Dubai: Ziad Al Chaar, the former Damac Properties’ managing director, is assuming the role of chief executive officer at Saudi Arabia’s largest listed real estate developer — Dar Al Arkan. The move was confirmed via a statement the latter issued to Tadawul, the Saudi stock market authority, on Sunday.
It was last month that Al Chaar’s resignation from Damac was confirmed, setting off some active speculation as to where he might go next. Names of prominent Saudi developers were mentioned in this regard, while the more extreme ones had him even taking on a role at The Trump Organisation.
But informed market sources quickly set to rest such speculation, saying that a CEO’s position had opened up at Dar Al Arkan, where on May 15 it was announced that the incumbent CEO — Dr Abdul Rehman Hamad Al Harkan — was stepping down (effective from June 1). His tenure lasted five years. The Saudi developer has a fairly sizeable portfolio of existing and completed projects, principally in the residential space. But it has also extended into retail in a big way, most notably by helming the Al Qasr Mall, which opened in Riyadh in June of 2012.
Expansion
At Damac, Al Chaar scripted a close working relationship with the Group founder and Chairman, Hussain Sajwani. During this period, the Dubai developer set a hot pace in terms of off-plan launches and also moving simultaneously to expand its interests in hospitality and serviced apartments space. There were also golf course related alliances with The Trump Organisation and Tiger Woods. The period also saw high-rise projects in Saudi Arabia.
Dar Al Arkan had earlier this year closed of the fourth tranche of a dollar-denominated sukuk programme, raising 1.87 billion Saudi riyals (Dh1.83 billion, $500 million). The order book for the sukuk had opened on April 4. With a five-year tenor, it matures on April 10, 2022 at a profit rate of 6.875 per cent per annum. “The issuance received significant interest from international market participants with the order book close to 4 billion Saudi riyals [$1.05 billion],” the developer said in a statement.
The proceeds will be used for its roster of projects in the kingdom. There is also talk that the developer will be aiming for openings in other Gulf markets, including in Dubai.
