Saudi-based Dar Al Arkan Real Estate Development Company has roped in Ziad El Chaar, the former managing director of top UAE developer Damac, as its new chief executive.

He replaces Dr Abdulrehman Hamad Al Harkan who resigned from his position as CEO and board member of the company last month.

Dar Al Arkan has won approval from the board of directors for El Chaar's appointment, said the company in a statement to the Saudi Tadawul stock exchange.

An industry veteran with more than 16 years of experience, El Chaar has held several leadership positions, most recently as managing director of Damac Properties in Dubai.

He had also worked on a wide variety of projects in the Middle East region, from residential complexes to commercial, hospitality and retail complexes along with multi-uses projects, said the statement.

El Chaar holds a Master's Degree in Business Administration from the American University of Beirut and has an extensive experience in real estate, finance and leadership.

Based in Riyadh, Dar Al Arkan is a specialist in the development of master-planned lifestyle residential communities offering developed land parcels, apartments and villas.

With a market capitalisation of SR10.8 billion ($2.88 billion) and a total asset value close to SR25 billion ($6.6 billion), it is the kingdom’s largest listed real estate company.

Dar Al Arkan registered a net profit of SR12.3 million ($3.27 million) for first three months in 2017, it added.-TradeArabia News Service