Financial Feasibility Proposal - ARD

Financial Feasibility Study
for Development of Digital

platform for ARD
(Subsidiary of Al Rajhi
Bank)
Technical & Financial Proposal

Dated: 26th April 2021
Table of Contents
Pages No.
Covering Letter 03
Introduction and Project Brief 04
Detailed Scope of work and Our Approach and Methodology 07
Proposed Project Plan and Timelines 21
Deliverables 23
Project Fee 25
Experience of Relevant Engagements 27
Project Team 51
Why Insights 61
Our Clientele 66
Contact Us 74
68
Covering Letter
Mr. Ali Salem Bin Rabbaa,

Senior IT Specialist,
ARD,
Kingdom of Saudi Arabia.
Dear Mr. Ali Salem,
We are pleased to be considered for Financial Feasibility Study for We are committed to providing you with the value for your
development of digital platform for ARD a subsidiary of Al Rajhi Bank. business at a fee that is competitive in the market place. We
intend to be a long-term partner for you and therefore seek a
We would also like to express our thanks for considering Insights for
fee that is mutually acceptable.
this key project.
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 msnazir@insightss.co or on +966 56 437 6295.
your requirements.
Your Sincerely,
Our approach to this important project is designed to be as rigorous, Muhammad Shahid Nazir
focused, and informed as possible. As you will see in the proposal
details, we have carefully considered the best way to meet your Partner – Corporate Finance and Deal 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 founded ARD is a subsidiary of Al Rajhi Bank and are managing all real estates
by a fraternity of qualified professionals and business analysts. related services of the bank other than customers loans.
This document has been prepared by Insights on the request of Mr. They are looking for consultation services regarding feasibility of
Ali Salem Bin Rabbaa, (“Client” or “Your”) ARD Senior IT Specialist, initiating a digital platform/application that will support their real
(“the Client” or “the Company”) to provide Financial Feasibility estate businesses including: buying, selling, developments, and
Study for development of digital platform for ARD a subsidiary of Al marketing related to this sector.
Rajhi Bank.
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
Financial Feasibility Study

Background Proposed engagement: We understand that the client is interested in conducting a Financial Feasibility Study for
development of digital platform for ARD a subsidiary of Al Rajhi Bank.
ARD plans to initiate a digital platform/application that will support their real estate businesses including: buying, selling,
developments, and marketing related to this sector.
In this regard, Insights advisory is pleased to submit a proposal to act as Advisor to the Client on this exciting project.
Our understanding of
your requirements We understand the objectives of this engagement and we will assist the Client by undertaking the following procedures:
• Macroeconomic Overview and General Appraisal with Market Research and Analysis.
• Understanding Business Model.
• 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.
• Submission of detailed financial feasibility Report to the client.
We use the inputs arranged/agreed 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
Roadmap - Financial Feasibility
Planning and Organization
Macro Economic Review

Market Study and Appraisal
Project Conceptualization
TASKS
Understanding Business model
Financial Model
Finalization of Financial
Feasibility Report
Overall project management, communication, change management & quality assurance
8
Seamless process of Roadmap - Financial Feasibility
Tasks and Work Steps
Planning and Organisation Macro-economic review Market Study and Appraisal
• Organize project kick-off • Review of • Primary market

meeting. macroeconomic research/study of target
• Reconfirm project environment of KSA market segments and
objectives and work and identify key customer categories.
scope. implications for the • Comment on the
• Develop detailed project proposed Project. competitive environment.
work plan and project • Comment on the • Assess market
charter. outlook of key opportunity for proposed
• Mobilize project teams. economic drivers and development
• Commence desktop impact on the • Identification of key
research and data proposed Project. target market and
gathering. comment on size of
target market segments
• Analyze demand and
supply of the project.
9
Project Conceptualization Understanding Business Financial Model

Model
• Describe the detailed • Develop strategic
• Prepare financial model
characteristics and direction for the
specification detailing
components of the proposed Project
critical Project specific
proposed Project. including short/long term
issues and functionality
• Understand vision for objectives based on the
• Define key financial
the Project, which is market study.
assumptions underlying
shared and committed • Understand robust
the model
to by all those who operating model.
• Prepare a detail 10-year
have a direct interest in • Understand marketing
financial model
the project. plan and project
• Perform scenario and
• Profile of the implementation strategy.
sensitivity analysis on the
promoters, • Understand top-level
financial model.
management and other organization structure,
key stakeholders. corporate governance
framework and manning
levels for critical roles.
10
Finalization of Financial Feasibility Report
• Detailed financial analysis along with the graphical

representation of the data where needed.
• Development of financial feasibility by considering:
o Key Financial Indicators

o KPIs & Key Ratios
o Projected P& L
o Projected Cash Flow
o NPV/PBP analysis, Net Present Value, ROI Analysis,
Sensitivity Analysis, Project IRR, Pay Back period,
KPIs
• Consultant's Comments and Recommendations

• Strategic recommendations for the project by considering
market insight and financial performance
• Risk assessment
• Investment Recommendation
11
Planning and Plan and organize project:
Organization • Organize project kick-off meeting with client to reconfirm engagement objectives and agree expectations, objectives, scope of
work and deliverables.
• Conduct a Project Risk Assessment and identify mitigating controls
• Obtain relevant background documents – A listing of relevant documents will be the subject of a formal data request that the
Macro-economic project team will develop and submit prior to the kick-off meeting. Timely delivery of all such documents shall be instrumental to
review maintaining the project schedule.
• Convene the core team of professionals.
• Perform initial review of collected documents – Early review of available information will enable the project team to be better
Market Study and prepared, allowing for a more productive kick-off session and permit early identification of data constraints and limitations that
Appraisal may affect the project.
• Based on the goals and objectives of this project and our experience on similar engagements, a detailed project work plan will be
developed. The work plan will include a detailed description of the process by which the Project will be undertaken and this will
form the basis for all tasks to be carried out by the project team. It will detail key tasks to be performed, timelines / key
Project milestones, dependencies, responsible party, etc.
Conceptualization
Understanding
Business Model
Financial Feasibility
Study & Analysis
Consultant
Comments &
Recommendations
12
Planning and Macro economic overview
Organizing Conduct a detailed overview of the KSA economy covering the following:
• Economic profile: trends and outlook for: GDP, population, inflation, interest rates, exchange rates, foreign direct investment.
• Demography indicators taking into account the following important parameters:
Macro-economic o Consumers’ expenditures, income, and consumer unit (families and single consumers) characteristics.
review o Purchasing power, buying habits and trends, spending patterns of the local population
o Employment Indicators
o Investment Indicators
Market Study and o Investment climate:
Appraisal • SWOT analysis of the KSA investment environment, assessment of the global competitiveness of the KSA business environment.
• Comment on regulatory environment
• Utilize published data to establish socio economic drivers of the concerned sector.
Location Study • Market size and the increasing trend of the sector due to Saudi Vision 2030 initiatives.
• Key trends in the local market.
Understanding
Business Model
Study & Analysis
Consultant
Comments &
Recommendations
13
Planning and Market study
Organizing • Detailed analysis of the availability of existing similar firms in KSA.
• Review of current trade and commerce in KSA and comment on features of key markets and delivery channels.
• Obtain current market rates and occupancy of existing suppliers of the different components of the proposed Project.
Macro-economic
review Market appraisal
• Review the competitive environment and make an assessment of the market potential for the proposed digital platform.
• Determine the competitive position of the Project components relative to comparables.
Market Study and • Identify the key classes of target market segments / potential off takers for the Project and comment on estimated size of target
Appraisal market segments.
• Estimate the potential demand for the each component of the proposed Project and identify key buyer values and demand
drivers.
Project • Analyse key risks, constraints, challenges and their effect on market growth.
Conceptualization • Identify critical success factors.
Understanding
Business Model
Study & Analysis
Consultant
Comments &
Recommendations
14
Planning and Project Conceptualization
Organizing
• Identify a vision for the development of the proposed start-up, which is shared and committed by all those who have a direct
interest in the Project.
Macro-economic • Identify key operational performance/focus areas for the project.
review • Provide recommendations on the optimum size and mix of facilities.
• Recommend modifications and additional facilities which will make the project more attractive to target markets and investors.
• Articulate project phasing strategy.
Market Study and • Describe project implementation/delivery plan.
Appraisal
Project
Conceptualization
Site
Marketability
Understanding
Business Model Site Access
and Egress Topography
Analysis
Study & Analysis
Site
Consultant Site SWOT Attractiveness
Comments & Analysis
Recommendations
Site
Assessment
15
Planning and Understanding Business Model
Organizing • Articulate a detailed business strategy to support the Project’s business operations, incorporating inputs from Client and the
outcome of our market analysis with regard to building and the development for project.
Macro-economic • Determine the size and propose any additional activities that stimulate the operation of the site in terms of function and
review investment.
• Articulate and agree target operating model for the proposed digital platform covering:
Market Study and • Operational structure/design
Appraisal • Organisation structure
• Corporate Governance framework
• Information Technology requirements
Location Study • People & skills
• Identify key operating infrastructure/ facilities and technology requirements
Understanding • Identify relevant operational risks and mitigation strategies

Business Model
• Evaluate the key partnerships/alliances required
Study & Analysis
Consultant
Comments &
Recommendations
16
Planning and Financial Feasibility Study & Analysis (1/3)
Organizing Financial analysis will be prepared which will measure the anticipated financial performance of the project. This phase will provide
us the details of cost and revenue projections. We will prepare a financial model that will be used to evaluate the viability of the
proposed project. Specifically, our financial modelling approach involves the following key activities:
Macro-economic
review • Prepare financial model specification, detailing critical issues, functionalities and scenarios to be addressed by the model.
• Define key financial and technical assumptions underlying the model using inputs obtained from Client including:
Market Study and o Project costs estimate developed in line with the phasing strategy.
Appraisal Acquisition/Leasing option applicability on land or property.
o
o Pricing and other revenue assumptions.
o OPEX and other admin costs, including employee costs.
Location Study o Financing options and instruments including indicative terms provided by equity and debt.
• Prepare a detailed 10-year financial model showing financial projections of income, costs and profitability of the Project.
Understanding
Business Model
Study & Analysis
Consultant
Comments &
Recommendations
17
Organizing • Analyse the result of the model to ascertain the financial viability of the project including:
• NPV, IRR and Pay Back Period of the project

Macro-economic • 3 year Projected Statements named
review • Projected Balance Sheet,
• Projected Income Statement, Revenue &
• Projected Cash Flow. costs having
financial
Market Study and • Key Performance Indicators and Business Ratios: impact
Working
IRR, NPV and capital changes
Appraisal • Return on Capital, PBP of the during the
• Annual Yield, project projected
• Return on Assets, period
Location Study • Debt to Equity Ratio,

• Debt Service Coverage Ratio,
Investment
• Forecast Cover Ratio, Dividend outlay for each
• Equity and Project IRR. payments to component of
investor the project
Understanding
Business Model
Zakat and Equity and

Financial Feasibility tax (where debt share of
Study & Analysis applicable) investment
payments outlay
Capital
Consultant Debt service Expenditure
over the required during
Comments & projected the operational
Recommendations period phase
18
Organizing We will perform sensitivity analysis on the financial model based on key business drivers and will show impact of financial variables
on the IRR, NPV, PBP and other financial indicators of the project.
The important variables includes but not limited to:

Macro-economic • Price Escalation
review • Construction Costs and Escalation
• Operational Costs and Escalation
• Management Fee Level
Market Study and • Debt Equity Ratio
Appraisal • Interest rates and ROI
• Inflation Rate
Location Study
 Expected Revenues
Projected  Associated costs i.e. direct costs and operational costs over the
Understanding Income projected tenure
t
en
Pro
Business Model Statements will  Inflation and growth rates and their effect
tem
cover  Gross profit margin, operating profit margin and net profit margin
je
along with Annual Yield

cte
Sta
dB
low
ala
 Cash and Cash equivalents

F
Study & Analysis

n
 Costs and book values

ash
ce
Projected  Short term proceedings (out of surplus funds) and receivables.

Sh
C
Balance sheet  Payables

ted
ee
will cover:  Loans and markup payable with current and Long term portion
t
presented separately
jec
Consultant Retained earning and reserves for CAPEX and other reserves

Pro
Comments &
Recommendations Projected Profit and Loss
Projected Cash  Operating Activities
Account Flow shall cover:  Financing Activities
 Investing Activities
19
Planning and • From the extensive market and financial analysis, Experts will provide a detailed market driven information. The gathered data
Organizing will be analyzed and categorized to provide perceptive information which will add to the client’s knowledge and will also help for
the future decision-making process.
• Further a detailed assessment will be carried out relying upon the Technical Studies. A section of our report shall include the
Macro-economic input and recommendations for the development of pre-concept. The findings as a result of this section will be shared with the
review management.
• Experts will provide strategic recommendations in this phase which will play an important role in successful execution of the
Market Study and proposed project.
Appraisal
Location Study
Understanding
Business Model
Study & Analysis
Consultant
Comments &
Recommendations
20
Proposed Project Plan
and Timeline
Proposed Project Plan and Timeline
Experts believes that they can complete the scope of work 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
week week week week week week
Activity
Kick off meeting with client
Macro-economic review
Market Study and Appraisal
Project Conceptualization
Understanding Business Model
Financial Feasibility Study & Analysis
Consultant’s Comments & Recommendations
Deliverables
Financial Feasibility Study Report
22
06
Deliverables
Deliverables
Final Feasibility Report

Disclaimer of Liability:
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 any published document, circular or
statement or be published in any way without
• The deliverables would be: our previous consent to the form and context in
- Financial Feasibility Study Report (Draft and Final reports in English which it may appear.
Language).
• Upon timeframe completion, Experts will email a digital soft copy of the
completed Report in draft form.
• 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.
24
06
Project Fee
Project Fee
Our Fees:
Our fee estimates reflects our Standard rates, demonstrating our strong desire to work with you
Project Fee Amount (SR) Key Assumptions
Financial Feasibility Study Report Our fee would be based on the following assumptions:
• This fee is net of any withholding tax, value added tax,

Total Fee sales taxes, bank charges or deductions of any kind at
the time of payment.
• The scope does not include updating client policies and

Settlement of our invoices will be as follows: procedures manuals and assessment/ implications on
Initial Payment: 50% upon written instructions to proceed. Zakat and tax.
Final Payment: 50% on the submission of our final report.
26
26
06
Experience of Relevant
Engagements
Experience of Relevant Engagements
The Client
Taif University is currently located in Al-Hawiyya, Taif Governorate, Emirate of Makkah, western
region of Saudi Arabia, on the eastern slopes of the Sarawat Mountains at an altitude of 1700 m
above sea level in the southwest of the Arabian Peninsula.
TU also has three branch campuses in Taif Governorate: Taraba Branch (approximately 150 km
Taif University from Taif), Khurma Branch (approximately 200 km from Taif), and Ranya Branch (350 km from
Endowment Fund Taif).
Background & Project Details

Insights Advisory was appointed by Taif University Endowment Company (the “Client”) to prepare
a Business Plan (the “Project”) in connection with the Saysid Driving School. We understand that
the Client is planning for the expansion of existing business and to achieve the optimal
operational structure and specifically to entertain the female aspirants/candidates and in light of
the ambitious Saudi Vision 2030 goals.
The objective of the business plan is primarily to facilitate the management of the Taif University
and the Driving School and form basis of an important investment decision by providing them
with a general understanding of the business.
Insights
Corporate Finance & Deal Advisory This report contained the business plan containing the Market Study/ Concept Validation
including Macroeconomic Overview and General Appraisal with Market Research and Analysis.
2021 Based on the data, inputs and assumptions provided by client, Insights prepared financial
projections and performed detailed financial analysis along with identification of critical variables.
| Business Plan| Market Study |
28
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

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 |
29
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.
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
30
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
31
The Client
UBT has grown gradually and progressively from a Junior College to a full fledge Four Year College
(CBA) offering six programs, and in 2008 it added the College of Engineering and Information
Technology offering five programs, and then in 2011 the College of Advertising joined in after
being approved by the Ministry of Higher Education as the third college. On May 22nd, 2012 UBT
was officially announced as the UNIVERSITY OF BUSINESS AND TECHNOLOGY by the Higher
UBT Co. Council of the Saudi Higher Education. UBT has become a university in a short period of only 12
years.

Insights Advisory was appointed by UBT (the “Client”) to conduct feasibility study (the “Project”)
in connection with the establishment of university campus in Riyadh.
The Client was planning for the expansion of existing business and setting up a state of the
university for subjects related to media and advertising in Riyadh with following salient features:
• Total Capacity of 1120 students
• Direct Employment Opportunities of around 93 individuals which includes senior
management, administrative staff, permanent and visiting teaching faculty.(Both Saudi
Insights Nationals and Foreigners)
Corporate Finance & Deal Advisory • Setting up 4 different Departments : Department of Advertising Management, Department of
Advertising Creative Design,, Department of Advertising Communication, Department of
2019
Media Production at new campus in Riyadh
| Financial Feasibility Study | Market Study |
32
The Client
UBT has grown gradually and progressively from a Junior College to a full fledge Four Year College
(CBA) offering six programs, and in 2008 it added the College of Engineering and Information
Technology offering five programs, and then in 2011 the College of Advertising joined in after
being approved by the Ministry of Higher Education as the third college. On May 22nd, 2012 UBT
was officially announced as the UNIVERSITY OF BUSINESS AND TECHNOLOGY by the Higher
UBT Co. Council of the Saudi Higher Education. UBT has become a university in a short period of only 12
years.

Insights Advisory was appointed by UBT (the “Client”) to conduct feasibility study (the “Project”)
in connection with the establishment of university campus in Jeddah.
The Client was planning for the expansion of existing business and shifting the state of the
university to Jeddah with following salient features:
• Total Capacity of 5000 students
• Direct Employment Opportunities of around 291 individuals which includes senior
management, administrative staff and permanent teaching staff (Both Saudi Nationals and
Insights Foreigners).
Corporate Finance & Deal Advisory • Setting up 23 different Departments in 8 different colleges at new campus in Jeddah.
2019
| Financial Feasibility Study | Market Study |
33
The Client
Founded in 1953, Sheikh Ali A. Al Tamimi established a company that specialized in building
pipeline construction and general contracting. The company grew later to become a leader in
different business sectors, such as building and contracting, trading, manufacturing, catering,
operations and maintenance, and retail.
Tamimi Group /
ARAMCO Project The group also succeeded in establishing a few more sectors in marine services, industrial services
and power.
Saudi Aramco invited bidders to bid for BOOT project amounting to around SAR 3 billion, covering
Wudayhi Residential Compound, Wudayhi Industrial Facilities and Haradh Project over the period
of 20 years.
Insights was mandated the role of Financial Advisor where we were required to manage the bid
formulation and liaison with Bank, Tax Advisor and Auditor on behalf of Tamimi. Insights
Insights formulated the Project Financial Plan; initial Business Valuation of the Project Company, Financial
Corporate Finance & Deal Advisory Model development covering Wudayhi Residential Compound, Wudayhi Industrial Facilities and
Haradh Project as required in ARAMCO’s “General Instructions to Bidders” document & The FAST
Standard for modeling; delivery of final financial model which was used as part of final bid
documents after audit completion by Ernst & Young.
| Bid Evaluation Services | Project Management | Business Valuation |
34
The Client
Tamimi PEB is a leading manufacturer of Modular buildings in the Saudi Arabia which initially
started manufacturing of Lumber and EPS Panel Porta-cabins in 2007.
They enhanced their scope of works and capacity by acquiring State of the Art engineering
Tamimi PEB/NEOM software and integrated CNC machinery, to design and manufacture Steel Modular Buildings.
Project
Tamimi PEB can Design and manufacture Steel buildings up to 6 story's high and provide tailor-
made, complete solution to its clients starting from the Design, Manufacturing and on-site
installation of the buildings.
NEOM invited bidders to bid for BOOT project, Construction Village, amounting to around SAR 1
billion for Labour Camps over the period of 10 years.
Insights was mandated the role of Financial Advisor where we were required to manage the bid
formulation on behalf of Tamimi PEB.
Insights
Corporate Finance & Deal Advisory Insights conducted project documents study; Financial Model development covering Labour
Camp for 10,000 workers as required in NEOM’s requirements; delivery of final financial model
which was used as part of final bid documents by Tamimi PEB.
| Bid Evaluation Services | Project Management | Financial Modeling |
35
The Client
Al Ma’ather REIT Fund aims to invest in real estate assets inside Saudi Arabia which are able to
produce periodic rental income and to distribute at least 90% of the net income of the Fund
annually. Fund can invest in the real estate development projects considering as 75% of the total
fund assets must be income generating and the fund will not invest in white lands.
Osool & Bakheet
Investment Co Fund manages the portfolio of 15 real estate properties comprising a mix of commercial,
residential, office, hotels and schools.
and Al Ma’ather
REIT Fund Background & Project Details
We were hired to provide a report on Business Valuation and Impairment of Assets of 15 Assets
under Management - properties related to Al Ma’ather REIT Fund. Our scope involved
determination of value in use and impairment testing thereof.
In order to achieve engagement objectives we determined Value in Use through Discounted Cash
Flow (DCF) method. Cash flow were discounted using an appropriate interest rate that best
reflects economic circumstances of client’s industry and applied to a cash flow of a foreseeable
future.
Insights In assessing valuation, inspection of property was also carried out, including comparison with
Corporate Finance & Deal Advisory properties of similar nature.
2021 Furthermore, we analyzed and compared value in use with the carrying amount of the properties,
as required by IAS 36, to propose an adjustment for impairment.
| Business Valuation | Impairment Testing | Real Estate Advisory |
36
The Client
NCB Capital, a subsidiary of National Commercial Bank, is the largest investment bank and asset
management company in KSA.
NCB provides a wide range of services to it valued customers relating to investment in stock and
NCB Capital and capital markets.
AlAhli REIT
We were hired to provide a report on Business Valuation and Impairment of Assets of three
properties, Al Andalus Mall, Staybridge Suites & Salama Tower namely, related to AlAhli REIT Fund
(1). Our scope involved determination of value in use and impairment testing thereof.
In order to achieve engagement objectives we determined Value in Use through Discounted Cash
Flow (DCF) method. Cash flow were discounted using an appropriate interest rate that best
reflects economic circumstances of client’s industry and applied to a cash flow of a foreseeable
future.
In assessing valuation, inspection of property was also carried out, including comparison with
Insights properties of similar nature.
Corporate Finance & Deal Advisory
Furthermore, we analyzed and compared value in use with the carrying amount of the properties,
2019 and 2020
as required by IAS 36, to propose an adjustment for impairment.
| Business Valuation | Impairment Testing | Real Estate Advisory |
37
The Client
Sleep High (SIDC) was established over half a century, SLEEP HIGH set on production in 1963, after
obtaining the first industrial license for manufacturing Spring Mattresses in KSA.
The company continue to progress in order to provide the local and Arab market with products of
Sleep High (SIDC) international quality and reliability that meet the needs of various segments of society under its
brand SLEEP HIGH.
Insights has been appointed by Sleep High (SIDC) (the “Client”) to provide Value in Use &
Assessment of Goodwill Impairment under IAS-36 (Impairment of Assets) (the “Project”) in
connection with its Cash Generating Unit to which Goodwill is allocated.
The value in use has been calculated as per income approach using Discounted Cash Flow (DCF)
method under the guidance of International Valuation Standards and in accordance with Saudi
Authority for Accredit Valuers (Taqeem). This report contained the Value in Use of the single Cash
Generating Unit (CGU) of Sleep High for impairment testing exercise regarding annual audit as at
Insights 31st December 2020.
The value in use is determined with the Income Approach, using Discounted Cash Flow (“DCF”)
2021
methodology, based on the cash flows projections between 2021 and 2025, (the “Projection
Period”) as detailed in the valuation section of this report.
| Business Valuation | Goodwill Impairment Testing |
38
The Client
LSC is a provider of Logistics Solution in Saudi Arabia, specializing in customer and industry
specific services, including domestic and international trucking, airfreight, ocean freight, and
warehousing and supply chain management. LSC’s solutions are knowledge and asset based
combining the best employees available in the industry with its own infrastructure.
LSC Integrated
Logistics Service With its best operations system, LSC offers fully integrated services to its clients providing both
quality and visibility across their supply chain. For this purpose at LSC, we maintain state of art
Provider assets. LSC is operating in KSA through its network of branches and large feet of different type of
modern vehicles.
Insights has been appointed by SIDC (the “Client”) to provide Business Value of 2.02% stake of
SIDC in LSC (the “Project”).
The business value has been calculated as per multiple approach using Comparable Company
Multiple Method under the guidance of International Valuation Standards and in accordance with
Insights Saudi Authority for Accredit Valuers (Taqeem). Valuation is done by Insights working in
partnership with OceanX.
2021
The investment value was based on the unaudited financial statements (2020), as detailed in the
valuation section of this report.
| Business Valuation - Multiples Method | Impairment Testing |
39
The Client
Unified Centres are owned by Unified Real Estate Development. Unified Centers is the largest and
fastest growing line of outdoor shopping centers in the Kingdom of Saudi Arabia. Set in most
important growth markets, Unified Centers provide a unique and exciting shopping experience by
creating a one-stop destination for F&B, convenience, and lifestyle activities.
Unified Real Estate
Development
Company Background & Project Details
Insights has been appointed by Unified Real Estate Development (the “Client”) to provide
Business Valuation for its 50 Unified Centres (the “Project”) established throughout the KSA. The
valuation work has been performed under the guidance of International Valuation Standards and
in accordance with Saudi Authority for Accredit Valuers (Taqeem).
This report contains the Valuation of the 50 Unified Centres owned by Unified Real Estate
Development, in accordance with Taqeem Regulations as at 31st December 2019.
The valuation approach used to value companies considers the Discounted Cash Flow (“DCF”)
methodology as a primary approach, based on the cash flows projections between 2021 and
Insights
2030, (the “Projection Period”) as detailed in the Financial information.
Real Estate Advisory
2020
| Real Estate Advisory | Market Study | Business Valuation |
40
The Client
Pan Gulf Valves Services Company, a range of isolation, control, high performance and safety
valves with its production plant based in Dammam and sales network spanning from KSA to
Middle East.
Pan Gulf Valves With in-depth industrial and market experience of 30+ years and aims to progress forward
Services Company through its outstanding quality.
We were hired to provide a review of Business Valuation services related to one of it’s subsidiary
company.
Our scope of work included reviewing the Business Valuation conducted by client, evaluating its
reasonableness and reporting on it along with the Valuation Model.
In order to achieve engagement objectives we assessed the reasonableness of the assumptions

Insights used by the management, the market significance and whether such assumptions are in line with
Corporate Finance & Deal Advisory business model of the client. We also formulated a detailed financial model at the conclusion of
the engagement.
| Business Valuation |
41
The Client
Zohoor Alreef, a popular perfume brand in KSA, is serving it’s customer for more than 30 years
and growing each year with its wonderful perfumes and exceptional quality .
Zohoor Alreef has won numerous awards, including the “Quality Era Award”, and expanding it
Zohoor Alreef operations to achieve a global footprint
We were hired to provide Business Valuation services related to one of it’s recently acquired
subsidiary. Our scope of work involved determining the business value of the subsidiary and
reporting the same to the client.
In order to achieve engagement objectives we determined business value through Discounted

Cash Flow (DCF) method, cash flow were discounted using an appropriate interest rate that best
reflects economic circumstances of client’s industry and applied to cash flows of a foreseeable
future.
Insights
| Business Valuation |
42
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
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 |
43
The Client
Faza Industrial Group was established in 2002, specializing in the plastic and aluminum industries.
It is one of the largest manufacturers in the field with a large production capacity to deal with the
urban development in the region and the technological development in the industry (uPVC and
plastic wood and aluminum panels using the latest industrial technologies). Being the first group
in the Kingdom of Saudi Arabia to provide color lines for all of its products as desired by the
FAZAH Group customers.
Companies information are as follows:

1. FAZAH Industry Company; Manufacturer of plastic and aluminum panels.
2. MAQNAH Industrial Company; Manufacturer of Wood Plastic Composite provides the widest
range of flooring of homes, swimming pools and other work for furnished homes.
3. Specialized Assembly Company; Involved in installation of Windows and Doors which are
manufactured by the FAZAH and Maqnah Industry.
4. FAZAH Investment Company; Involved in operating the Café shops and restaurants in KSA.
Insights
Insights has been appointed by FAZAH Group(the “Client”) to provide Business Valuation for its
four fully owned - private companies (the “Project”). The valuation work has been performed
2020 under the guidance of International Valuation Standards and in accordance with Saudi Authority
for Accredit Valuers (Taqeem).
The valuation approach used to value companies considers the Discounted Cash Flow (“DCF”)
methodology as a primary approach, based on the cash flows projections between 2020 and
2025, (the “Projection Period”).
| Business Valuation | Market Study |
44
The Client
Century 21 Real Estate LLC is an American real estate agent franchise company founded in 1971
and the pioneer company in the Saudi real estate market doing the business of real estate
marketing, valuation and property management)
Century 21 The system consists of approximately 9,400 independently owned and operated franchised broker
offices in 80 countries and territories worldwide with over 127,000 sales professionals.
Carried out financial modeling of Infrastructure Projects for the development of a real estate
projects in KSA on 7 different location sites. The project includes a shopping mall, residential
apartments, offices and a 5-star hotels.
Insights
Our work assisted the client in their evaluation of funding requirements, phasing of project launch
and their timelines and investor support for the seven different options proposed by our client,
Century 21.
2020 & 2021
The financial models included detailed financial projections, sensitivity analysis, option analysis,
financial analysis, monitoring of key performance indicators along with structuring of finance for
the client and investor.
| Real Estate Advisory | Financial Modelling |
45
The Client
Aldukheil Financial Group is a CMA licensed company engaged in Investment Banking and
Financial Advisory Services in the Kingdom of Saudi Arabia.
Since 1979, AFG, previously known as CCFI, has been operating as an independent financial
Aldukheil Financial advisory firm serving corporate clients and family offices in Saudi Arabia.
Group
Over the decades, AFG has publicly listed the largest number of companies on the Saudi Stock
Exchange and advised the largest number of corporates and family offices in Saudi Arabia.
Inisghts was appointed by the Aldukheil Financial Group (the client) in order to carry out financial
modeling of three business segments of Naba Al Saha Medical Co i.e. Al Zahra Hospital,
Pharmacy and the head office. The joint stock company was seeking the financial model for the
Insights
business plan, business valuation and future financial projections as they seek for raising finance
in future.
2021 The financial models included detailed financial projections, sensitivity analysis, option analysis,
financial analysis, monitoring of key performance indicators along with structuring of finance for
the client and investor.
| Corporate Finance | Financial Modelling |
46
The Client
Riyad Bank, one of the top leading financial institution in KSA, with more than 50 years of
experience in providing financial services to consumers and corporates, these products and
services are sharia compliant.
Saudi Calcined Riyad Bank offer innovative and remarkable financing solutions through a network of more than
Petroleum Coke 340 branches and 2,592 ATMs, with operations beyond borders.
Company and Riyad

Bank Background & Project Details
We were hired to provide financial modeling services to Riyadh Bank, which is leading the
consortium of banks for lending of around SR 1bn to one of its client for their Petrochemical
Manufacturing project of SR 1.45bn.
Our scope involved conducting project study and market research to gather data for the financial
model of the project and formulate a detailed financial model for the client which would enable
them to make a reasonable decision regarding disbursement of loans.
Insights
| Financial Modeling | Market Study |
47
The Client
Established in 2005, Saudi Tadawi HealthCare Company is engaged in the wholesale and retail
trade of pharmaceutical drugs, medical equipment, apparatuses and cosmetics in the Kingdom of
Saudi Arabia through its wholly owned subsidiaries.
Al Tadawi Medical Target company is a Saudi Closed Joint Stock Company, which constitutes of about 55.70% holding
Centre of Abraaj for Healthcare and Investment Trading Company. Target company operates and
manages 278 pharmacies through 18 subsidiaries and approximately 1,001 employees.
Insights Advisory was appointed by Al Tadawi (the “Client”) to perform Financial & Commercial
due diligence and provide Business valuation services (the “Project”). Our scope of work involved
determining the business value of the company and conducting due diligence.
In order to achieve engagement objectives, we determined business value through Discounted

Cash Flow (DCF) method, cash flow were discounted using an appropriate interest rate that best
reflects economic circumstances of client’s industry and applied to cash flows of a foreseeable
Insights
future.
For financial due diligence, we performed Quality of Earnings Analysis , Cash Flows analysis,
Review of Supplier and Customer Contracts, Receivables and Payables Analysis, Financing and
Fixed Asset Analysis.
| Financial Due Diligence | Commercial Due Diligence | Business Valuation |
48
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.

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 |
49
The Client
Project ITCC is being developed by Rayadah Investment Company, the investment arm of the
government’s Public Pensions Agency (PPA). ITCC aims to generate income to support the PPA’s
social security network, as well as achieve the broader goal of stimulating new jobs and industry
to improve Saudi Arabia’s social future.
Project ITCC
Included in the project’s 776,000 m² will be administration buildings for ITCC companies, technical
business centres, buildings for research, training and development and software production
companies. There will also be support buildings such as hotels, restaurants, a convention centre,
residential apartments, a technical college and government service buildings.
Insights Advisory was appointed by Raza (the “Client”) to conduct Market Study (the “Project”)
pertaining to the Real Estate projects (including Residential and Commercial) under the project
ITCC.
Insights
Real Estate Advisory Insights Advisory has carried out a thorough review of RAZA’s counterclaim, section 4.2.2
Quantification of Rent Revenue paragraphs 395 to 407 and pages 40 & 76 of the JLL Report.
2020 More specifically, the real estate studies contain the Site Assessment, Socio Economic & Market
Dynamics, Real Estate Market Analysis and Consultants’ comments & recommendations.
| Real Estate Advisory | Market Study |
50
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
Co -Engagement Lead Co -Engagement Lead Co -Engagement Lead Co -Engagement Lead
Shahan Khalid Zeeshan Azeem Muhammad Uzair Tahir Adeel Rehman Shaikh
Consultant Senior Consultant Consultant Consultant
Corporate Finance & Deal Corporate Finance & Deal Corporate Finance & Deal Corporate Finance & Deal
Advisory Advisory Advisory Advisory
Our team of dedicated and experienced specialists

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
52
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)
• Associate – 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.
53
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.
54
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.
55
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.
56
Team Member CVs
Name Zeeshan Azeem
Position Senior Consultant - 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.
57
Team Member CVs
Name Shahan Khalid
Position 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.
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.
58
Team Member CVs
Name Muhammad Uzair Tahir
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.
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.
59
Team Member CVs
Name Adeel Rehman Shaikh
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).
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.
60
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.
62
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
63
Why Insights
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
64
Why Insights
Management Consultancy Other Specialized Business Services
Strategy Outsourcing
Restructuring Strategy Training
Pricing HR Consultancy
Operations
Organization
65
Our Clientele
Our Clientele
Manufacturing Sector
67
Our Clientele
Manufacturing Sector
Travel & Tourism Sector
68
Our Clientele
Financial, Banking & Consultancy Sector
Information Technology Sector
69
Our Clientele
Medical & Pharmaceutical Sector
Retail Sector
Food & Entertainment Sector
70
Our Clientele
Transportation & Logistics Sector
Investment Management Sector
Mechanical & Industrial Engineering Sector
71
Our Clientele
Services Sector
72
Our Clientele
Construction Sector
73
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
Asif Iqbal Malik

Partner – Real Estate Advisory
Email: +966 55 5177 076
Mobile: mai@insightss.co
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
Insights
Riyadh Office: Olaya Street, P.O Box 15343 Riyadh 12211, 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

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Financial Feasibility Study

for Development of Digital

Technical & Financial Proposal

Mr. Ali Salem Bin Rabbaa,

Dear Mr. Ali Salem,

Preface About Potential Client

Financial Feasibility Study

How we can help

Roadmap - Financial Feasibility

Planning and Organization

Macro Economic Review

Overall project management, communication, change management & quality assurance

Seamless process of Roadmap - Financial Feasibility

Tasks and Work Steps

Planning and Organisation Macro-economic review Market Study and Appraisal

• Organize project kick-off • Review of • Primary market

Seamless process of Roadmap - Financial Feasibility

Tasks and Work Steps

Project Conceptualization Understanding Business Financial Model

Seamless process of Roadmap - Financial Feasibility

Tasks and Work Steps

Finalization of Financial Feasibility Report

• Detailed financial analysis along with the graphical

o Key Financial Indicators

• Consultant's Comments and Recommendations

• Identify key operating infrastructure/ facilities and technology requirements

Understanding • Identify relevant operational risks and mitigation strategies

• NPV, IRR and Pay Back Period of the project

Location Study • Debt to Equity Ratio,

Zakat and Equity and

The important variables includes but not limited to:

along with Annual Yield

 Cash and Cash equivalents

Study & Analysis

 Costs and book values

Projected  Short term proceedings (out of surplus funds) and receivables.

Balance sheet  Payables

Kick off meeting with client

Market Study and Appraisal

Understanding Business Model

Financial Feasibility Study & Analysis

Consultant’s Comments & Recommendations

Final Feasibility Report

The deliverable will be solely for the internal use

We must also point out that neither the whole

Project Fee Amount (SR) Key Assumptions

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

• The scope does not include updating client policies and

Background & Project Details

| Business Plan| Market Study |

Background & Project Details

| Business Plan | Market Analysis | Real Estate Advisory |

Background & Project Details

| Business Plan | Market Analysis | Information Memorandum | Teasers

Background & Project Details (Contd)

| Business Plan | Market Analysis | Information Memorandum | Teasers

Background & Project Details

| Financial Feasibility Study | Market Study |

Background & Project Details