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Sunday, 4 June 2017

Ex-Damac Properties chief joins Saudi developer | GulfNews.com

Ex-Damac Properties chief joins Saudi developer | GulfNews.com:

"Ziad Al Chaar, the former Damac Properties’ managing director, is assuming the role of chief executive officer at Saudi Arabia’s largest listed real estate developer — Dar Al Arkan. The move was confirmed via a statement the latter issued to Tadawul, the Saudi stock market authority, on Sunday. It was last month that Al Chaar’s resignation from Damac was confirmed, setting off some active speculation as to where he might go next. Names of prominent Saudi developers were mentioned in this regard, while the more extreme ones had him even taking on a role at The Trump Organisation. But informed market sources quickly set to rest such speculation, saying that a CEO’s position had opened up at Dar Al Arkan, where on May 15 it was announced that the incumbent CEO — Dr Abdul Rehman Hamad Al Harkan — was stepping down (effective from June 1). His tenure lasted five years. The Saudi developer has a fairly sizeable portfolio of existing and completed projects, principally in the residential space. But it has also extended into retail in a big way, most notably by helming the Al Qasr Mall, which opened in Riyadh in June of 2012."



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