Damac managing director El Chaar steps down

Dubai - Developer 'thanks him wholeheartedly for the outstanding efforts during his time': Chairman Sajwani

Real estate developer Damac Properties announced that Ziad El Chaar has stepped down as managing director and executive board member.
A Press release from the company did not name any replacement for El Chaar, one of the most high-profile personalities in Dubai's real estate sector, who has steered Damac to success during his tenure.
"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," Hussain Sajwani, chairman of Damac Properties, said in the release.
"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," he added.
Damac also said that Ossama Wassim Abbas will assume the responsibility of general manager of sales.
El Chaar started with Damac in 2005 when he was named vice-president of international sales. The following year, he became international general manager and in 2009 was appointed general manager of operations before being promoted as managing director in 2011.
It is unclear where El Chaar is headed next.
- business@khaleejtimes.com