Overview
Financial Director Jobs in Jeddah, Makkah, Saudi Arabia at Alawaly Real Estate شركة العوالي للتطوير العقاري
Title: Financial Director
Company: Alawaly Real Estate شركة العوالي للتطوير العقاري
Location: Jeddah, Makkah, Saudi Arabia
About the Role:
We're looking for a seasoned Finance Director to lead the full accounting function of our growing real estate group, reporting directly to the CFO. You'll oversee everything from day-to-day accounting cycles and IFRS compliance to tax, zakat, and consolidated financial statements, while serving as the primary interface with external auditors and due diligence advisors. With our IPO journey underway, this role carries real strategic weight in taking Alawaly to the main market.
Key Responsibilities:
Accounting Management & Cycle Control (AR / AP / GL)
- Oversee the Accounts Receivable (AR) cycle: invoicing, collections, reconciliations, allowances, and aging management.
- Oversee the Accounts Payable (AP) cycle: three-way invoice matching, payment approvals, and adherence to vendor payment terms.
- Oversee the General Ledger (GL) cycle: review and approve daily journal entries and monthly reconciliations with accuracy and timeliness.
- Maintain and develop the Chart of Accounts in alignment with segment reporting requirements and Capital Market Authority standards.
Periodic Close & Financial Statements Preparation
- Manage the monthly close process within a maximum of 5 business days from period end.
- Prepare monthly, quarterly, and annual financial statements (income statement, balance sheet, cash flows, equity changes, and notes).
- Prepare consolidated financial statements at Group level, including inter-company eliminations.
- Ensure the audit pack is ready for external auditors and deliver periodic financial reports to the Audit Committee and Board of Directors.
IFRS Compliance & Accounting Policies
- Ensure full application of IFRS standards relevant to real estate development: IFRS 15 (Revenue), IFRS 16 (Leases), IAS 40 (Investment Property), IAS 2 / IAS 11 (Inventory & Construction Contracts), IFRS 9 (Financial Instruments & ECL), and IAS 36 (Impairment).
- Develop and maintain the Accounting Policies & Procedures Manual and manage complex accounting treatments (consolidation, revenue recognition, long-term contracts).
Tax & Zakat Compliance
- Prepare and submit VAT, Zakat, and Real Estate Transaction Tax (RET) returns accurately and on time, with zero errors.
- Manage tax and zakat audits conducted by the Zakat, Tax and Customs Authority (ZATCA), including preparation of responses and supporting documentation.
- Monitor input VAT recovery and manage tax balances on an ongoing basis, ensuring zero penalties or variances.
Internal Controls & Accounting Governance
- Design and implement effective internal controls across all accounting cycles in support of ICFR requirements, applying Segregation of Duties (SOD) and the Delegation of Authority (DOA) matrix.
- Track closure of internal audit recommendations within 90 days, and ensure the external auditor's report is free of material findings.
External Auditor & Advisor Relationship Management
- Manage the annual audit plan, Management Representation Letters, and routine responses to the external auditor.
- Coordinate with Financial (FDD) and Tax (TDD) Due Diligence advisors on acquisitions and IPO transactions, and manage relationships with zakat, tax, and technical accounting consultants.
Accounting Systems & Digital Transformation
- Lead optimal utilization of the ERP system across accounting cycles and ensure integration with CRM, asset management, and the unified digital platform.
- Support Power BI dashboard development and lead accounting automation initiatives, including the application of AI tools in financial operations.
Team Leadership, Development & IPO Readiness
- Lead the accounting team, set individual objectives, develop IDPs, conduct periodic performance reviews, and build succession plans for critical roles.
- Prepare three-year historical financial statements for the IPO file per CMA requirements, and support preparation of the prospectus and MD&A section.
Technical Skills:
- Deep practical knowledge of IFRS standards relevant to real estate development.
- Advanced experience in consolidated financial statements (Consolidation) and inter-company accounting.
- Full command of accounting cycles (AR / AP / GL) and monthly and annual close processes.
- Strong expertise in Saudi tax and zakat compliance (VAT, Zakat, RET) and management of tax audits.
- Proficiency in ERP systems — Oracle Fusion, SAP, or Microsoft Dynamics preferred — and Power BI.
- Experience designing and implementing internal controls (ICFR) and Segregation of Duties (SOD).
- Hands-on experience with FDD / TDD advisors and CMA listing requirements.
Behavioral Competencies:
- Effective leadership of the accounting team with a focus on building next-generation talent.
- Professional communication with senior management, the Audit Committee, external auditors, and advisors.
- Strong problem-solving and data-driven decision-making in high-pressure environments.
- Ability to manage priorities within tight deadlines (close cycles, periodic reporting).
- Strategic mindset combined with high operational commitment and attention to detail.
- Professional integrity and adherence to accounting ethics.
Qualifications & Experience:
- Bachelor's degree in accounting or finance is required; a Master's or MBA is a plus
- SOCPA certification or equivalent (CPA / ACCA / CMA / CA), multiple certifications preferred.
- Minimum 12 years of experience in finance and accounting, including at least 4 years in a senior leadership role
- Strong preference for experience in real estate development, contracting, or long-term contract-based industries.
- Proven track record in close and consolidation, tax and zakat compliance, IFRS application, and working with external auditors.
- Prior experience with IPO processes or due diligence engagements (FDD / TDD) is a strong advantage.
- Full professional proficiency in Arabic and English
