Case Study: Chalhoub Group achieves a centralised treasury, real-time cash visibility and reduced FX costs with Kyriba

Centralizing the Chalhoub Group’s Treasury Operation

Chalhoub Group, a Dubai‑based leader in luxury retail with over 12,000 employees across the Middle East, faced a decentralised treasury with limited visibility of cash and FX exposures across ~200 accounts in 15 currencies. Rapid growth left some entities overdrawn while others held surpluses, increasing borrowing costs and FX risk. Senior management commissioned a consulting-led project to create a central Group Treasury and select a supporting Treasury Management System.

The solution established a seven‑person central treasury, an in‑house bank and automated workflows using the Kyriba SaaS TMS (implemented in 2013), SWIFT bureau services and a redesigned banking network of 19 banks. Centralised cash pooling (notional and physical), internal FX netting and improved controls delivered real‑time visibility, reduced external borrowings and interest costs, fewer market FX interventions with better pricing, stronger governance and scalable automation for future treasury functions.

Chalhoub Group

James Adams

Group Treasurer, and Shiban Patel, Treasury Analyst