Senior Accountant - Development - AFGRE

Al Futtaim Group

Dubai, UAE

Ref: HP698-9392

Job description / Role

Employment: Full Time

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, cafes 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. To manage and control various financial and accounting systems and procedures of the company in accordance with the internationally accepted standard, and monitor its internal control to ensure financial stability and maintain complete transparency and accuracy in the system.

The Senior Accountant will be responsible for accounting of project expenses from inception to capitalisation, reporting and budgeting functions in Development Finance team, across 20 legal entities in the group.

KEY ACCOUNTABILITIES
Accounts Payable:

* Ensure that the Accounts Payable function is performed effectively in compliance with internal controls relating to Delegation Of Authority and verification of invoices.
* Ensure adherence to contract terms and conditions with supplier / contractors / consultants, with the objective of protecting the company from financial risks.
* Ensure that proper verification of project expenses vis-a-vis allocated budgets is done and any variances are highlighted to the Finance Manager and Initiator.
* Ensure retention percentages and amounts payable from the contracted jobs are as per contract, and accurately represented in the Financial Statements.
* Ensure retained amounts are released minus deductions, if made during the maintenance period, after the termination of the agreed maintenance period post contract completion.
* Ensure that all accounting adjustments, such as prepaid expenses, advances, provisions / accruals, etc. are recorded timely and accurately, so that the financial statements accurately reflect the true financial health of the company.

Month- / Year-end accounting:

* Ensure that all accounting adjustments, such as prepaid expenses, advances, provisions, etc. are recorded timely and accurately, so that financial statements accurately reflect the true financial health of the company.
* Ensure that all procedures related to month end closing of accounts are adhered to.
* Ensure that management reporting / audit packs are updated to reflect the current financial status and enable informed decision-making.

Budgets, Forecasts, Cash flows:

* Prepare budgets and / or forecasts and / or cash flows along with proper supporting documents / calculations, and submit the same to Financial Analyst for review / comments.

Asset Accounting:

* Ensure that CWIP is properly accounted for, and reconciling items, if any, are resolved within a month of occurrence.
* Evaluate and reconcile the amounts capitalised with the project completion reports and CWIP accordingly, to reflect correct capitalised asset values.
* Update the Fixed Asset Register with new assets as and when the assets are completed and / or available for operational usage.

Audits:

* Ensure that reports / schedules for statutory and / or internal audits are prepared and provided to the auditors as and when required.

Requirements

Minimum Qualifications and Knowledge:

* Graduate degree in Commerce / Accounting / Finance with knowledge of Financial Management and Accounting Systems is necessary.
* Advanced knowledge of ERP Financial Software is necessary; SAP expertise will be preferred.

Minimum Experience:

* 5-7 years of relevant experience working in diverse teams; real estate construction / projects environment experience will be preferred.

Job-Specific Skills:

* Well-versed in IAS / IFRS.

Behavioural Competencies:

* Ability to manage time appropriately, manage projects, communicate effectively with team members and 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.

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Resident Engineer salaries in Kuwait

Average monthly compensation
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