The former managing director of Damac Properties has been appointed CEO of one of Saudi Arabia's largest property developers, Dar Al-Arkan Real Estate Development Company.
Ziad El Chaar resigned as MD of Damac last month after 12 years with the luxury property developer, which included a period as vice president of international sales, before he took over as MD in 2011.
In a statement published on the Saudi Stock Exchange (Tadawul) website, Dar Al-Arkan announced the appointment of El Chaar as CEO of the company as of June 1, 2017.
"Our decision to appoint Mr. Ziad El Chaar was based on his distinguished career and extensive experience in the real estate, financial and leadership fields," said Dar Al-Arkan’s chairman, Yousef Al Shelash.
"Mr. El Chaar’s professional background corresponds with the company’s current directions to pursue a real-estate development strategy that contributes to the growth of profitability, the enhancement of financial position, the achievement of high returns on company’s assets plus sustainable revenues.
"Such objectives coincide with the reduction of cost, the rationalisation of spending, and the active dealing with the strategic changes experienced by the Saudi economy in general and the real estate sector in particular, within the framework of Vision 2030 and the National Transformation Program (NTP) 2020.”
Al Shelash said Dar Al-Arkan, in the coming period, will seek to expand inside and outside the Kingdom.
Ziad El Chaar described Dar Al-Arkan as "a large and distinguished company that enjoys competitive advantages, a strong financial position, and a real estate portfolio that is the largest, best, and most diversified in the Kingdom".
"Moreover, the company is operating in a promising and vibrant market that is marked by a growing demand for real estates, particularly the residential products. All such factors increase the rates of optimism and success," he added.
Based in Riyadh, Dar Al-Arkan is the largest listed real estate company in the Saudi stock market with a capital of $2.88 billion (SAR10.8bn) and total assets of $6.6 billion (SAR25bn).For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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