JOB DESCRIPTION / ROLE
Established in the 1930s as a trading business, Al-Futtaim Group today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United A"rab Emirates. Structured into five operating divisions; automotive, financial services, real estate, retail and healthcare; employing more than 35,000 employees across more than 20 countries in the Middle East, Asia and Africa, Al-Futtaim Group partners with over 200 of the world's most admired and innovative brands. Al-Futtaim Group's entrepreneurship and relentless customer focus enables the organisation to continue to grow and expand; responding to the changing needs of our customers within the societies in which we operate.
By upholding our values of respect, excellence, collaboration and integrity; Al-Futtaim Group continues to enrich the lives and aspirations of our customers each and every day.
We are currently seeking an experienced finance professional to join our Global Treasury Center team in the capacity of Manager - Cash Management.
Overview of the role
As part of the Cash Management and Trade Finance (CMTF) vertical within the Global Treasury Center (GTC) based in Dubai, UAE, the Manager - Cash Management is responsible for overseeing Al Futtaim cash pooling arrangement and ensuring smooth daily treasury operations in UAE for the Group and on behalf of the Al Futtaim Group entities in the UAE.
What you will do
Cash Management
For Group entities and subsidiaries participating in the automated physical cash pooling arrangements:
- Manage and optimize the cash pooling arrangements in UAE.
- Ensure timely funding of the header account to prevent overnight overdrafts and maintain adequate liquidity levels by working closely with his/her direct reports, the Senior Manager - Cash Management, Treasury Back Office Tower (TBOT), as well as the Invoice-to-Pay (I2P), divisions and business units' Financial planning and analysis (FP&A) teams.
- Determine Group cash levels in UAE and ensure a minimum cash buffer is maintain at the Group level.
- Decide on necessary actions to be taken based on the daily cash position, facility utilization and headroom.
- Provide inputs and recommendation to Senior Manager - Cash Management to mobilize cash to manage liquidity efficiently (minimize interest costs)
- Proactively identify potential risk and implement appropriate controls to mitigate them.
- Assist in negotiation of group and country cash pooling arrangements
- Regularly review the structure and pricing of cash management solutions.
For entities not participating in the automated physical cash pooling arrangement:
- Determining subsidiaries cash levels in UAE and ensure a minimum cash buffer is maintain at the Group and subsidiary level.
- Optimize cash concentration at header level whilst ensuring the divisions' daily liquidity requirements are addressed.
- Ensure timely funding of the subsidiary account to prevent overnight overdrafts and maintain adequate liquidity levels by working closely with his/her direct reports, the Senior Manager - Cash Management, Treasury Back Office Tower (TBOT), as well as the Invoice-to-Pay (I2P), divisions and business units' Financial planning and analysis (FP&A) teams.
- Ensure proper records are maintained in Treasury Management Systems (TMS) for all transaction, working closely with his/her team and Treasury Back Office Tower (TBOT)
Short term Cash Flow forecasts
- Report and analyse a short term 12-month rolling direct cash flow forecast on a bi-weekly basis in conjunction with divisions and business units' Financial planning and analysis (FP&A) teams
- Prepare Group 12 months direct cash flow forecast report on a monthly basis.
- Perform regular review sessions with Divisions and provide bi-weekly updates.
- Perform regular variance analysis reports and discuss deviations with the divisions
- Assess the funding requirements for the Group and its subsidiaries
- Consolidate and maintain cash flow forecasts in Anaplan.
In-House Bank
- Assist in the Management of In-House bank (IHB) funding strategy
- Decide in coordination with Senior Manager - cash management and Global Treasury Center - Financial Risk Management (GTC/FRM) whether short term cash requirements should be funded from internal or external sources
- Manage an in-house bank aimed at funding all short-term transactions on behalf of the Group companies from either pooled cash or utilizations of trade finance facilities provided by banks, optimizing net interest for Group and Group companies
- Ensure proper records are maintained in TRM for all transaction, working closely with Treasury Back Office Tower (TBOT)
Governance and Transformation
- Ensure compliance with Group treasury policies and SOPs
- Provide inputs to Global Treasury Center - Governance, Risk Control & Transformation (GTC/GRCT) team on all reporting aspects
- Coordinate with TBOT to run daily cash position reports
- Provide inputs into cash management strategy including IHB and treasury policies
- Support all Treasury transformation projects, including further roll-out of TMS, and automated cash pooling strategies across the Group entities
Others
- Support Trade Finance function as and when required
- Prepare Adhoc reports as and when required
REQUIREMENTS
Required skills to be successful
- Excellent skills and knowledge of Microsoft Office
- Knowledge of SAP TRM or equivalent is a plus
- Analytical skills
- Knowledge of banking products - Trade Finance
What equips you for the role
- Bachelor's degree in Finance/accounting or equivalent -
- Masters degree is a plus or a professional qualification in finance e.g. CFA, FRM, ACT etc.
- Minimum 7 years of experience in a similar role with a large conglomerate or a large multinational corporation
We're here to provide excellent service but a little help from you can ensure a five-star candidate experience from start to finish.
Before you click "apply": Please read the job description carefully to ensure you can confidently demonstrate why this opportunity is right for you and take the time to put together a well-crafted and personalised CV to further boost your visibility. Our global Talent Acquisition team members are all assigned to specific businesses to ensure that we make the best matches between talent and opportunities. We not only consider the requisite compatibility of skills and behaviours, but also how candidates align with our Values of Respect, Integrity, Collaboration, and Excellence.
As part of our candidate experience promise, we also want to make ourselves available to you throughout the application process. We make every effort to review and respond to every application.
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.
