Real Estate
Al-Futtaim Group Real Estate (AFGRE) is responsible for the development and operations of Al-Futtaim’s real estate businesses across the Middle East and North Africa which includes:Dubai Festival City, a 520 hectare waterfront mixed use community, opened in 2005.Cairo Festival City, a 290 hectare mixed use development, opened in DeceMDer 2013. .Doha Festival City, comprising 433,847 sq m (land) + 250,000 sq m (GLA), IKEA opened in March 2013.
Under Development:
* Al Diriyah Festival City, Riyadh, Saudi Arabia: 260,000 sq m
* Muscat Festival City, Oman: 100,000 sq m
* Casablanca Festival City, Morocco: 120,000 sq m
Al-Futtaim Real Estate
Al-Futtaim Real Estate offers comprehensive services from selection of site and feasibility studies to construction and property management. The range of properties administered and leased in the UAE includes warehouses, showrooms, workshops, offices, villas and apartment buildings. Al Futtaim's warehousing complex at Rashidia in Dubai, measuring over one million square feet, is by far the largest owned by any company in the Gulf. This is used as a central warehouse for the group, stocking vast quantities of electronic goods, automobiles, commercial vehicles, heavy equipment and inventories of spare parts. The company also has some 200,000 square feet of showroom space and 600,000 square feet of workshops in Dubai, Abu Dhabi, Fujairah, Sharjah, Ajman and Umm Al Quwain. Among the largest of these are the showrooms of Al Futtaim Panatech and Al Futtaim Motors in Dubai.
Residential properties in Dubai owned by Al Futtaim Real Estate, include some 900 apartments and villas like Al Garhoud, Safa village and Al Hamriya Villa Compounds, Dar Al Muteena, Dar Al Buteen, Dar Al Buteen II, Dar Al Khabeesi, and Dar Al Muragabat. These properties are characterised by a high standard of accommodation and leisure facilities. In keeping with the economic growth of the United Arab Emirates and Dubai, it is envisaged that Al-Futtaim Real Estate will concentrate its efforts and resources towards the development of prestigious real estate complexes to supplement the growing demand for commercial and residential properties. 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 withA 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 areA completed and / or available for operational usage)
* Ensuring that the Financial Statements accuratelyA reflect the true financial position of the company
A Financial Controls:
* Leading, evaluating and improving upon existing processes,A systems and internal control mechanisms
* Ensuring that adequate insurance covers are in placeA for the company's assets and there is no financial risk to the company inA A case of any untoward events
A Financial Management Reporting:
* ProducingA aA variety financial reports which cover project progress, variance reporting, and action plans for improvement for external and internalA purposes
* Ensuring that the financial reporting is accurate andA timely with appropriate analysis to assist business heads in identifyingA trends and making informed decisions
A Budgets, Forecasts and Business Plans:
* Engaging with Feasibility & Investments,A Development and Commercial teams in budgeting andA or forecasting activities
* Review the budgets and forecasts process to ensure timely completion and support consolidation of numbers
A Compliance:
* A Producing reports, schedules for statutory and internalA audits
* Ensuring compliance to group policies and procedures,A IAS / IFRS accounting standards, project budgets and DoA
Risk Management:
* A Leading the process of annual Insurance review across the organisation
* Acting as the organisation's point of contact in termsA of insurance related queries and claims recoveries
* Advising the organisation on risk areas, requiredA insurance protection levels
The chosen candidate will meet all of the essential requirements below:
A ESSENTIAL
* A Bachelor's degree in commerce, accounting, finance orA related subject area
* Accounting / Finance qualification (e.g. CPA, CA, CMA,A CFA, CIMA)
* Minimum of 10 years of experience in the field ofA Finance and Accounting
* At least 4 years' financial management experienceA within Real Estate, Construction, ProjectA Management or related industry
* Knowledge of management reporting and accountingA systems
* Knowledge of ERP Financial Software - ideally SAP
* Well versed in IAS / IFRS
* Well versed inA the preparation of Financial Statements
A DESIRABLE
* Knowledge of DubaiA Real Estate laws, guidelines and directives
* Real Estate related Certification from Dubai RealA Estate Institute
BEHAVIOURAL COMPETENCIES
* Strong internalA and external stakeholders management skills
* Ability toA approach problem solving with simplicity and logic, and to present A A A A solutions on financial matters to non-finance professionals
* Ability to think A A A A holistically and understand the chain impact of financial transactions onA A the overall business 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. |