Job Purpose Overview: The role holder is responsible for providing leadership and oversight for all aspects of cost control and budgeting. You will be responsible for the cost review and optimization of development projects, strict adherence to budgetary constraints, and the successful achievement of project target cost objectives. The role holder will also involve in establishing robust cost and cashflow management framework, offering expert guidance to project teams and senior management, including benchmarking and value engineering, and proactively driving cost-effective solutions throughout the entire lifecycle of development projects.
Key Requirements:
Budget Development and Management
- Work closely with the Chief Development Officer and development team in preparation of comprehensive annual budgets and cashflows ensuring alignment with strategic goals
- Develop and provide oversight of detailed budgets, financial forecasts, and reports, ensuring accuracy and adherence to internal policies
- Establish clear cost baselines for projects and ensure their consistent alignment with overall financial objectives
- Forecast future budget requirements and review budget requests meticulously before approval
Cost Control and Monitoring
- Review and challenge cost estimates and unit rates prepared by external consultants, vendors and contractors.
- Standardise cost breakdown structure and allocation of master development costs and ensure consistent application in financial models across projects.
- Manage and refine cost control procedures and systems to effectively monitor project budgets and expenditures including continuous monitoring of project costs throughout their lifecycle, identifying any budget variances, and thoroughly analyzing their potential impact on project profitability
- Identify cost variances promptly and recommend appropriate corrective actions to mitigate potential financial risks
- Examine detailed financial data to ensure that all projects remain within their approved budgetary limits and actively implementing cost-control measures to optimize financial performance aligned with Dubai Holding policies and procedures
- Conduct Regular audits and reviews to ensure strict adherence to established cost control procedures and full compliance with all relevant financial regulations and internal controls
- Establish clear communication channels and processes to monitor and control, assess and implement Value Engineering proposals, costs across all involved parties
- Work closely with design and delivery teams across verticals to seek ways to reduce costs and improve overall operational standards without compromising project integrity
- Maintain Cost Benchmarking Register and updated list of lessons learned.
Vendor Negotiation and Procurement Collaboration
- Work closely with DHRE procurement and Contracts teams to negotiate favourable contracts and pricing terms with suppliers while maintaining the quality standards
- Participate in tender evaluations, including framework agreement as required by the Contracts and Procurement department under DHRE, providing financial insights to support informed decision-making
Reporting and Financial Analysis
- Collaborate with Planning and reporting team to develop comprehensive cost and budget reports, detailed presentations, and other essential documentation for both internal and external stakeholders including ad-hoc financial analyses to provide valuable insights to management on project financial performance and potential areas for improvement
- Identify and analyse variances between actual project financial results and budgeted figures at the end of each reporting period
People, Process and Technology
- Continuously review and improve existing cost control and budgeting processes to enhance efficiency and accuracy and to better meet the evolving needs of the company
- Lead and mentor a team of cost planning and/or QS professionals focusing on enhancing their skills and fostering a culture of excellence within the department
- Partner with various internal teams, including other development teams, design, procurement, finance and operations, to ensure a cohesive approach to project delivery and financial management
- Engage effectively with and manage external consultants, contractors, and suppliers in line with approved business plan
Key Requirements:
Work Experience
- Over 15 years of relevant experience in a similar role (cost planning or cost control or financial management) within the real estate or construction industry with specific exposure to Infrastructure and Marine works, as well as Utility Networks and Systems.
- Prior experience working on large master plan community developments is a must
- Proven experience in successfully managing multi-phase development projects in high-stakes environments
- Practical experience working on major real estate projects within the UAE/GCC region is preferable
- Familiarity with the specific challenges and nuances of the real estate market in UAE/GCC region, including the unique regulatory frameworks, cultural considerations, and prevalent project delivery methodologies
Education/ Professional Certification
- Minimum of a bachelor's degree in quantity surveying, construction management, commerce, finance, engineering, economics or a related technical field
- Master's degree in the related field is desirable
- Professional Certification such as RICS, AACE, CA, FRM etc., is preferred
Technical Competencies
- Possess expertise in tendering and procurement processes
- Ability to conduct thorough cost analysis and manage budgets effectively
- Proficiency in cost estimation, budgeting, conducting detailed analysis preparing financial reports is essential
- Advanced skills in Microsoft Excel along with experience in utilizing various reporting and software tools relevant to financial management
- Strong analytical and budgeting skills are crucial for this role
- Familiarity with concepts such as Earned Value Management, Financial Reporting, Budgeting, forecasting, performance analysis, Variance Analysis etc., is essential
- Knowledge of Unifier or Oracle Aconex is preferable
