Job Description
Finance Manager – Project Accounting (Real Estate Development)
Location: UAE
Department: Finance & Accounts
Reporting To: Chief Financial Officer (CFO) / Finance Director
Position Summary
The Finance Manager – Project Accounting will be responsible for overseeing the financial management of real estate development projects from feasibility assessment through project completion. The role requires strong expertise in project accounting, financial modeling, project finance, escrow management, budgeting, cost control, and stakeholder management with banks, investors, consultants, contractors, and regulatory authorities. The incumbent will play a key role in ensuring financial viability, funding availability, compliance with UAE real estate regulations, and accurate financial reporting of development projects.
Key Responsibilities
1. Project Feasibility & Financial Analysis
- Prepare and review project feasibility studies for new real estate developments.
- Develop detailed financial models incorporating sales projections, construction costs, financing costs, cash flow forecasts, and profitability analysis.
- Conduct sensitivity analysis and scenario planning for project viability assessment.
- Evaluate investment returns including IRR, NPV, ROI, and project margins.
- Support management in investment decision-making and project acquisitions.
2. Fund Raising & Project Financing
- Lead debt and equity fund-raising initiatives for development projects.
- Prepare financial information packages, presentations, and lender information memorandums.
- Liaise with banks, financial institutions, investors, and advisors for project financing requirements.
- Coordinate due diligence processes with lenders and investors.
- Negotiate financing terms, covenant requirements, and facility documentation in coordination with management and legal teams.
- Monitor compliance with financing agreements and reporting obligations.
3. Banking & Financial Institution Management
- Manage relationships with banks and financial institutions.
- Coordinate project finance drawdowns and utilization of facilities.
- Monitor loan covenants and reporting requirements.
- Facilitate issuance, renewals, amendments, and cancellations of:
- Performance Guarantees
- Advance Payment Guarantees
- Retention Guarantees
- Corporate Guarantees
- Other banking instruments
4. Escrow Account Management
- Ensure compliance with UAE Real Estate Regulatory Authority (RERA) and escrow regulations.
- Coordinate with project auditors, consultants, and escrow banks for fund release approvals.
- Review and submit payment release applications from escrow accounts.
- Monitor escrow collections and utilization against approved project budgets.
- Maintain accurate records and reconciliations of escrow transactions.
- Liaise with regulatory authorities and escrow agents on project-related matters.
5. Project Budgeting & Cost Control
- Develop project budgets and cash flow forecasts.
- Monitor actual expenditures against approved budgets.
- Analyze cost variances and recommend corrective actions.
- Review commitments, contracts, and purchase orders to ensure budget compliance.
- Support value engineering initiatives to optimize project profitability.
- Prepare monthly project cost reports and management dashboards.
6. Payment Certification & Contractor Management
- Review interim payment applications submitted by contractors and consultants.
- Verify payment certifications against approved contracts and project progress reports.
- Coordinate with project management and consultants to validate work completion.
- Ensure timely processing and release of payments in accordance with contractual terms.
- Monitor retention, advance recoveries, and variation orders.
7. Project Accounting & Financial Reporting
- Maintain complete accounting records for development projects.
- Ensure proper allocation and capitalization of project costs.
- Manage project-wise revenue recognition and cost accounting.
- Prepare monthly project profit and loss statements.
- Monitor project cash flows and funding requirements.
- Ensure compliance with IFRS and company accounting policies.
- Support annual audits and statutory reporting requirements.
8. Financial Planning & Cash Flow Management
- Prepare short-term and long-term project cash flow forecasts.
- Monitor funding requirements throughout the project lifecycle.
- Ensure adequate liquidity for project execution.
- Optimize utilization of debt and equity financing.
9. Stakeholder Coordination
- Liaise with:
- Banks and Financial Institutions
- Investors and Shareholders
- Project Auditors
- Escrow Banks
- Consultants and Contractors
- Legal Advisors
- Regulatory Authorities
- Internal Project and Sales Teams
- Provide financial insights and reports to senior management.
10. Governance, Compliance & Risk Management
- Ensure compliance with UAE regulations, escrow requirements, financing agreements, and company policies.
- Monitor project financial risks and recommend mitigation strategies.
- Strengthen internal controls over project expenditures and funding utilization.
- Support implementation of ERP and project accounting systems.
11. Taxation & Statutory Compliance
- Ensure timely VAT compliance on project transactions, including output VAT on sales and recovery of input VAT on construction costs.
- Ensure compliance with UAE Corporate Tax requirements, including registration, computation, and filing for project entities.
- Coordinate with tax consultants and auditors on tax planning, assessments, and clarifications.
- Maintain proper tax records, documentation, and reconciliations for development projects.
12. Team Leadership & Development
- Lead, mentor, and develop the project finance and accounting team.
- Allocate responsibilities and review the work of project accountants and finance staff.
- Set performance objectives and support training and capability building within the team.
13. Insurance Management
- Coordinate project and construction insurance cover (e.g., Contractor All-Risk, third-party liability) with brokers and insurers.
- Ensure adequate insurance is maintained throughout the project lifecycle and renewed on time.
- Manage insurance claims and recoveries in coordination with project and legal teams.
- Verify that insurance requirements under financing agreements and contracts are met.
Key Performance Indicators (KPIs)
- Accuracy of project feasibility and financial models.
- Timely closure of debt and equity funding requirements.
- Compliance with financing covenants and escrow regulations.
- Budget variance management.
- Project cash flow accuracy.
- Timely release of escrow funds.
- Project profitability achievement.
- Accuracy and timeliness of project financial reporting.
- Effective management of bank guarantees and financing facilities.
Qualifications & Experience
Education
- Bachelor's Degree in Finance, Accounting, Commerce, or related field.
- Professional qualification preferred:
Experience
- 8–12 years of finance experience, with at least 5 years in UAE real estate development.
- Strong experience in:
- Project Finance
- Real Estate Development Accounting
- Financial Modeling
- Feasibility Studies
- Escrow Management
- Debt and Equity Fund Raising
- Project Budgeting and Cost Control
- Bank Guarantee Management
- RERA and Escrow Compliance
- Experience dealing with UAE banks for project financing is essential.
Technical Skills
- Advanced Financial Modeling (Excel)
- Project Feasibility Analysis
- Project Accounting
- IFRS Knowledge
- Cash Flow Forecasting
- ERP Systems (Oracle, SAP, Microsoft Dynamics, Yardi, Property Developer ERP, etc.)
- Power BI and Financial Reporting Tools
- Banking and Treasury Management Commercial Awareness
- Analytical and Problem-Solving Ability
- Stakeholder Management
- Leadership and Team Management
- Strong Communication and Presentation Skills
Apply now!