Damac Properties managing director Ziad El Chaar has resigned his position and is leaving the company, the Dubai developer has confirmed.
In a statement to the Dubai Financial Market, Hussain Sajwani, chairman of DAMAC Properties, said: We regretfully announce the departure of Mr 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.
“On behalf of myself and the board and all staff members we wish to thank him for all the valuable contributions he has made to the company. We wish him every success in his future endeavours.
The statement did not elaborate on the reasons for his departure from the company he joined in 2005 and led as managing director from 2011.
News of the resignation came swiftly after DAMAC reported a 16.2 percent fall in first quarter net earnings to AED 880.4mn ($239.7mn) despite a rise in sales from AED 1.62bn to AED 1.95bn. DAMAC booked a net profit in 2016 of AED 3.69bn, down from AED 4.51bn a year earlier.