Damac Properties' MD resigns

Company says El Chaar has left to pursue new career opportunities
El Chaar joined Damac in 2005 as vice president of international sales and took over the managing director responsibility in 2011.
By Parag Deulgaonkar
Thu 18 May 2017 12:32 PM

Dubai-based Damac Properties on Thursday said Ziad El Chaar has resigned from the post of managing director and executive board member.

In a statement sent to Arabian Business, the company confirmed El Chaar has left to pursue new career opportunities.

“Damac confirms that Ziad El Chaar has left the company. After a 12 years tenure, where he spearheaded many initiatives that directly contributed to the company’s success, both regionally and internationally, El Chaar has decided to explore new career opportunities. We wish him success in all his future endeavours,” it said.

El Chaar joined Damac in 2005 as vice president of international sales and took over the managing director responsibility in 2011.

During his tenure, he has overseen Damac’s growth with projects such as Damac Hills and Damac Towers by Paramount Hotels & Resorts, as well as Akoya Oxygen and Aykon City.

He has also commandeered Damac’s increasing international presence, with Aykon London One in the UK and pipeline projects in Saudi Arabia and Qatar.

“We regretfully announce the departure of El Chaar but wish to thank him wholeheartedly for the outstanding efforts during his time with Damac and the many achievements he spearheaded during this period,” company chairman Hussain Sajwani said in a statement on Dubai Financial Market.

The company, however, did not state when it was planning to have El Chaar’s replacement in place.

Ossama Abbas, who joined the group in 2013 as general manager - operations, will assume the sales and operations responsibility, the company said.

He has over two decades of experience in management and sales roles and worked as general manager of Kuwait Food Company (Americana) before joining Damac.

This week, the developer said first quarter 2017 net profit fell 16.20 percent to $239.78 million (AED880m) from AED1.05billion ($285.9m) a year earlier, but revenue rose 20 percent to AED1.95bn from AED1.62bn.

The company’s shares are set to be included in Morgan Stanley Capital International (MSCI) UAE index from June 1.

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