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Peter Riddoch, CEO of Damac Properties, has announced that he will be leaving the Dubai-based developer next month.
Riddoch said he wished to focus more on personal interests and family, and that felt it was time for him to move on.
“To leave an organisation that has been a significant part of my life for so many years will not be easy, but I know that the time is right for me to make some changes, focus a bit more on my personal interests and family, and possibly even take on new challenges," Riddoch said in a statement published by UAE daily Gulf News.
Hussain Sajwani, Damac's chairman, confirmed that he had "reluctantly" accepted Riddoch's resignation.
He said: "Peter has contributed significantly in steering our business over the past seven years and as an organisation we have greatly benefited from his industry knowledge and experience."
Day to day operations will be run by senior management at Damac Properties under the direction of the chairman until a replacement is found, the company added.
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It's like the latest instalment in one of those soapies so popular over Ramadan.