Job closed
Ref: HP698-8484
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.
Reporting to the Financial Controller, the Finance Manager is responsible for Managing the residential portfolio accounting and finance function on a day-to-day basis. The ideal candidate would be process-oriented, possess excellent staff & task managerial skills, natural leader, pay close attention to detail, ensure compliance with Laws and Policies and have analytical thinking skills. Additionally this role will require knowledge and experience of IFRS, real estate operations, Dubai real estate laws and guidelines, property sales laws and regulations, and jointly owned properties guidelines and processes.
The successful candidate will be responsible for the production of the residential portfolio management accounts & financial reports, ERP system maintenance and monitoring, and ensure that internal controls, DOA, policies and procedures, and statutory laws and regulations are followed and adhered to. In addition, he or she will ensure accuracy, integrity and quality of all financial documents, customers' invoices and SoAs, receipts of payments, sales price database, and MIS reporting.
The successful role holder will be the primary contact of Finance support with regards to dealings with Escrow partners, Owners Association partners, and Internal Audit.
The Finance Manager will act as a Business Co Pilot assisting the Residential Department Head on the daily operations, decision making, strategic business planning, and monthly management meetings and business reviews.
The successful candidate will also lead the Residential Finance Team in the monthly closing process (i.e., accrual entries, revenue recognition, and expense reporting and account reconciliation, production of management accounts and the various financial reports).
Requirements
Customers
* Primary interface between Residential sales team, Finance team, Shared Services Finance, Group Finance, Internal and External Audit, and internal management in managing residential finance operations and financial reporting.
Key Responsibilities
* Responsible for managing the completion of the accounting cycle for residential portfolio including month end closing, management and financial reports, and periodical business reviews.
* Ensure accuracy of sales and leasing contracts conditions and information created in the system in accordance with the supporting documents and timely activation of the contracts.
* Ensure compliance of all financial documents and proper recognition of related expenses and costs.
* Ensure production of accurate and timely management and financial reports as per the deadlines.
* Review and Verification of leasing and sales documents including but not limited to Lease Approval Forms, Lease Agreements, Sales Approval Forms, Reservation Agreements, Sales and Purchase Agreements, Statements of Accounts, Service Charge Statements, Business Case Proposals, Requests for Approvals, Tender summary Reports, Budget Details, etc,.
* Manage the process of completing the business plan, annual budgets, quarterly forecasts, and monthly reporting as per the agreed assumptions and deadlines.
* Manage the process of preparation of various adhoc reports as required by the management and assisting the investment team in preparing sales plans rollouts, cash flow, and projects feasibilities.
* Lead the coordination with the Owners Association Manager on facilitating the computation of service charge.
* Ensure audit of initial service charge and ensure reconciliation of accounts.
* Spearhead the process of Escrow accounting and recognition of the costs and revenue.
* Manage the process of coordination with the various departments with regards to Internal and External Audit.
* Assist the Financial Controller in leading the Business Support team, setting the strategy of operations, and continuously contribute to improvement projects.
* Represent the Finance team in all management meetings including, but not limited to, budget and forecasts, project committee groups, business reviews, debtors reviews, finance management, audit planning, treasury reviews, etc,.
* Contribute in the various initiatives of process development & mapping, system automations and policies drafting and implementation.
* Effectively lead the residential finance team by ensuring setting & review of objectives, providing necessary feedback, developing training plans and opportunities and ensuring.
Minimum Qualifications and Knowledge:
* Post-graduate degree in commerce / accounting / finance. Knowledge of management reporting and accounting systems is necessary.
* Knowledge of ERP Financial Software is necessary; SAP expertise will be preferred.
* Real Estate related Certification from Dubai Real Estate Institute. (Real Estate Diploma, or Certification in Professional Owners Association Management), is preferred.
Minimum Experience:
* Minimum of 8 years of experience in the field of Finance and Accounting, out of which a minimum of 4 years in the Real Estate industry at a financial management position.
* Experience in Real Estate / Construction / Project Management industries will be preferred.
Job-Specific Skills:
* Well-versed in IAS / IFRS.
* Well-versed in preparation of Financial Statements.
* Knowledge of Dubai Real Estate Laws, Guidelines, and directives is a desired skill.
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.