Dubai's Damac managing director steps down- statement
18 May 2017
The managing director of Damac Properties, Dubai's second-largest listed developer, Ziad El Chaar, has resigned from his post, the company said in a statement sent to the bourse on Thursday.
“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,” Damac's chairman Hussain Sajwani said in a company statement issued on Thursday.
El Chaar joined Damac in 2005 as vice president of international sales and was appointed managing director in 2011, according to a report by the Gulf Business magazine.
Damac did not confirm who will be El Chaar's replacement, but Ossama Wassim Abbas will assume the responsibilities of general manager – sales, the statement said. A Damac spokesperson was not immediately available to comment.
On Monday, Damac reported a 16.2 percent fall in first-quarter net profits, Reuters said. The developer reported a net profit of 880.4 million dirhams ($239.7 million) for the three months to March 31, down from 1.05 billion dirhams in the same period last year.
The firm's cost of sales rose to 887.3 million dirhams in the quarter compared to 632.0 million dirhams in the same period of last year.
Its first-quarter revenue stood at 1.95 billion dirhams, up from the 1.62 billion dirhams scored in the same period a year earlier.
© Zawya 2017