Damac Properties managing director Ziad El Chaar resigns

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, having worked his way up the ladder. He started as vice-president of international sales in 2005, then went on to become international general manager in 2006 and general manager of operations in 2009.

Damac Properties reported a 16 per cent fall in first-quarter net profit, missing analysts’ forecasts, because of lower property development revenue and a sharp drop in income from the cancellation of units.

The Dubai-based developer of Damac Hills and Aykon City posted a net income of Dh880 million, compared with Dh1.1 billion in the same period last year.

Profits came in well below an estimate of Dh1.1bn made by NBAD Securities.

Shares of Damac properties were unchanged at Dh2.87 in morning trading in Dubai.


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