{"id":56872,"date":"2017-06-04T22:21:56","date_gmt":"2017-06-04T15:21:56","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=56872"},"modified":"2017-06-04T20:31:22","modified_gmt":"2017-06-04T13:31:22","slug":"saudi-developer-dar-al-arkan-appoints-former-damac-managing-director-el-chaar-as-chief-executive","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-developer-dar-al-arkan-appoints-former-damac-managing-director-el-chaar-as-chief-executive\/","title":{"rendered":"Saudi developer Dar Al Arkan appoints former Damac managing director El Chaar as chief executive"},"content":{"rendered":"


\nZiad El Chaar, the former managing director of Damac Properties, has been appointed as the chief executive of Riyadh-based property developer Dar Al Arkan, the Saudi company said on Sunday.Dar Al Arkan’s board approved a proposal for Mr El Chaar to become chief executive last Thursday, effective immediately, the company said in a statement on the Saudi bourse. His departure from Damac was announced two weeks ago.
\nDar Al Arkan is a leading developer in the kingdom whose shares are listed on the Saudi stock exchange, Tadawul. Last year, the company reported a 30 per cent decline in net income to 250.8 million Saudi riyals (Dh245.6m) as revenue dropped by 15 per cent to 1.87 billion riyals. However, it remains well capitalised, with more than 18bn riyals worth of shareholders’ equity, and is well placed to benefit from proposals within the kingdom’s National Transformation Programme to boost the role of real estate in the economy \u2014 from 5 per cent of GDP last year to a target of 10 per cent by 2020.
\nMr El Chaar, who holds a master’s in business administration from the American University of Beirut, “has extensive experience in real estate, finance and leadership”, according to the statement issued by Dar Al Arkan.It added that he “has worked on a wide variety of projects in the Middle East”. He worked at Damac for 12 years, joining in 2005. Mr El Chaar stoked controversy in the UAE in 2015 when he accused some of the real estate sector’s biggest brokerages of “professional malpractice” by publishing Dubai market reports forecasting excess supply. The executive slammed data issued by property brokers as inaccurate and damaging to market sentiment, in an open letter sent to media in October 2015. Brokers responded by stating that their data came directly from developers’ own completion estimates.
\nDar Al Arkan, meanwhile, is chaired by Yousef Al Shelash and has developed major mixed-use, retail and residential projects across the kingdom. Last month, it launched a villa community known as Parisiana Living, close to its existing Al Qasr Mall project off King Fahd Road in south-central Riyadh.Announcing the launch, Mr Al Shelash said that it “comes in line with Dar Al Arkan’s approach to provide the kingdom’s real estate market with high-quality, ready-made housing units”.
\n“The expertise and success stories of Dar AlArkan will enable the company to play an active role in finding suitable housing solutions, supporting government initiatives in the housing sector,” he added.To date, Dar Al Arkan has built more than 15,000 residential units, as well as 500,000 square metres of leasing space within residential communities.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Saudi developer Dar Al Arkan appoints former Damac managing director El Chaar as chief executive<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ziad El Chaar, the former managing director of Damac Properties, has been appointed as the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-56872","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-eNi","jetpack-related-posts":[{"id":57098,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sizeable-saudi-arabian-market-a-big-draw-for-newly-appointed-dar-al-arkan-chief-executive\/","url_meta":{"origin":56872,"position":0},"title":"Sizeable Saudi Arabian market a big draw for newly appointed Dar Al Arkan chief executive","date":"June 6, 2017","format":false,"excerpt":"\r The size of the Saudi Arabian market and the desire for bricks and mortar investments were the two things that drove former Damac MD Ziad El Chaar towards his new role leading Dar Al Arkan, he said.\"You are in a very big market, where everybody is vastly interested to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":56930,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-damac-md-appointed-ceo-of-major-saudi-developer\/","url_meta":{"origin":56872,"position":1},"title":"Former Damac MD appointed CEO of major Saudi developer","date":"June 4, 2017","format":false,"excerpt":"\r Ziad El Chaar appointed as CEO of Dar Al-Arkan\r \r Source : arabianbusiness.com\r Read more...Former Damac MD appointed CEO of major Saudi developer","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":55227,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-properties-managing-director-ziad-el-chaar-resigns\/","url_meta":{"origin":56872,"position":2},"title":"Damac Properties managing director Ziad El Chaar resigns","date":"May 18, 2017","format":false,"excerpt":"\r Ziad El Chaar, the managing director and executive board member of Damac Properties, has resigned, the developer said on Thursday, without citing a reason for his departure.The company did not name a replacement for Mr El Chaar in a Dubai bourse filing.Mr El Chaar became managing director in 2011,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28709,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-developer-damac-targets-millennials-with-akoya-selfie-villa-project\/","url_meta":{"origin":56872,"position":3},"title":"Dubai developer Damac targets millennials with Akoya Selfie villa project","date":"October 5, 2016","format":false,"excerpt":"\r Damac Properties is making another attempt to attract millennials to buy its homes with the sales launch this weekend of its latest villa community Akoya Selfie.The Dubai listed developer announced today that it would open sales on a collection of three-bedroom villas at its 55-million-square foot Akoya Oxygen development\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13818,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/changing-fortunes-damacs-ziad-el-chaar\/","url_meta":{"origin":56872,"position":4},"title":"Changing fortunes: Damac's Ziad El Chaar","date":"May 20, 2016","format":false,"excerpt":"\r With consecutive quarterly profit declines and controversy over its Donald Trump-branded golf course, developer Damac Properties has drawn plenty of attention in recent months. Managing director Ziad El Chaar responds to both issues and explains why the company has shed its all-luxury dogma to join the competition for mid-market\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25215,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-to-open-sales-offices-in-china\/","url_meta":{"origin":56872,"position":5},"title":"Damac to open sales offices in China","date":"September 6, 2016","format":false,"excerpt":"\r Damac, the developer based in Dubai, is to open three new offices in China to market its projects more effectively to Chinese buyers. Damac is planning to open business development offices in Beijing, Shanghai and Shenzhen to work with local brokers to promote its products, said Ziad El Chaar,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/56872"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=56872"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/56872\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=56872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=56872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=56872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}