Manager - Finance (SPV/Projects)-Saudi Nationals

Role Overview

Manager - Finance (SPV/Projects) at Al Jomaih Energy and Water, based in Saudi Arabia. This role is open to Saudi Nationals.

Company Overview

Al Jomaih Energy & Water (AEW) is a fast-growing investor, lead developer, and operator of utility and infrastructure projects across KSA, GCC, Asia, and North Africa. The company was established in 2007 as a subsidiary of Al Jomaih Holding Company, a leading Saudi conglomerate with over 80 years of heritage. AEW operates investments in 6 GW of conventional and solar power plants and approximately 700,000 m3/day of water. The mission is to leverage expertise in the Power, Renewables & Water Sectors to tackle new technologies, solve complex problems, and unlock opportunities while driving impact for stakeholders across the value chain.

Role Purpose

Deliver timely and accurate financial information to management through the establishment of proper accounting and control systems. Analyze accounting data, prepare financial reports, ensure distribution of financial information to senior management to facilitate decision-making, implement best accounting control practices, and adhere to global accounting standards. The role will assist management in crafting strategic growth plans and assessing and enhancing portfolio health.

Key Responsibilities

Accounting Operations, Reporting and Controls

• Oversee and coordinate financial accounting processes, including monthly, quarterly, and annual closing procedures, following closing checklists and booking revenues, development costs, and completing or overseeing all monthly reconciliations.
• Ensure compliance with accounting standards and regulations while maintaining accurate financial records and implementing operational best practices.
• Create and implement accounting practices, purchasing guidelines, and ensure that accounting procedures are consistently updated.
• Implement and strengthen financial controls to safeguard company assets and prevent fraud.
• Establish and maintain effective relationships across all departments and ensure all raised issues are resolved timely with sufficient support provided.

Financial Planning, Forecasting & Financial Modelling

• Coordinate preparation of annual budgets, periodic forecasts, and long-term financial projections, ensuring alignment with operational plans, business objectives, and contractual requirements.
• Operate and maintain the company's integrated financial model, incorporating operating assumptions, revenue projections, O&M costs, capital expenditure, working capital, debt service, financing costs, taxes, and cash flows.
• Update financial forecasts under different operating and commercial scenarios, including sensitivity and stress testing of key assumptions and their impact on profitability, liquidity, and cash generation.
• Work closely with Operations, Commercial, Technical, and other functions to develop and validate key financial and operational assumptions underpinning budgets and forecasts.
• Monitor actual performance against budget and forecast, analyze variances, identify key drivers, and recommend corrective actions where required.
• Prepare forward-looking cash flow forecasts and liquidity projections using financial models, including assessment of funding requirements, debt service obligations, and availability of cash for distributions and other corporate requirements.
• Maintain the financial model to reflect changes in operating performance, contractual arrangements, financing terms, capital expenditure plans, and other material developments affecting the project.
• Provide financial analysis to management for business decisions such as major maintenance and capital expenditure initiatives.

Lender, Financing & Covenant Management

• Calculate and monitor key financial covenants and project finance ratios, including DSCR, LLCR, leverage, and debt service-related ratios using financial models, in accordance with applicable financing documents.
• Maintain forward-looking covenant forecasts using the financial model and identify potential covenant headroom constraints or breaches at an early stage.
• Coordinate preparation and submission of periodic financial information, compliance certificates, lender reports, and other information required under financing agreements.
• Prepare debt service requirements, interest payments, principal repayments, DSRA reserve account requirements, and other financing-related cash obligations.
• Ensure accurate and timely reporting of covenant calculations and financial information to company management, Board, Shareholders, and Lenders.

Zakat, Tax and Related Compliance

• Collaborate with Tax and Zakat teams on ongoing tax compliance.
• Ensure all compliance requirements in relation to VAT, Corporate Tax, and Zakat are managed, and proactive action is taken to address such requirements in the accounting and control systems.

Financial Systems

• Develop and optimize financial accounting and reporting systems for accurate and timely reporting.
• Take a leading role in driving and participating in organization-wide financial transformation initiatives.

Audit and Internal Controls

• Coordinate External and Internal audits, liaise with auditors, and ensure all issues are timely resolved during the audit process.
• Maintain internal controls by preparing and recommending policies and procedures, and substantiate financial transactions by auditing documents.

Training

• Coach accounting staff and ensure all staff are cross-trained, with growth needs identified and development plans put in place and executed.

Qualifications & Experience

• Over 7 years of diverse finance and reporting experience, including a minimum of 3 years in management roles, preferably within the utilities industry.
• Training by Big4 firm with held managerial responsibilities.
• Professional qualifications such as ACA, ACCA, or equivalent accounting degree.
• Strong experience in preparing, managing, and reviewing management reports, statutory financial statements, cash flow projections and forecasts, Board and shareholder reporting, and operating financial models for projects.
• Strong experience supervising, evaluating, and training employees.

Skills & Competencies

• MS Excel – advanced utility with Smart View expertise.
• MS PowerPoint.
• Microsoft Power BI.
• Strong experience with ERP systems, with deep understanding of their functionalities, integration, and best practices; exposure to Oracle Fusion is preferred.
• Exceptional communication skills.
• Meticulous attention to detail.