8 min read
Key takeaways
- Almarai has many subsidiaries and works with suppliers around the world, but managing dozens of accounts in multiple currencies was slow and complex and increased the risk of accounting inconsistencies
- The company worked with J.P. Morgan Payments to build a modern, centralized cash management and payments platform to streamline cross-border payments and simplify accounting
- Now, Almarai can make same-day value payments internationally using three bank accounts instead of dozens, and its accounting workflows are 20–30% faster
Overview
Almarai is a food and beverage manufacturing and distribution company that is a household name throughout the Middle East and North Africa. Millions of households enjoy the company’s fresh, nutritious and healthy products every day.1
Almarai’s supply chain includes many international vendors, so it has to make and collect payments in multiple currencies.2 This made for a complicated accounting system—especially as the company grew and acquired new subsidiaries.2
To modernize its payment system, Almarai turned to J.P. Morgan Payments to create a centralized cash management solution that would benefit its internal Treasury department and simplify payment processing with external vendors.3 With its modernized system, Almarai doesn’t have to manage dozens of bank accounts or wait days for cross-border payments to process.3 Now, it can make same-day payments across multiple currencies and manage its cash flow more efficiently.3
“We didn’t want our suppliers to struggle because they didn’t receive a payment on time due to delays in the payment-clearing systems across multiple jurisdictions. So, we moved to J.P. Morgan Payments to improve efficiency.”
Imtiyaz Shaikh
Treasurer, Almarai
Modernizing payment processing across currencies with J.P. Morgan Payments
As a national champion of food production and supply, Almarai has a strong commitment to sustainable practices, and that extends to its financial teams, who prioritize timely payments to small farmers and suppliers that the company works with around the world.4 However, this depends on efficient cash management and timely payment processing. With dozens of subsidiary accounts and suppliers using multiple currencies, the company found itself limited by complex accounting and slow payment clearing.5
An additional challenge was the company’s weekly work schedule. Almarai doesn’t conduct business on Fridays and Saturdays (except in the United Arab Emirates), so payments in other currencies had to be timed properly, or they could be delayed.5 “Our ambition was to be more efficient with our suppliers,” says Imtiyaz Shaikh, Treasurer at Almarai. “We don’t want them to struggle because of payment delays.”
Almarai began a journey to modernize its cash and payment management system so that it could pay in foreign currencies, speed up payment processing and simplify accounting across its subsidiaries.5 To do so, Almarai worked with J.P. Morgan Payments to optimize its liquidity and account structure.5
Almarai had a long-existing relationship with J.P. Morgan Payments for advisory services and risk management.5 For its payment system, the company saw the benefits of working with a large global bank. “The technology supported by J.P. Morgan Payments complemented local banks, and the bank’s approach and understanding of the food and beverage sector was important,” says Shaikh.
Achieving same-day value for cross-border payments and accelerating workflows
Maintaining potentially dozens of bank accounts for different subsidiaries and suppliers would have complicated both administrative tasks and security and compliance, especially as Almarai acquired companies and expanded to new suppliers. The Treasury team would have had to support current operations while responding to new ones as expansion occurred.6
By using J.P. Morgan Payments as its international bank, Almarai doesn’t have to manage many accounts or make individual payments for each subsidiary.6 According to Shaikh, it created three foreign currency accounts with J.P. Morgan Payments in London for dollars, pounds and euros. Now, it can make multiple payments to one vendor through the Almarai parent account. This mitigates the risks of delayed payments and accounting inconsistencies.6
The company is also more efficient and flexible. With J.P. Morgan Payments accounts in the United Kingdom, Almarai can submit payments even late on Thursday evenings, because they’ll still be processed on Friday in London.7 While a payment to an international supplier used to take 2–3 days to complete, it now arrives on the same day.8 This gives Almarai and its suppliers better transparency into their working capital.
Overall, Almarai has reduced its transactional costs by bundling subsidiary payments into one parent account per currency using J.P. Morgan Payments.8 Plus, its centralized payment system saves time, so employees can focus on high-value work instead of managing payments. The company estimates that it has reduced time spent on payment handling by 20-30% since automating key workflows on J.P. Morgan Payments.9 “We need technology that can help us reconcile accounts, close our books and do accounting efficiently,” says Shaikh. “What helps us is the J.P. Morgan Payments platform and the technology we’re adopting.”
Almarai also emphasizes its sustainable approach to finances and its place as a leader in the industry. “As a company with 60-70% market share, we have a social responsibility to help others in the market and in different fields,” says Shaikh. “We share our knowledge with other companies, and we are very open to sharing our experience.”
Continuing to grow sustainably in treasury with an automated payments platform
Modernizing its Treasury operations has prepared Almarai for future growth and development as a more digital and agile company, which is a competitive advantage in any economic environment.10 “Since we started this payment overhaul, we have added many more entities because we have acquired more companies,” says Chandana De Silva, Assistant Treasurer at Almarai. “It is very easy for us to follow the same process with the modernized solution.” The modernization also aligns with the broader economic goals of the Saudi Vision 2030 plan to diversify the country’s economy.
As the global economy constantly changes, J.P. Morgan Payments continues to invest in improvements and innovations that help its clients achieve their business goals and provide great experiences for their customers.11 In 2025, J.P. Morgan Payments was named the Coalition Greenwich Best Bank for Corporate Cash Management in Europe. Almarai plans to continue collaborating with the J.P. Morgan Payments team to explore opportunities to fully automate its cash cycle and expand its success.12 “Our system on J.P. Morgan Payments is a source of pride because we are always the first company to introduce any new product or any new system,” says Shaikh. “We’re always working ahead of the industry, and there are people who learn from us and then implement what they’ve learned on their own solutions.”
“By working with the J.P. Morgan team, we keep adding value to our business. When there are new developments, the team explains its new solution to us. So, we are always given advice on new products that are suitable for us.”
Chandana De Silva
Assistant Treasurer, Almarai
About Almarai
Founded in 1977, Almarai is a food and beverage manufacturing and distribution company headquartered in Saudi Arabia. It aims to provide fresh, nutritious and healthy products to consumers of all ages.
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References
Almarai. (n.d.). Almarai brands. Retrieved August 13, 2025, from almarai.com.
Shaikh, I. (2025, February 25). Interview with J.P. Morgan Payments.
De Silva, C. (2025, February 25). Interview with J.P. Morgan Payments.
Almarai. (n.d.). Sustainability at Almarai. Retrieved August 13, 2025, from https://sustainability.almarai.com/en/index.html.
Shaikh, I. (2025, February 25). Interview with J.P. Morgan Payments.
De Silva, C. (2025, February 25). Interview with J.P. Morgan Payments.
Shaikh, I. (2025, February 25). Interview with J.P. Morgan Payments.
De Silva, C. (2025, February 25). Interview with J.P. Morgan Payments.
Shaikh, I. (2025, February 25). Interview with J.P. Morgan Payments.
De Silva, C. (2025, February 25). Interview with J.P. Morgan Payments.
Shaikh, I. (2025, February 25). Interview with J.P. Morgan Payments.
De Silva, C. (2025, February 25). Interview with J.P. Morgan Payments.
Disclaimer
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