Damac Properties' managing director resigns

The managing director of Damac Properties, Ziad El Chaar, has resigned, according to reports on Thursday

Ziad El Chaar, former MD of Damac Properties.
Ziad El Chaar, former MD of Damac Properties.

The managing director of Damac Properties, Ziad El Chaar, has resigned, according to reports on Thursday.

El Chaar has also resigned from his post of executive board member and is said to have left to pursue new career opportunities, according to Arabian Business.

The statement said: “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.”

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

Hussain Sajwani, Damac chairman, said in a statement on Dubai Financial Market: “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.”

Ossama Abbas, who joined the group in 2013 as general manager - operations, will assume the sales and operations responsibility, the company said. Damac, however, has not yet announced plans for a replacement.  

The property developer announced that it had achieved a net profit of $240m (AED880m) in Q1 2017, with net margins of 45%, when it released its financials earlier this week.

Damac also announced on Wednesday its further expansion into the Qatari market with the Burj Damac Seaviews, a 31-storey tower, featuring luxury furnished and serviced apartments and townhouses in Doha.

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