Saudi-based Dar Al Arkan Real Estate Development Company has announced the resignation of its chief executive officer, Ziad El-Chaar, according to reports on Thursday.
The company also announced that Kelvin Kwok has been appointed new chief executive officer (CEO) of the company, effective 1 September, 2018.
According to a statement, Dar Al Arkan's board of directors accepted El-Chaar resignation from his position as CEO of the company on 23 July, 2018. El-Chaar is said to have resigned for “personal reasons”.
He retains his current position as an adviser to the board of directors and a member of the Board over its current session ending on 23 June, 2019.
The chairman, the members of the board of directors and all the employees of the company, “expressed their gratitude for Mr. El-Chaar who showed remarkable efforts in the management and development of the company”, added the statement.
In his place, Kelvin Kwok, who brings more than 20 years of experience to the Saudi Market, joins from his most recent position as CEO of Emaar Middle East in Saudi Arabia, where he led the execution and delivery of mega real estate projects ranging from residential to commercial complexes in Saudi Arabia.
El-Chaar resigned from his position as CEO of Damac Properties in May 2017, stating he had left the property developer to pursue other career opportunities before joining Dar-Al Arkan in June 2017.