Investment Manager – AFGRE

Job description / Role

About Al-Futtaim Group Real Estate (AFGRE)
Al-Futtaim Group Real Estate (AFGRE) is the real estate development and operations arm of Al-Futtaim group which is headquartered in Dubai. AFGRE is responsible for the origination, conception, development, procurement and construction of mega projects and the leasing, sales and operation of these projects after completion.
In addition, AFGRE develops and operates an extensive multi-million dollar portfolio of individual corporate real estate and investment assets across the MENA region.
The two current flagship mixed use urban communities under the Festival City brand are the award winning, Dubai Festival City (5.2 million square metres) and Cairo Festival City (3 million square metres).
About Dubai Festival City
Dubai Festival City is an Al-Futtaim Group Real Estate development project which covers 5.2 million sq m and stretches 3 kilometres along the historic Dubai Creek that optimizes the thriving and visionary spirit of Dubai.
Dubai Festival City is an established creek side, mixed use destination and premier waterfront community interconnecting finest residential, shopping, dining, leisure & entertainment, international hotels, schools, golf course, automotive park and offices. It is formed into three distinct districts and connected by a 30 kilometers internal road network and creek side promenade. This existing community offers freehold villas and apartments for sale and lease which combine traditional and contemporary architecture. Upon completion, the community will be home to 50,000 residents living in 20,000 villas and apartments, and ideal place to work for 50,000 office staff.
Dubai Festival City has recently won 3 top recognitions at The Arabian Property Awards 2010, in the categories of Best Mixed Use Development for Dubai Festival City, Best Residential Development for Al Badia Hillside Village, Dubai Festival City and Best Retail Development for Festival Centre, Dubai Festival City.
About Festival Centre
Festival Centre is home to Dubai's premier concerts and festivals and has hosted world class entertainers such as Carlos Santana, Maroon 5, Tamer Hosni, Amr Diab, Shah Rukh Khan and Kylie Minogue. It has also presented Dubai with a wide array of festivals from the Emirates Airlines International Festival of Literature through to Dubai Desert Rock and Dubai Bike Week. Festival Centre hosts events, parades, entertainers and musicians each week ensuring families are always engaged and rewarded for their visit.
Festival Centre is a landmark 2m sq ft urban retail resort which forms the epicentre of Dubai Festival City now acknowledged to be one of UAE's most exciting retail, dining and leisure attractions. Set on the historic Dubai Creek, Festival Centre, offers over 400 world class retailers, 90 restaurants, cafés and bistros, a 12-screens Grand Festival Cinemas complex and a parking for more than 10,000 cars. It also boasts a stunning Marina and some of the emirate's most photographed sunset vistas.
The award winning Festival Centre has recently added the Five Star award Best Retail Development at the Arabian Property Awards 2010, and two other prestigious Retail City awards - Mall of the Year and Best Retail Destination of the Year.

JOB PURPOSE:
This position requires that you focus your skills and experience to inform meaningful, accurate and timely real estate investment and management decisions on existing assets and future developments.  It is required that you create decision-making intelligence to continuously improve cash flow forecasting and investment returns across a number of countries and contexts; i.e. the UAE, Egypt and any other locations that AFGRE may operate in. An ability to give informed and strategically focussed advice on investment and divestment decisions is a critical element of this role.   A further integral element is that you will interact with high-level professionals in your field and in the Group, using your financial acumen and people skills to assist in building a year-on-year increase in returns.  The time span of discretion will range from 2 to 5 years.

KEY ACCOUNTABILITIES:

Existing Operations
Investment Management / Performance Monitoring / Asset Management

* Strategically review each project / portfolio in order to measure and improve performance - Advise on planned vs. projected returns, optimal assets performance and alternatives to improve investment returns - be it selling off of assets, restructuring, alternative uses, modification of cost bases, write-off of value etc.
* Liaise with Property Management to establish an action plan and strategy for maximizing income and streamlining expenditure for the AFRE / DFC assets

Valuations

* On a project by project basis and portfolio basis conduct valuations as required from time to time and/or assist external consultant valuations e.g. for Bank Covenants and/or annual valuation for accounting purposes (impairment test)

Residential Sales

* Analysis of lease vs. sell
* compare market yields to project yields
* ROI/ROE
* preparation of interactive unit-by-unit pricing models

Divestment / Investment

* Analysis for divestment / investment opportunities - JV's, sale to REIT or other investors

Shareholder and Debt Holder Reporting

* Includes monitoring of Bank Covenants - support the Finance Department to test bank covenants and test asset valuations.

Funding

* Prepare detailed cash flows and investment analysis to assist with obtaining bank funding on specific projects.
* Prepare ongoing governance reports and monitoring to ensure all banking requirements are adhered to and management is informed of the status of covenants, breaches, cash flow commitments, interest cover and debt servicing ability.

* Projects Under Development
* Feasibilities

* Prepare, update and report on feasibilities as and when required - Project-by-project and by master planned development or portfolio, including:
* Investment and Equity Returns
* Project /  Investment recommendations
* Market research / Market data e.g. sales prices, lease rates
* Other macro and micro economic indicators / assumptions e.g. inflation
* Details of capital expenditure, income and funding assumptions
* Analyse impact on Financial Statements and liaise with GM-Finance on any issues.
* Other KPIs and key assumptions

Estate Master

* Manage Estate Master inputs, monthly update, and report on Development Feasibility (DF), Development Management (DM) and Consolidation (CC) Modules incl. projected:
* Returns
* Budget vs. Actual
* Project Costs / Cash Flows / Source and Application of Funds
* Debt and Equity requirements
* Risks

Valuations

* Conduct valuations on a project by project basis and portfolio basis as required

Investment Management / Performance Monitoring / Asset Management
On a project by project basis and portfolio basis - monitor/evaluate the appropriateness of pre-construction value engineering, monitor planned vs. forecast capital expenditure budgets, advise on and review operating budgets (pre-opening and budgeted post opening) etc

Business Plans and Funding Models

* Assist Treasury with Funding Management - Preparation of business plans in support of loan funding application or equity investor presentations. Build models for presentation to banks and to monitor covenants etc
* Conduct sensitivity analysis on all above, report outcomes and make recommendations

Group Taxation Review: Key company lead with external tax advisors in coordinating group taxation issues and reporting ensuring that the group is complying with all regulations and reporting requirements. Lead tax planning associated with new investments.
Market Research: Conduct relevant studies/research in the market and communicate these findings to all relevant stakeholders to support value-add and decision making.
Cash Flow Reporting: Accurate and timely reporting of all project cash flow data to feed into feasibility analysis and estate master and for ongoing information provision to Group Treasury and Corporate Finance to ensure that all funding requirements are noted and planned for. Take a lead role in improving the current systems available to ensure the accurate and timely control of cash flows (SAP, Estate master, Primavera and others), in order to make the processes more efficient going forward.
Administration of Gateway Process:  Ensuring that the gateway process is documented, assessed, and followed. Forms to be reviewed and adjusted where necessary and the Delegation of Authority to be adhered to.

Requirements

Minimum Qualifications and Knowledge:

* Chartered Accountant with extensive knowledge of Financial Management.

Minimum Experience:

* Minimum of 5 years' experience in Financial Management.

Job-Specific Skills:

* Extensive knowledge of the Real Estate industry (2 years) and market conditions in the Middle East and Africa (2 years).
* Feasibility and Valuation experience
* Proficient in MS Office suites including MS Word, Excel, PowerPoint, Project Manager
* Knowledge of Estate Master, ARGUS and Primavera

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.