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Friday, 2 September 2011


- Up To $195k USD + bonus
- Leading petrochemical company
- Open to Arabic speakers/ Westerners/ Any nationality with KSA or GCC experience

Our client is a leading Middle East petrochemical company. Based in Damman (close to Bahrain) we are looking for an experienced CFO to head their Finance division.

Experience within Oil & Gas, Petrochemical or Manufacturing is preferred. Experience within construction, real estate and other professional industries will also be considered.

A very strong organisation to work for and an exciting senior opportunity.

Overall responsibility of Directing and overseeing Finance and Accounting functions of the company, notably the following:

Plans and manages all of the financial and accounting activities of the company, covering financial, general, cost, sales and management accounting. Establishes and ensures the application of sound financial policies and procedures in all financial transactions. This includes directing the preparation and  monitoring and revision of capital and operating budgets, maintenance of the Company's chart of accounts and control of general and financial ledgers   and accounts.
Manages the development and maintenance of modern and business supporting accounting policies and procedures, which are consistent with sound              financial practices and professional standards prevailing in the industry, and the requirements of the joint venture partners.
Ensures the provision of adequate insurance coverage of all Company assets and reviews asset valuation to ensure its reliability.
Meeting reporting requirements of Joint Venture partners. 
Submission of Business Plan as and when required.


1.Manages the activities of assigned personnel in the Finance Department of the company.  Performs supervisory duties and exercises financial authority at    the level established by management for the position.
2.Plans and coordinates the preparation of the annual budget and business plan for the company.  Includes controlling and participating in providing    information to individual departments, attending explanatory meetings with managers, preparing budget for the approval of the company Board of    Managers, making presentations to explain changes, modifying budget data as necessary.  Prepare adhoc reports required by the President and Board    members.
3.Manages and guides the preparation of cash flow projections, bank accounts reconciliations, to ensure sound financial decisions related to loan repayments,    company expenditures and capital investment.
4.Controls and coordinates the preparation of strategic plans and ensures availability of financial resources to meet the Company's long term commitments.      Arrange for / negotiate banking facilities and control thereon with particular reference to covenants, compliance, documentation and correlating                  requirements with investment of surplus funds.  Ensures the provision of operating cash by preparing adequate forecasts of cash requirements in advance               and reviews same to ensure their accuracy and relevance and that payments are made correctly and promptly.
5.Arranges for the placement of funds in local or foreign currencies with banks at the best prevailing interest rates, including negotiating deals with different                banks.  Places orders with banks for selling or buying local and foreign currencies, taking into consideration fluctuations in exchange rates and the needs of     the Company for local and foreign currencies for a certain projected period of time.
6.Monitors payroll activity. This Includes spot-checking to ensure accuracy of the payroll register, reviewing the preparation of vacation and termination                settlements and approving travel payment vouchers for employees going on leave or leaving the Company. Checks the preparation of the monthly payroll                vouchers and approves their posting to ledger accounts, detailing the breakdown into salary components, department totals, and ensures the proper                            reconciliation of ledgers.
7.Ensures budget control reports are prepared accurately and on time, reviewing such reports, carrying out periodic spot-checks on the accuracy of data and                 approving prior to submission to The President and department managers
8.Directs and participates in product pricing for sales in accordance with established pricing procedures and sound economic principles. Includes reviewing                  potential customers’ requirements, in terms of quantity and grade of production, and duration of supply contract. Participates in contract negotiation with                potential customers as requested.
9.Controls the reconciliation and closure of accounts. Reviews and approves documentation for cash and bank payments.
10.        Manages and participates in the development, and oversees the implementation of the accounting and financial policies, procedures and reporting system                   of the Company, in accordance with Company policies and sound accounting standards and principles ( SOCPA & IFRS).  Provides The President and the                     joint venture partners with a steady flow of pertinent information required to maintain the Company in a sound financial position. 
11.Directs the preparation of periodic physical and cost performance reports to The President.  This includes analyzing and highlighting variances against                      budgeted plans, providing comments on causes and recommending corrective actions.  Reviews existing policies, procedures and practices and prepares                     appropriate recommendations for management approval.
12.Directs and participates in the preparation and submission of management accounts and annual financial reports such as balance sheet, income statement,               production cost statement, cash flow and sales reports.
13.Ensures that all financial and accounting activities of the Company are reviewed periodically and that they conform to established policies and                                      procedures.  Reviews audit reports prepared by Company's internal auditors and external auditors in order to answer queries.  Implements where feasible                approved audit recommendations within the company.
14. Manage all insurance activities to ensure that all of the Company’s assets and liabilities are covered. Negotiates premiums and coverage to provide the                      maximum value to the Company.
15.Participate / advise in reviewing commercial agreements. Maintain contacts with and coordinate with Lawyers for commercial matters.
16.Tax planning, corporate taxation and Zakat matters.  Keep up-to-date with taxation, accounting standards, company law, Labor Law, GOSI, Banking law                  and practices and changes therein.
17.Attend Board meetings as Finance Head, Prepare Finance presentation for Board papers and Make presentations.
18.Credit control
19.Evaluation of major capital expenditure.
20.Coordinate with external auditors of the company for Quarterly accounts required under CMA regulations and with auditors of foreign partner with                regards to IFRS & US GAAP reporting packages
21.Study long-term economic trends and project company prospects for future growth.
22.Directs the preparation of all financial reports, including income statements, balance sheets, reports to shareholders, tax returns, and reports for       government regulatory agencies.
23.Studies long-range economic trends and projects company prospects for future growth in overall sales and market share, opportunities for acquisitions       or expansion into new product areas.  Estimates requirements for capital, land, buildings, and an increase in the work force.
24.Supervises investment of funds; works with banks and/or investment bankers to raise additional capital as required for expansion.
25.Working with Banks and Financial Institutions and handling legal issues with regards to funding.  Ensuring compliance with covenants and reporting      requirements of the lenders. Raise additional capital as required for expansion

Frequent contacts with The President, with board members and department managers in the company, to coordinate financial and board matters.  Establishing and maintaining middle and high level relationships with banks, lenders and financial institutions.
Occasional contacts with customers to advise on prices and follow up on payments; with contractors for settlement of payments and with Government and owners auditors to answer queries and schedule activities.
Carries out his activities within the general framework of the Company objectives and financial policies which he will have been instrumental in developing, and in accordance with international accounting principles and standards.
The position holder is a decision maker within the company according to delegated authorities.

University degree in Commerce / Business Adminstration / Finance and Accounting
Ideally a member of Professional Accounting Body such as Institute of Chartered Accountants (ACA/FCA)/ Institute of Certified & Corporate Accountants (ACCA) or Certified Public Accountant (CPA)
Related Work Experience (type and years)
12 years of experience in the various accounting & financial functions of a process company, ideally petrochemical or manufacturing. Experience should include senior managerial position for at least 5 years and should be well versed in computerized environment ideally ERP.

Language Skills:
Fluent English

To apply in confidence please send your CV to