Budget Manager

About us

Al Balad Development Company (BDC), wholly owned by the Public Investment Fund, is the heritage-focused master developer and asset manager of the Jeddah Historical District. Its aim is to provide an authentic experience, build a vibrant and creative community, and establish Jeddah Historical District as an economic center and a global historical destination inspired by Jeddah's ancient heritage and diverse culture.

Job Summary

The Manager, Project Budget is responsible for overseeing the financial aspects of projects within the organization, including budget development, forecasting, monitoring, and reporting. This role ensures that all projects are financially aligned with company objectives and are executed within budget. The Manager will collaborate closely with project managers, department heads, and senior leadership to ensure that resources are effectively allocated, costs are controlled, and financial reporting is accurate and timely.

About the Role Project Budget Development & Planning

• Budget Creation: Lead the development and preparation of detailed project budgets, working closely with project managers and departments to gather necessary financial information.
• Cost Estimation: Estimate and allocate costs across project phases (labor, materials, overhead, etc.), ensuring alignment with project goals and company financial standards.
• Budget Approval: Present project budgets to senior management and stakeholders for approval, making recommendations for financial adjustments or improvements where necessary.

Budget Monitoring & Control

• Ongoing Monitoring: Continuously monitor project expenses and compare them with budgeted figures to identify variances and address potential budget overruns.
• Forecasting: Provide regular updates to project managers and senior leadership on budget forecasts, potential risks, and necessary adjustments to ensure project success.
• Cost Control: Develop strategies and work with the project team to control costs and minimize financial risks, ensuring that the project stays within budget while meeting scope and quality objectives.

Financial Reporting & Documentation

• Variance Analysis: Perform regular analysis of project financials to identify variances and provide variance reports with explanations to senior management.
• Financial Reporting: Prepare monthly, quarterly, and annual project financial reports, summarizing actual vs. budgeted performance, cost forecasts, and overall financial status.
• Document Management: Ensure all financial documentation related to project budgets (invoices, purchase orders, change orders, etc.) is complete, accurate, and properly filed for compliance and auditing purposes.

Collaboration & Cross-Functional Coordination

• Collaboration with Project Managers: Work closely with project managers to understand project requirements, timelines, and financial needs to ensure budgets are realistic and adhered to throughout the project lifecycle.
• Stakeholder Communication: Communicate regularly with senior management, department heads, and external stakeholders to ensure transparency around financial performance and project status.

Strategic Financial Planning

• Resource Allocation: Assist in optimizing resource allocation and ensuring that financial resources are effectively distributed across projects to meet overall business objectives.
• Risk Management: Identify and assess financial risks associated with project execution, making recommendations for mitigation strategies.
• Continuous Improvement: Suggest and implement process improvements for budget management, reporting, and forecasting to ensure projects are delivered within scope and financial parameters.

Qualifications

• Bachelor's or Master's degree in Finance, Accounting, Business Administration, or a related field.
• 5-8 years of total experience in financial reporting, analysis, budgeting, or accounting, with at least 3 years in a managerial role.
• Experience Project Budgeting & Forecasting of large-scale construction or development projects, including residential, commercial, or industrial projects.
• Excellent written and verbal communication skills