Financial Controller - Development Finance & Risk Management

Job description / Role

Financial Controller - Development Finance & Risk Management - Al Futtaim Group Real Estate - Dubai

The purpose of this role is to ensure sound financial management of development projects in terms of controlling application, budgets and packages, usage and recording of all the incoming and outgoing project funds, and compliance to accounting standards (IAS / IFRS) and company policies and procedures.

The Financial Controller ensures all accounting is accurate and timely, managing both own team and outsourced activities and manage all insurance related activities within the organization.

The Financial Controller in coordination with GM-Finance will seek continuous improvement to ensure systems are in place for effective financial controls which support financial management reporting and business decision making, and such systems and policies are in line with industry-wide accounting best practices

Key responsibilities will include:

Developing Projects Accounting:
- Reviewing capital costs data and ensuring compliance with budget allocation, company contractual terms and condition
- Managing the review of the Capital Work-In-Progress (CWIP) with the Development and Commercial teams
- Reviewing all capitalisations from CWIP to Fixed Assets and ensuring that transfers are done on time (i.e. when assets are completed and / or available for operational usage)
- Ensuring that the Financial Statements accurately reflect the true financial position of the company

Financial Controls:
- Leading, evaluating and improving upon existing processes, systems and internal control mechanisms
- Ensuring that adequate insurance covers are in place for the companys assets and there is no financial risk to the company in case of any untoward events

Financial Management Reporting:
- Producing a variety financial reports which cover project progress, variance reporting, and action plans for improvement for external and internal purposes
- Ensuring that the financial reporting is accurate and timely with appropriate analysis to assist business heads in identifying trends and making informed decisions

Budgets, Forecasts and Business Plans:
- Engaging with Feasibility & Investments, Development and Commercial teams in budgeting and or forecasting activities
- Review the budgets and forecasts process to ensure timely completion and support consolidation of numbers

Compliance:
- Producing reports, schedules for statutory and internal audits
- Ensuring compliance to group policies and procedures, IAS / IFRS accounting standards, project budgets and DoA

Risk Management:
- Leading the process of annual Insurance review across the organisation
- Acting as the organisations point of contact in terms of insurance related queries and claims recoveries
- Advising the organisation on risk areas, required insurance protection levels

Requirements

- Bachelors degree in commerce, accounting, finance or related subject area
- Accounting / Finance qualification (e.g. CPA, CA, CMA, CFA, CIMA)
- Minimum of 10 years of experience in the field of Finance and Accounting
- At least 4 years financial management experience within Real Estate, Construction, Project Management or related industry
- Knowledge of management reporting and accounting systems
- Knowledge of ERP Financial Software - ideally SAP
- Well versed in IAS / IFRS
- Well versed in the preparation of Financial Statements

DESIRABLE
- Knowledge of Dubai Real Estate laws, guidelines and directives
- Real Estate related Certification from Dubai Real Estate Institute

BEHAVIOURAL COMPETENCIES
- Strong internal and external stakeholders management skills
- Ability to approach problem solving with simplicity and logic, and to present solutions on financial matters to non-finance professionals
- Ability to think holistically and understand the chain impact of financial transactions on the overall business

About the Company

Established in the 1930's, the Al-Futtaim Group initially operated as a trading enterprise. Rapid development throughout the 1940's and 50's saw it establish itself regionally as an integrated commercial, industrial and services organisation, positioning itself one of the leading business houses in the lower Gulf region. Today, it operates collectively over 40 companies bearing the Al-Futtaim name, dominates many market segments in the UAE, and has expanded its sphere of operation to include Bahrain, Kuwait, Qatar, Oman and Egypt.

The Group comprises a diverse range of strategically positioned operating subsidiaries and associate companies, structured to give the Al-Futtaim Group the flexibility and versatility to keep ahead of local competition while keeping pace with the ever-evolving global business scenario. The Groups continued investment in world-class systems technology is clear evidence of its commitment to maintain leading edge performance and service delivery.

The success of the Al-Futtaim Group can be attributed to a business approach that combines the ability to change with the traditional values of integrity, service and social responsibility that define its core business philosophy. This, linked with the Groups belief in decentralisation, gives the heads of the operating companies a high degree of functional autonomy and authority, providing the Group with essential flexibility, and individual employees a clearly defined work culture and sense of responsibility.