Dubai developer Damac’s managing director Ziad El Chaar resigns

Dubai developer Damac Properties announced on Thursday that its managing director Ziad El Chaar had resigned from his role.

El Chaar, who joined Damac in 2005 as vice president of International Sales and was appointed managing director in 2011, will also be leaving his position as executive board member.

Ossama Wassim Abbas will assume the responsibilities of general manager – Sales, Damac said in a statement, without announcing a direct replacement.

“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,” said Hussain Sajwani, chairman of Damac Properties.

Also read: Damac’s Ziad El Chaar on the company’s building boom

The Dubai-listed real estate developer was hit hard during the property crash but managed to bounce back since then and has delivered approximately 18,500 homes as of March 31, 2017.

The company has a development portfolio of over 44,000 units including more than 13,000 hotel rooms, serviced apartments and hotel villas, which will be managed by its hospitality arm, Damac Hotels and Resorts.

On Wednesday, the company announced that its stock has been added by Morgan Stanley Capital International (MSCI) to its UAE index, effective from June 1, 2017.

Amr Aboushaban, head of Investor Relations, Damac Properties said: “Damac’s inclusion in the MSCI is testament to the confidence that institutional investors have in the strength of our company, backed by robust fundamentals and track record.

“This provides the opportunity for us to be accessible to a wider range of global investors and enhances our efforts to diversify our shareholder base, while improving overall our stock liquidity and unlocking value.”