Executive Director, Retail Development
Riyadh, Saudi Arabia
About the role
On behalf of our client, The Management Recruitment Group have been retained exclusively to appoint to the post of Executive Director, Retail Development for a giga-project based in Saudi Arabia. Based in Riyadh but with travel across the country, this role will be responsible for leading the performance management of retail real estate development from project inception to delivery and handover of a large-scale, multi-billion dollar national development program.
Our client is at the very start of a massive development programme, with a multi-billion dollar portfolio of projects. This position oversees all retail development across a large number of projects, spread throughout major urban centers across KSA. With some projects started and others still requiring funding and business case preparation, this is a multi-faceted role requiring a full range of skills and capabilities.
You will be responsible for:
- Leading all development activities and providing strategic leadership and tactical implementation for the organization’s retail real estate projects across the country.
- 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 retail 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 retail 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 on the performance of the retail real estate portfolio based on the market research reports market drivers and trends, statistics, demographic analysis, absorption analysis and competitive set analysis, scenario analysis, 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 their 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 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, utility 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 Senior Real Estate Executive, you will have a strong background and track record in the delivery of large-scale retail developments, master planning, and full lifecycle delivery. These projects are lifestyle destination developments, so consideration will be given to hospitality and leisure experience as well as ultra-retail and complexes development backgrounds. You will have ideally worked as an Executive for >$1bn portfolio of development projects, having held previous executive roles for real estate developer (client side) organizations, 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 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 20 years of development management experience on major real estate development projects, with top reputable Developers, 10 of which in leadership positions.
- Experience working for a top-tier Real Estate Developer or Real Estate organization.
- Proven expertise in retail, lifestyle, or destination 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 and 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 Saudi’s most exciting new retail projects. You will be offered a generous compensation package, which will include a guaranteed high basic, bonus, a sign-on bonus, and relocation assistance.
What to do now
For a confidential discussion, please contact Matthew Donovan (Matthew.Donovan@mrgpeople.co.uk) of The Management Recruitment Group. Applications should consist of a CV and a relevant project list.
Applications are open until the role is filled.