Riyadh-based property developer Dar Al-Arkan Real Estate Development Company appoints Ziad El-Chaar as its new chief executive, Reuters reports.
El-Chaar was formerly the managing director of Damac Properties, Dubai’s second-largest listed developer, which he joined in 2005, before departing last month.
In a statement to the Tadawul stock exchange, the Saudi developer said its board of directors approved El-Chaar’s appointment as CEO effective from June 1, 2017.
Dar Al-Arkan posted a profit of SR 12.1 mn during the first quarter of 2017.
According to its 2016 annual report, major projects under way include the five mn square metre (sqm) Shams Ar-Riyadh mixed-use project in Riyadh, the three mm square meter Shams Al-Arous project in Jeddah and the 2.2 mn square metre Al-Tilal project in Medina.
Al-Qasr Mall, the Saudi capital’s largest mall with a built-up area of more than 250,000 square metres, was developed by the company.
Dar Al-Arkan is the kingdom’s largest listed real estate company, with a market capitalisation of SR 10.8 bn (USD 2.88 bn) and a total asset value close to SR 25 bn.