In June 2017, the former managing director of Damac Properties, Ziad El Chaar, was appointed the chief executive of Saudi-based property developer, Dar Al Arkan. Based in Riyadh, Dar Al Arkan is the largest listed real estate company in the Saudi stock market with a capital of SAR10.8bn and total assets close to SAR25bn.
In a statement to Tadawul, the company said that Chaars professional background corresponds with the companys current directions to pursue a real estate development strategy that contributes to the growth of profitability, the enhancement of financial position, the achievement of high returns on companys assets plus sustainable revenues. Such objectives coincide with the reduction of cost, the rationalisation of spending, and the active dealing with the strategic changes experienced by the Saudi economy in general and the real estate sector in particular, within the framework of Vision 2030 and the National Transformation Program (NTP) 2020.
Chaar has previously occupied many leadership positions in major companies, and most recently he was the MD of Damac Properties in Dubai, which makes him qualified to lead Dar Al Arkan at this stage.
In December last year, the company partnered with luxury brand, Roberto Cavalli, to design the interiors of the lavish 34-storey waterfront skyscraper, in true Italian fashion. Named as I Love Florence, the new luxury tower will offer its residents an immersive living experience that combines the sophistication of fascinating Florence with the famed luxury of dazzling Dubai. Towering over the 3.2km man-made waterway, the high-rise will combine views of the canals vibrant outdoor and night scenes, with the elegance of the Florences Arno riverside, reflected in the interiors sketched by one of Italys most famed design houses.
