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Financial Controller

Date: 04-Aug-2022

Location: Dubai, AE

Company: Majid Al Futtaim

Majid Al Futtaim Retail invites you to join us in our quest to create great moments for everyone, everyday! We are the leading shopping mall, residential communities, retail and leisure pioneer across the Middle East, Africa and Asia, serving over 560 million visitors a year. For the past two decades, we have shaped the consumer landscape across the region, transforming the way people shop, live and play, while maintaining a strong sustainability track record and the largest mall in the world to attain LEED Gold EBOM Certification. We have over 40,000 team members in 15 international markets representing over 100 nationalities – all keeping the customer at the heart of everything we do. If you enjoy being BOLD, PASSIONATE and TOGETHER, then Majid Al Futtaim is the destination for you.

Role Purpose:


The Financial Controller – Operations and Projects is responsible for establishing and managing a reliable financial control system within MAF Retail business. The role holder is also responsible for supporting in the review and approval of operational improvement and new projects by highlighting investment risks and recommending feasibility solutions.  The role requires strong communication with Country and Corporate teams to deliver on time-critical assignments


Role Details – Key Responsibilities and Accountabilities:

Budget and Forecasting

  • Assist with monitoring allocated budgets to ensure compliance and highlight possible issues
  • Provide inputs on the preparation of budget when necessary and provide inputs on cost reduction measures
  • Partner with relevant function heads, by providing them with analysis and advice in the planning process with regards to budgeting, strategic plans and periodic forecasts for their respective departments
  • Preparation of Budget of new stores, controlling the actuals performance vs budget on monthly basis (Non LFL Report)
  • Support in the Capital Allocation preparation of Retail business and submission to Group Holding

Financial Control

  • Ensure that financial aspects of relevant contracts are adhered to and that contracts are renewed in a timely manner
  • Ensure reconciliation of accounts is conducted periodically and reviewed as required
  • Track revenue recognition and ensure revenue is allocated correctly, taking corrective action where inconsistencies arise  
  • Provide inputs for the development of relevant processes for reporting, benchmarks and policies for the organization and provide recommendations when required

Capex/Project Appraisal Review

  • Support the process of reviewing Capex assumptions for the appraisal of new projects and budgets, by assisting with the development of feasibility studies and providing necessary analysis
  • Support the control process by staying informed on the progress of relevant Capex investments approved projects / budgets and carry out a detailed analysis, giving feedback to concerned stakeholders about possible budget risks
  • Support the value creation process by analyzing existing fixed assets details for productivity and identifying patterns applicable in new projects to maximize value creation to be recommended to concerned stakeholders
  • Support the identification process of improvement areas for different stages of an investment process to identify potential for cash flow savings / synergies and create optimized investment process and assist with the implementation phase
  • Support the relevant functions by providing necessary analysis and detail of the organization Capex investment and expense process

Coordination and Communication

  • Collaborate with MAF Retail Finance teams in countries on day to day activities incl. clarifications, finance support
  • Ensure regular information exchange with all relevant stakeholders and update them on the acquired knowledge from the benchmark analysis
  • Build relationships and maintain strong partnerships with key personnel to help achieve organisational goals

Audit and Reporting  

  • Prepare all financial reports as per calendar - such as Like-for-Like (LFL), Non-LFL, Feasibility Variance, Post-Investment study, for the submission to relevant stakeholders
  • Manage the process of post-investment Impairment testing, Goodwill testing, Preparing the watchlist stores, Liaising with Countries and Auditors
  • Provide inputs to business units that includes related analysis against agreed KPIs
  • Examine all financial reports and data closely to check for discrepancies
  • Ensure project templates get updated regularly based on the latest update (ex.: Macroeconomic changes, WACC update etc.)
  • Preparing Financial Control calendar based on Group Holding calendar and keeping the track of the same regular deliverables

Human Capital Responsibilities

  • Assist with the implementation of the performance management process by setting objectives, monitoring performance, and provide constructive feedback and provide inputs to senior management
  • Provide mentorship for the purpose of developing a continuous talent pipeline for key roles
  • Provide inputs on training needs and coordinate with the HC department to ensure facilitation of training requirements
  • Develop and implement on the job-training for the team
  • Provide inputs for the development of annual manpower plan
  • Ensure the implementation of MAF Retail’s corporate policies and relevant procedures


Definition of Success

  • Timeliness and accuracy of developed financial reports submitted
  • Recommendations provided for budgeting, forecasting, financial control or Capex investments
  • Average number of days to compile and submit audit documents
  • Consistency and comparability of financial statements and reports


Functional/Technical Competencies

  • Financial Modelling (Excel, SQL)
  • Statistical Risk Modeling (i.e. Monte Carlo simulation)
  • Valuation exercise

Personal Characteristics and Required Background:

Minimum Qualifications/education

  • Bachelor’s Degree in Finance, Business Administration or Commerce
  • Master’s Degree in the same field is preferred
  • CFA or CPA, CA rankers is preferred

Minimum experience

  • 6+ years in a similar position
  • 2+ years in retail business is preferred


  • Sound understanding of retail business and financial processes with proven experience managing large-scale operations and projects across countries/regions
  • Knowledge and understanding of big data and analytics, strong analytical and technical skills
  • Excellent business communication and presentation skills; verbal and written communication skills
  • Strong English language skills (Speaking, Reading and Writing) with exceptional business writing, Arabic is a plus