancy
Operations

Organization

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 Our Clientele

310+ Clients and Counting

Having footprints in North America, Australia, Middle East and Asia
Wide array of satisfied clients shows the dedication we put in each and every
project.
Our Clientele

Manufacturing Sector

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Our Clientele

Manufacturing Sector

Travel & Tourism Sector

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Our Clientele

Financial, Banking & Consultancy Sector

Information Technology Sector

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Our Clientele

Medical & Pharmaceutical Sector

Retail Sector

Food & Entertainment Sector

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Our Clientele

Transportation & Logistics Sector

Investment Management Sector

Mechanical & Industrial Engineering Sector

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Our Clientele

Services Sector

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Our Clientele

Construction Sector

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For further information, clarification and discussion
concerning the contents, please contact:

Muhammad Shahid Nazir

Partner - Corporate Finance & Deal Advisory
Email: msnazir@insightss.co
Mobile: +966 56 437 6295

Khawaja Soha Butt

Partner - Financial and Risk Advisory
Email: sbutt@insightss.co
Mobile: +966 59 001 7498

Hafiz Muhammad Almas

Partner - Tax Advisory
Email: malmas@insightss.co
Mobile: +966 53 779 1300

Asif Iqbal Malik

Partner – Real Estate Advisory
Mobile: +966 55 5177 076
Email: mai@insightss.co

Insights
Riyadh Office: 107 Legend Tower, King Fahd Road, Riyadh – KSA.
Jeddah Office: Royal Plaza, Prince Sultan Street, Jeddah 23615, KSA
Dubai Office: 17 The Iridium Building, Al Barsha, Dubai, UAE
New York Office: 14 Wall Street, 20th Floor, New York, 10005, USA 
Adelaide Office: P.O. Box 6387, Halifax Street, Adelaide, South
Australia

Tell: +966 11 293 0665.          Web:   www.insightss.co