Sheetal Soni, CFA, FCA: Partner at MI CAPITAL Services (MICS)
In this insightful interview, Sheetal Soni, CFA, FCA, and Partner at MI CAPITAL Services (MICS), shares his journey from a global career in accounting and finance to becoming a leader in the UAE’s corporate finance sector. With a focus on strategic leadership, team building, and innovative financial solutions, Sheetal offers a glimpse into the challenges and achievements that have shaped his career. He also provides valuable advice for newcomers aspiring to make their mark in the industry, highlighting the importance of continuous learning, integrity, and building a legacy.
Can you share the story of how you started your professional career, including any significant influences or turning points?
Absolutely! My journey began in accounting and finance right after I earned my Chartered Accountancy. I started with a firm that had a global presence in 25 countries, traveling to about 10 to 15 of those between 2002 and 2006. This provided incredible exposure, allowing me to meet new people and understand different jurisdictions across various geographies.
In 2006, during Dubai’s real estate boom, I joined a large and upcoming developer that was preparing to go public and needed an analyst for an IPO. The success of that IPO transitioned me into strategic finance. I then moved to Abu Dhabi and joined AlDar Properties, one of the largest real estate developers in the region, where I got involved in financial modeling and feasibility studies for projects worth AED 140 billion. My role expanded to raising capital for real estate development, infrastructure finance, and various joint ventures across related industries, including MEP, facility management, consumer finance, and district cooling projects. Working with a conglomerate like AlDar allowed me to engage with wider industries related to real estate.
When the 2008 financial crisis hit, we had to prioritize projects based on economic value, leading a capital optimization strategy. Following that, I worked on a mega industrial zone and ports project in Abu Dhabi, raising USD 8 billion. The challenge wasn’t just raising capital but ensuring it came with favorable terms. Learning from the maturity mismatches that Dubai experienced in 2008, we took care to avoid similar issues by not borrowing short-term for long-term projects. Applying these lessons from Dubai’s 2008 defaults helped us manage our financial strategies more effectively. Along the way, I also earned my CFA Charter.
My entrepreneurial journey began when I became a partner at an audit and accounting firm, setting up their corporate finance practice for both debt and equity advisory. This was my deep dive into understanding mid- and small-sized corporates, trade finance, and alternative financing. During this period, I raised USD 700 million for small and mid-sized corporations.
From 2015 onwards, with the decline in oil prices, we were instrumental in introducing alternative financing options like factoring, leasing and supply chain financing to the region. In 2018, with the onset of taxes and compliance in Dubai, I helped establish VAT and Governance, risk and compliance (GRC) practice as a partner.
Post-COVID in 2021, I started MI CAPITAL Services (MICS)focusing on both strategic and operational finance, aiming to provide comprehensive financial solutions. Many clients sought a one-stop solution for succession, tax, and investment management, which we strive to offer.
Now, my entire focus is on team building and developing the right leaders in the firm. I’m deeply committed to finding and mentoring the right people to become future leaders. Additionally, I’ve been actively involved in the finance community, serving as an Executive Committee Member of the ICAI Dubai Chapter (2019-21) and speaking at prestigious platforms such as ICAI-Dubai, RBPG-Dubai, IMA KSA Chapter, ICAI Abu Dhabi, Gulf News, Khaleej Times events, Invest Dubai, and more.
What are the most important duties you perform in your current job, and how do they contribute to your overall goals?
I wear several hats, each crucial to our success. A significant part of my day involves guiding and supporting our leadership team, focusing on building a strong, skilled team. I’m not just interested in them doing their jobs well; I want them to grow their skills, work effectively, and develop into future leaders. It’s akin to being a coach—always looking for the next MVP to lead the team to victory.
Client relationships are the backbone of what we do. I make it a point to thoroughly understand our clients’ needs and provide tailored solutions. It’s not just about getting the job done; it’s about exceeding expectations and building long-term partnerships that stand the test of time.
On the financial front, I oversee everything from corporate finance and tax planning to investment and wealth management. With over USD 8 billion in debt capital raised and countless strategic (Equity, Debt and M&A) and valuation projects under my belt, I help clients navigate their finances with confidence.
Staying connected with the industry is also key. I remain active in events and forums, keeping up with market trends and innovations. I also enjoy sharing my knowledge through webinars, seminars, and blogs—because knowledge is most valuable when shared.
Altogether, these responsibilities ensure we provide top-notch financial advice, support our clients’ goals, and build a strong team. By focusing on these areas, we’re not just making an impact in the market—we’re setting the stage for something bigger.
Sheetal Soni, What future developments or innovations are you looking forward to in your industry, and how do you plan to leverage them?
Advancements in technology are significantly transforming the funding and investing landscape. Through online platforms and portals, connecting with the right investors has become easier and faster. We’ve developed our own platform called Funding Possibilities, which facilitates these connections by linking investors with startups, buyers with sellers, and borrowers with lenders.
One of the challenges in the funding process, especially during acquisitions or unique investment opportunities, has always been finding the right match for specific investment sizes, sectors, or industries.
The Middle East is striving to shift from a hydrocarbon-dominated economy to one driven by technology. The rise of AI and other technological developments has introduced substantial changes to the finance sector. These innovations help analyze large datasets, predict market trends, and automate various financial processes, thereby enhancing decision-making and efficiency. By leveraging these advancements, we are better positioned to meet the evolving needs of investors and businesses, making the funding process more effective and tailored.
How do you tackle difficult challenges in your career, and what keeps you motivated during tough times?
Learning and navigating through setbacks is key. By learning from each challenge, we can better navigate through them and emerge stronger on the other side. Embracing challenges is fundamental to my approach.
I view difficult situations as an integral part of life and tackle them head-on with a can-do attitude. This mindset helps me confront challenges directly and effectively. I also accept that failure is part of the journey.
Another approach I take is what I call “increasing your surface area of luck.” It’s about being patient, persistent, and prioritizing what really matters—the three most important P’s. And remember, there’s no need to run a marathon every day—sometimes, the best way to reach your goals is to walk at your own pace. Don’t overburden or overexert yourself. After all, it’s not about how fast you go; it’s about getting there in one piece.
Sheetal Soni , What are your aspirations for the future in both your career and your business, and how do you plan to achieve them?
I’m on a mission to build a premier financial advisory firm known for more than just the basics. In addition to business and corporate finance which we already do today, we aspire to be the go-to experts even for personal finance matters i.e. wealth, death and taxes. With India’s startup ecosystem booming and the UAE rolling out new visa regulations to fuel employment and entrepreneurship, there’s a huge opportunity here. We’re not just looking to be a part of it—we’re eager to make a real impact.
But none of that happens without a great team. I’m putting a lot of focus on building a skilled, motivated group because their success drives everything we do. Whether it’s tackling corporate finance—like financial modeling, valuations, or raising capital—or guiding clients through complex financial decisions, we’re in it to win it. And when it comes to finding solutions, we’re all about efficiency—killing three birds with one stone.
Staying ahead of industry trends and technology is key, but what really excites me is developing the next generation of leaders. That’s how we’ll leave a lasting mark, not just on our clients but on the entire industry.
What is the most memorable achievement in your career so far, and what did it teach you?
My most memorable achievement so far is building a “tribe of self-made professionals” as the leaders in our firm. We’ve turned challenges into stepping stones and consistently delivered top-notch results with our “can-do” and “nothing is impossible” attitude. Our focus? Covering the big three: Wealth (investing and business growth), death (structuring and succession planning), and taxes (smart planning, both locally and internationally).
In leading this team, I’ve invested a lot of energy into mentoring and empowering everyone to bring their best to the table. With the recent shift toward compliance and taxation in the UAE, we’ve made significant strides in the last five years. We were also among the first to introduce trade finance and alternative finance to the region. When it comes to raising capital, we’ve secured over USD 700 million for small and mid-sized companies and a cool USD 8 billion for the big players. All of this just goes to show that staying proactive, embracing new ideas, and maybe having a bit of fun along the way, can turn even the trickiest challenges into real wins.
Sheetal Soni , What advice would you offer to newcomers in your industry, particularly those who aspire to follow in your footsteps?
Invest in Yourself: Regularly update and enhance your skills and knowledge. Pursue additional certifications, attend workshops, and stay current with industry trends.
Opportunities in Dynamic Environments: Look for opportunities in fast-growing and innovative places. These environments are great for growth and development.
Network:“Connect with you tribe” Push beyond your comfort zone and connect with like-minded people in your industry.
Values and Integrity:“TRUST” is one single factor that is more powerful than any-thing else in life. Define your values clearly and stick to them. Always be honest and do the right thing. This builds trust and respect in both your personal and professional life. Building trust with your supervisors, clients, and other key personnel is crucial. Work Hard and Smart. Always remember—skills can be learned, but attitude is innate and defines our true potential.
Surround Yourself with Growth-Driven People: Connect with individuals who share a growth mindset and values. Their support and motivation will help you stay focused and achieve your objectives.
Career Phases: Think of your career in three stages: Learn, Earn, and Legacy. First, focus on gaining the best education, knowledge, and skills. Next, aim to work with growing companies and make great money. Finally, concentrate on building your legacy while ensuring economic security. Fame is great, but economic security is greater. Avoid high-risk decisions late in your career.
In closing, my journey has been shaped by continuous learning, resilience, and a commitment to excellence. As I look to the future, my focus remains on fostering the next generation of leaders and driving innovation in the financial sector. Together with my team at MI CAPITAL Services, I’m excited to continue making a meaningful impact in the industry, building on our successes, and facing new challenges head-on.
