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The project will remain on hold until corrective measures are implemented
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Damac Properties Announces Resignation of Chief Executive
DUBAI — Dubai-based developer Damac Properties, which is encountering difficulties in the wake of the global credit crunch, announced on Monday the resignation of its Chief Executive Officer Peter Riddoch.
Riddoch, who served as chief executive for seven years, said that he will be stepping down next month. Damac Chairman Hussain Sajwani confirmed the resignation.
“To leave an organisation that has been a significant part of my life for so many years will not be easy, but I know that the time is right for me to make some changes, focus a bit more on my personal interests and family, and possibly even take on new challenges,” Riddoch said.
“I am looking forward to this new chapter in my life and wish the entire team at Damac Properties every continued success for the future.” Damac has launched 75 projects since its founding in 2003. So far, it has finished just seven buildings. Another 11 have has reached significant levels of construction. However, 43 projects have not started construction and 14 have just basic piling or fencing around the sites, according to an analysis of the construction updates on Damac’s Website.
Damac is reportedly facing difficulties at its Dh55 billion Tarin Hills project in northern Iraq. The developer has not started any ground work at the
site, despite having pledged to start the first phase by
last December.
Damac says it is in negotiations with
the government.
Sajwani said: “Riddoch has contributed significantly in steering our business over the past seven years, and as an organisation we have greatly benefited from his industry knowledge and experience.” — abdulbasit@khaleejtimes.com
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