Former Damac managing director joins Saudi developer
Riyadh-based property developer Dar Al Arkan Real Estate Development Company has appointed Ziad El Chaar as its new chief executive, according to a bourse statement on Sunday.
El Chaar was formerly the managing director of Damac Properties, Dubai's second-largest listed developer, which he joined in 2005, before departing last month.
In a statement to the Tadawul stock exchange, the Saudi developer said its board of directors approved El Chaar’s appointment as CEO effective from 1 June 2017.
He replaces Dr Abdulrehman Hamad Al-Harkan who resigned from his position as CEO and board member of the company last month.
Dar Al Arkan posted a profit of 12.1 million Saudi riyals for first quarter 2017.
According to its 2016 Annual Report, major projects under development include the 5 million square metre (sqm) Shams Ar-Riyadh mixed-use project in Riyadh, the 3 million sqm Shams Al-Arous project in Jeddah and the 2.2 million sqm Al Tilal project in Medina. Al Qasr Mall, the Saudi capital’s largest mall with a built-up area of more than 250,000 sqm, was developed by the company.
Dar Al-Arkan is the kingdom’s largest listed real estate company, with a market capitalisation of 10.8 billion riyals ($2.88 billion) and a total asset value close to 25 billion riyals.
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