Director - Finance
Damac Properties
Total years of experience :27 years, 5 Months
Reporting to the Chairman of the company, oversee projects in UAE and Egypt as well as support projects in Maldives, London, Oman and Turkey
Lead a team of 25 staff which includes Finance Managers, Accountants, Quantity Surveyors and Analysts
Handle Budgeting, MIS, Project Feasibilities, Costing, Cost control and Project finance functions - also represent the group in their investments in Facilities Management and Maintenance Services
Developed comprehensive cost management and project MIS which is used for comparing actual costs with budgets and Forecasted Final Cost highlighting extra-ordinary costs and details of EOTs and Claims from contractors
Manage project feasibilities from concept till developing detailed budgets for building projects and master developments. Successfully managed feasibilities and budgets for projects worth AED 2.2 billion including phases in master developments, individual building projects, villa clusters, infrastructure, etc.
Work closely with Commercial & Technical teams to evaluate & recommend proposals for the appointment of main & sub-contractors, consultants and review variations in running contracts. Achieved cost savings in recent past to tune of AED 55m in project costs and AED 25m in supervision consultancies
Control project payments from Escrow and Corporate funds, manage contractor guarantees including valuation at completion of the project and final account settlement
Interface with External Auditors, maintaining adequate checks & internal controls
Manage Taxation and compliance functions for Egypt project - played a pivotal role in determining best tax solutions for investments in Oman and Maldives
Represent Finance in various internal boards and committees including in Group Companies in Facilities Management and Maintenance
Design plans/strategies for maximizing profitability & revenue generation.
Al Dorra Group, established in 2006, engaged in Petroleum Services and Investments in Oil sector; acquiring & establishing companies in Kuwait and GCC and running them to create value for its shareholders
•Directly reported to the Chairman & Managing Director. successfully functioned as:
•In-charge: Finance & IT departments of the Group.
•Member of the Management Executive Committee (MEC).
•Distinguished efforts in:
•Formulation and consolidation of business plans & budgets for the whole group.
•Determining KPIs for the group and presenting the same to the Board for review and approval.
•Writing all policies and procedures and getting them approved from Board and implementing them
•Oversaw management & coordination of all fiscal reporting activities for organization including organizational revenue/expense & balance sheet reports, reports to funding agencies, development & monitoring of organizational & contract/grant budgets. Developed & executed strategy and to resource and deliver the organization's strategic objectives.
•Performed all tasks necessary to achieve the organization's mission and help execute staff succession and growth plans. Multitasked and lead finance function of a subsidiary to the next level through sheer business acumen, systems & IT upgrade.
•Planned & facilitated restructuring and development of procedures, regulations & financial planning for subsidiaries
•Integral part of the 3 Member Core Team (MEC) involved in key management, financial & strategic decisions of the group & recommendations to the Board of Directors.
•Lead group-wide financial strategizing and liquidity management assuring capital adequacy and optimal capital structure. Interfaced with the External and Internal Auditors
•Acted as In-charge for vetting proposals for acquisitions/investments involving valuations & participation in final negotiations. Key role in establishing comprehensive MIS reports for the group including reporting from subsidiaries.
•Distinguished efforts in heading operations of the Accounts department assuring efficient internal controls & systems involving consolidation of accounting records & financial statements as per the IFRS.
•Managing treasury operations to maintain adequate liquidity/working capital for the group including assisting subsidiaries in acquiring working capital & project finance requirements from banks & institutions.
•Successfully administered operations of the IT department including ERP, IT strategies & budgets, establishing policies & procedures.
Achievements:
•Managed complete finance and IT functions (including implementation of ERP), hired all new staff, got banking lines approved (funded new contracts worth USD 300 Million), wrote all systems and procedures and implemented MIS/ Budget and handed over to new management of subsidiary
•Managed valuations and merger of 4 companies
Functioned as Head of the complete project in Kuwait; reporting directly to the partners in Dubai & Kuwait.
•Formulated and executed complete strategy, business plan and budgets for the project in Kuwait.
•Resourcefully coordinated with banks for raising working capital and other facilities.
•Scrutinized business development opportunities worked on feasibilities and presented proposals to Partners for approval
•Worked on all Marketing, finance, logistics and IT related activities in the assigned territory of Kuwait.
•Spearheaded team size of 200+ personnel across retail, accounts, warehousing, logistics, IT & administration.
•Strategized, developed and established various stores across Kuwait involving 11 showrooms in time span of 2 years.
Started Finance Department for new project in Dubai
Prepared & maintained statutory books of accounts, final accounts and reconciliation of financial statements with monthly/quarterly results for corporate and Supply Chain operations.
Ensured Accounting and Reporting in compliance with Accounting Standards-Indian & International, Corporate/Group Accounting Manual & Guidelines and local tax laws.
Devised projections and feasibility of the project in UAE involving initial budgets for capitalization & stock purchase.
Coordinated in the preparation of financial statements for Corporate and Supply Chain Operations.
Involved in handling activities encompassing:
o Finalizing infrastructure requirements like warehouse, vehicles, web site, office equipment, telephone & fax.
o Designing & setup accounts & IT departments involving developing in-house software for retail operations.
Restructured lease rent payments by which the project got converted into a profitable venture. Prepared tax plans and ensured compliance and timely assessments.
•Managed planning & management activities for ensuring completion of internal, statutory and external audits within time and cost budget. Monitored of statutory recoveries ensuring timely remittance regularly to the concerned authorities.
•Directed various finance & accounts activities involving preparation of accounts, budgets & projections for the company & obtaining working capital from local banks. Developed and implemented in-house Property Management Software.
Achievements:
•Significantly contributed in opening 11 showrooms in 2.5 years for 6 brands for the group in Kuwait
•Instrumental in bringing down lead time (after receipt of shipment in Kuwait) from 32 days to less than 6 days
•Successfully opened 3 showrooms (Managing - Finance/Warehouse/Logistics/IT/HR and Personnel) in UAE for