Senior Finance Manager - Dubai, United Arab Emirates - Dubai Healthcare City Authority, Government of Dubai

Description

The role holder is responsible for managing the Group's and Standalone Entity's corporate finance, business planning and treasury function with an aim to assist top management in making informed decisions on different investment options. This includes devising and evaluating different investment strategies and options with the aim of steering the financial direction of the company.

Strategic Responsibilities

• Prepare Group annual budgets, re-forecasts of the DHCA group and the standalone entities.
• Maintains Group and standalone financial books in compliance with International Financial Reporting Standards and VAT regulations thereby reflecting true view of financial position of the Group.
• Appraise, evaluate and present the feasibility for new investments and projects to the reporting manager for decision making.
• Effectively manage the land bank of the entity for future development, sales, operating leases and inventory purposes.
• Ensures adequate liquidity of the entity through effective cash management and treasury functions to enable achievement of the organizational objectives.
• Supports the development of the Finance department's strategy in line with strategic plans of the assigned entity, and provides financial advice to the senior management with an aim of achieving short and long term strategic financial objectives.
• Provides inputs for building the operating framework for the department, and implements and reviews work processes in order to achieve high performance standards and continuous improvement.

Financial Control & Reporting

• Ensure the preparation and release of accurate and timely management reports/dashboards to provide timely management information and facilitate effective decision making.
• Assists on continuous improvement of finance and accounting practices taking into account 'international best practice', changes in international standards and changes in the business environment which demand proactive action plans.
• Identify and filling gaps in internal controls and financial procedures to publish accurate financial results in line with statutory and corporate requirements and performs the analytical review of procedures to ensure the reasonableness of the financial information.
• Supervise monthly closing of the books of accounts and checking accuracy with an emphasis to reports on depreciation/amortization, revenue, deposits and cash flow, ensuring consistency and integrity of figures in order to provide an accurate picture of the organization's financial status and an overview of the short term viability in meeting its immediate cash requirements.
• Accountable for Accounts Payable (AP) and Accounts Receivable (AR) and develops and implements systems, procedures and policies in order to ensure the continuous development of AP and AR processes and data accuracy, internal control and protection of the organization's interest.
• Verify and approve transactions under iproc (ERP) after tracing it to budget; and accounting codes.
• Review supporting documents before executing payments.
• Work on costing of internal SLAs to ensure correct costs are being charged for shared services and verify relevant documents provided for substantiation.
• Reviewing accounting of revenue, government grant and investment properties at year-end.
• Reconciling Inter-company matrix to ensure accurate recording of all transactions.
• System enhancements, system implementation procedures and Liaising with IT on resolving system errors/ anomalies observed during the course of maintaining books of accounts.

Financial Planning & Performance

• Develop and maintain a five to ten-year business plan or sustainability plan along with the projected level of funding required by the Group, updated and submitted on an annual basis to the DHCA Board of Directors for approval.
• Maintain an Annual Budget, derived from the approved five-year business plan, against which actual results and cash flows are compared on a monthly basis.
• Perform a Reforecast of the budgeted operating results and cash flows during the second quarter of the calendar year.
• Prepare a budget to actual variance analysis to evaluate the performance and identify any operational centers that are performing differently than expected.

Corporate Finance & Treasury

• Preparation of the financial models for different investment proposals, joint venture opportunities, development of new projects, sale/lease of land or property, etc. including sensitivity analysis and utilizing concepts like Return On Investment (ROI), Net Present Value (NPV), Internal Rate of Return (IRR), Pay Back and Cash Flow analysis.
• Prepare BoD memos and presentations with key financial analysis on land sales/settlements/cancellations and other investment proposals.
• Prepare a cash flow projection on a weekly basis, to effectively manage the DHCA Group's short to medium to long term liquidity. Ensure sufficient bank balances are maintained to fund the operations of the entities.
• Present proposals to invest surplus corporate funds in fixed income marketable securities. (Wakala, Term deposits, Sukuks).
• Assist the business in raising financing through banks by means of short and long term financing and other means like Sukuks/bonds, term loans, etc. and build strong banking relationships and liaison with external parties.
• Maintenance of land bank of DHCC with regular updates on the movement of GFAs on the cost of plots and pass necessary entries to record land sales, land swaps/settlements/cancellations, deferred revenue, land costs, etc. in accordance with International Financial Reporting Standard (IFRS) and DHCA financial policies and standards.
• Review external land valuation reports and prepare a land pricing report for year-end financial audit and for impairment testing assessment.
• Provide assistance to the financial reporting head in terms of recording of investment in the books by developing accounting entries for approved investment. Discuss the accounting entries with the external auditors to ensure full compliance with IFRS.
• Use knowledge of IFRS accounting principles to oversee proper financial accounting for land sales recognition, deferred revenue, and infrastructure cost allocation, etc. to ensure proper accounting and facilitate sound financial decisions.
• Prepare impairment assessment workings of the financial assets (incl. advances and loans) as per the expected credit loss approach of IFRS 9 standard.
• Formulate the land revenue and cost recognition workings as per IFRS 15 standard of revenue from contracts with customers.
• Assess existing financial processes and policies and provide inputs to the department head on developing new ones/make improvements on existing processes/policies to make them more efficient for the business.

Others

• Pass journal entries in ERP with regards to the monthly and year-end financial closing for standalone and Group entities.
• Prepare Ad hoc financial reports as and when required by the Management for standalone and Group Entities.
• Process monthly payroll in line with DHCA policies and guidelines.
• Provide support for all technical queries regarding the interpretation of the provisions of IFRS that are addressed through the IFRS desk within the finance team.
• Approval of procurement requests of different entities as per company guidelines.

Qualification

Bachelor's degree in Business/Accounting/Finance or equivalent; and

Professional qualification in a field related to finance (CA/CPA/ACCA)

Experience

10 years of relevant experience

Skill

Written and spoken English is essential, Arabic is preferred

Treasury Management

Financial Reporting

Financial and Management Accounting

Accounting and Reporting Standards

Microsoft Office

Financial and Accounting Applications and Software

People Management and Development

Team Leadership

Business Acumen

Creativity and Innovation

Industry & Global Perspective