Finance Manager

The Finance Manager’s responsibility will be two-fold:

PI Management Oversight: Responsible for overseeing PI’s Finance Department, Third Party Management (residential leasing), issuance of community NOCs, and Hotel asset management. Additionally, they are also responsible for obtaining budget approval from the PI Board and delivering quarterly financial performance reports to the PI Board.

Compliance: As PI's designated AML Officer, oversee and implement the AML program to combat ML/FT in PI's property management and leasing activities. Develop, maintain, and enforce AML policies, procedures, and controls in an effort to facilitate the identification and reporting of suspicious transactions or activities.

Responsibilities:

1. Finance Department:

• Accounting & MIS – Ensure timely monthly closings and the preparation of monthly and quarterly MIS reports. Manage the ERP system
• Audit – Oversee the timely completion of statutory audits and implement all internal audit findings. Establish control mechanisms
• Budgetary Control – Prepare and obtain approval for the annual PI budget. Analyse and control monthly budget variances
• Treasury Function – Manage PI cash flow and secure required credit lines from banks
• Risk Management – Renew insurance policies and provide information to the risk department
• Statutory Compliances – File VAT returns on time and comply with all other financial regulations

2. Third Party Property Management / Leasing of Residential units. Supervise Leasing Executive to perform the following duties:

1. Contracts Management – Manage agreements with landlords and tenants, ensuring that they are signed on time and in accordance with all relevant regulations

2. Leasing

• Prepare a yearly leasing budget and ensure monthly monitoring for variances
• Review leasing prices on a quarterly basis based on market price and RERA index, and present the updated pricing to the Chairman for his review and approval
• Renew leases on time in accordance with RERA, and send renewal notices in a prompt and timely manner
• Ensure Facilities management of GC-3 (outsourced to PID)
• Ensure that leasing agents are appointed and leasing budgets are provided on a yearly basis
• Reconcile Landlord accounts and ensure that payments are made and processed on time.

3. Accounts Receivable – Manage leasing income collections I nan timely manner and prepare a monthly report to be presented to the Chairman on the 1st week of the following month

4. Legal – Initiate legal cases against tenants who default on payments

5. CRM –

• Issue retail leases from CRM, based on approvals provided by Mall Management
• Improve CRM to generate better reports for residential property and retail leases

3. Hotel and Hotel Apartment Asset Management:

1. Review and discuss the monthly hotel and hotel apartment asset management report with the hotel operator, and present it to the Chairman
2. Challenge the hotel operator on any major variances in income and expenditure compared to the approved budget
3. Hotel & Hotel Apartment quarterly report is submitted to PI BOD by Hotel Manager. Inviting hotel management for quarterly PI BOD meeting
4. Hotel CAPEX –

• Seek PI BOD approval for hotel CAPEX
• Coordinate between DI Projects teams and hotel management operator projects teams for all hotel-related capital expenditure

4. No Objection Certificate to Community members. Supervise Sales Coordinator to perform the following duties:

• Issue NOCs to each applicant within 48 hours of receiving all related payments
• Coordinate with legal and finance to ensure proper documentation and collection of relevant fees and charges before transfer
• Manage the timely renewal of all broker agreements

5. Residential Property Sales Collection:

• Prepare a comprehensive accounts receivable statement every month
• Coordinate with the PI Director and DI Group Legal to follow up on collections
• Submit a report and action plan to the PI BOD on long overdue outstanding amounts

6. AML Compliance Management:

1. Oversee the development, implementation, and maintenance of AML/CFT policies, procedures, and controls across PI
2. Coordinate with the Head of Risk & Compliance to submit a Request for Acceptance of Payment (REAR) to FIU when a customer pays more than AED 55,000 in virtual assets or cash for a real estate lease transaction
3. Review and submit Suspicious Transaction Reports (STR) to DI’s Compliance Manager and Head of Risk & Compliance for review and approval, before sharing them to relevant authorities and regulators through the Go AML Portal and FIU
4. Maintain a tracker for regulatory reporting purposes, covering the following information

• Date of receipt of internal reporting
• Date and outcome of review performed by Head of Finance and Group Risk & Compliance Officer
• Date of filing report with FIU
• Status of reporting (open/ closed)
• Reasons for delay in filing report, if any

5. Coordinate with relevant Finance & Leasing stakeholders to submit a quarterly report to the Head of Risk & Compliance, Compliance Manager and PI’s Chairman/BOD, covering the following information:

• Summary of reports filed during the quarter, along with delays in submission, if any
• Status of open reports filed with FIU.
• Summary of open internal reports, along with reasons
• Summary of internal reports closed without reporting to FIU

6.Follow up on regulatory submissions to various internal or external parties

7. Ensure all new and existing employees are provided mandatory Compliance and AML Training sessions to enhance/update their understanding of AML policies and procedures, AML/CFT regulations, reporting obligations, and red flag indicators

8. Oversee the establishment and execution of robust customer due diligence processes, transaction monitoring systems, and suspicious activity reporting (SAR) procedures.

9. Engage risk champions to carry out periodic risk assessments and develop mitigation plans for high-risk transactions / customer

10. Provide guidance and support to AML Focal Point and relevant staff on AML matters