Saudi’s Dar Al Arkan appoints former Damac MD as CEO

Riyadh based real estate developer Dar Al Arkan has appointed the former managing director of Dubai’s Damac Properties as its new chief executive.

In a bourse statement, Dar Al Arkan said Ziad El Chaar took the role of CEO effective June 1 after the appointment was approved by the company’s board.

Damac announced El Chaar’s resignation last month following 12 years at the company including six as managing director.

Read: Dubai developer Damac’s managing director Ziad El Chaar resigns

El Chaar replaces Dr Abdulrehman Hamad Al-Harka who resigned as CEO and board member last month.

Dar Al Arkan is the kingdom’s largest listed real estate firm with a market capitalisation of SAR10.8bn ($2.88bn) and total assets valued at nearly SAR25bn.

It has several major projects under development including the 5 million square metre Shams Ar-Riyadh in the capital and the 3 million square metre Shams Al-Arous in Jeddah.