Director, Real Estate Development – Saudi Arabia
Permanent, full time (relocation)
Generous compensation package, including signing bonus, pension, return flights home each year and tax-free earnings
About the role
On behalf of our client, The Management Recruitment Group have been retained exclusively to source multiple candidates to the post of Director, Real Estate Development for one of the world’s largest giga-projects based in the Middle East. This role will be responsible for leading the performance management of Real Estate Development from project inception to delivery and handover, of a Phase or Key Asset.
Our client is a fully funded development vehicle at the very start of a ten-year programme with a $500bn portfolio of projects. We are currently sourcing for their newest scheme, a $10bn project consisting of 5 separate CUDA’s (Community Urban Development Areas). Our client has identified the need to hire multiple individuals at the same level, each to take on a separate destination-style CUDA within the scheme. The postholder will be responsible for delivery of premium office, retail, hotel and leisure spaces alongside a world-class urban realm. Each project will run alongside another major infrastructure and greenfield development programmes in the region. With some projects completed and ready for handover and others still requiring funding and business case preparation, this is a multi-faceted role requiring a full range of skills and capabilities. The focus on expertise will be around infrastructure, leisure and hospitality projects.
You will be responsible for:
Directing development activities and providing strategic leadership and tactical implementation for the organization’s real estate projects across the region.
Leading the preparation of development and operational business plans (including market research, due diligence reports, financial analysis, investment strategy, anchors strategy, pricing, sale and lease strategy, risk register and exit strategy) of relevant real estate projects.
Producing consolidated high level executive reports, showing a clear picture of the entirety of the works within the residential real estate portfolio, recommending the strategy, and highlighting all critical issues, recommending actions and measures.
Preparing the delivery strategy of the development, coordinating with and integrating the input from other support functions including technical, legal, finance, market research, sales, and marketing and operation to deliver the project development plan.
Providing regular updates of the performance of the real estate portfolio based on the market research reports market drivers and trends, statistics, demographic analysis, absorption analysis and competitive set analysis, scenario analysis, the market competitiveness, and supply and demand drivers, risks and approved feasibility hurdle rates.
Managing the preparation and regular review of the project specific development and design briefs to ensure its alignment with the project business objectives.
Establishing, updating and regularly reporting on the consolidated risk register and mitigation measures.
Instructing, organizing and coordinating all development disciplines with the objective of harmonizing the diversified functions to deliver completed projects in accordance with the objectives established in the approved business plan.
Reviewing the property laws and provide advice on its impact on the development.
Reviewing and highlighting the risks associated with all the necessary legal documentation relevant to the real estate and development process that needs to be implemented, including contracts, appointments, sales agreements, leases, warranties, performance guarantees, purchase contracts, utilities contracts, master community declarations, owners association declarations, management association documentation, title deeds and other such documentation and correspondence to facilitate and deliver the development.
You will need to be
As an experienced Real Estate Development Director, you will have a strong background and track record in the delivery of large-scale urban development, Masterplanning and full lifecycle delivery. This is a mixed scheme, so equal consideration will be given to office, hotel and leisure experience as well as residential or mixed-use schemes. You will have ideally having worked as Development Director for >$100m portfolio of development projects , having held Director roles in blue chip main contracting, consultancy and government organisations and demonstrated experience in commercial and financial elements of JV structures including procurement, and the ‘front end’ delivery of design, development and asset management. You will focus on development & placemaking for Phase One from an ROI perspective, to ensure the success of phase two and a conceptual / visceral perspective. As such, they are very open to both transactional development directors that will focus on the dollars and cents as well as destination developers that will ensure this is a world-renowned destination and resort.
You do not need to have overseas experience to apply for this role.
Background, Skills and Qualifications
Bachelor’s Degree in engineering, Construction Economics, Real Estate, Finance, Business Administration or comparable / similar appropriate qualification.
Minimum of 15 years of development management experience on major real estate development projects, with top reputable Developers.
Experience in the MENA property sector is highly desirable, though not essential, working for a top tier Real Estate Developer.
Proven expertise in office real estate development management, program management, financial analysis, property appraisals, business analysis, financial modelling & real estate market dynamics.
Substantial experience managing the real estate development process, from project initiation, acquisition, to project structuring, design, construction, commission and operation.
In return, you will be able to have direct oversight and responsibility for one of the world’s largest projects. You will be offered a generous compensation package, which will include a guaranteed high basic, bonus, pension, a sign-on bonus and relocation. On top of that, Non-residents who do not have a legal registration or a permanent establishment in Saudi Arabia are subject to withholding tax on their income derived from a source in Saudi Arabia.
What to do now
For a confidential discussion, please contact Matthew Donovan (Matthew.Donovan@mrgpeople.co.uk) of The Management Recruitment Group on 07964 465 343 Applications should consist of a CV and a relevant project list.
Applications are open until the role is filled. As there are multiple positions to fill, we will be holding weekly shortlisting meetings with our clients until all posts are recruited to.
Equality & Diversity Statement
The Management Recruitment Group shall not discriminate unlawfully when deciding which candidate/temporary worker is submitted for a vacancy or assignment, or in any terms of employment or terms of engagement for temporary workers. The Management Recruitment Group will ensure that each candidate is assessed only in accordance with the candidate’s merits, qualifications and abilities to perform the relevant duties required by the particular vacancy.