Saudi’s largest developer Dar Al Arkan appoints new CEO

Saudi Arabia’s largest listed developer Dar Al Arkan announced the appointment of a new CEO on Wednesday.

Kelvin Kwok will replace Ziad El Chaar, who resigned from his post due to personal reasons, the company said in a statement on Tadawul.

Kwok, who most recently served as the CEO of Saudi-based Emaar Middle East, will take up the role from September 1.

El Chaar, who previously served as the managing director of Dubai developer Damac Properties, took on his role at Dar Al Arkan just over a year ago on June 1, 2017.

He will retain his position as a board member and adviser at Dar Al Arkan over the current three-year term ending June 23, 2019, the statement added.

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

Based in Riyadh, Dar Al Arkan is the largest listed real estate company in the Saudi stock market with a capital of SAR10.8bn.

Earlier this year, the company listed a $500m sukuk on Nasdaq Dubai to fund its expansion across Saudi and internationally.

The five-year sukuk was more than two times oversubscribed and brought Dar Al-Arkan’s total sukuk value listed on Nasdaq Dubai to $1.85bn.

In December last year, in its first international venture outside Saudi Arabia, Dar Al Arkan launched a Dhs800m residential development in Downtown Dubai called ‘I Love Florence Tower’. The 34-storey project is being built in partnership with fashion designer Roberto Cavalli.

Also read: Saudi’s Dar Al Arkan plans Dubai project