Riyadh – Mubasher: The CEO of Dar Al-Arkan Real Estate Development Company has resigned and the firm has accepted it and announced his replacement.

Ziad Al-Chaar, who has resigned his post citing personal reasons, will be replaced by Emaar Middle East’s former CEO in Saudi Arabia Kelvin Kwok, the property developer said in a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

It added that the board has accepted Chaar’s resignation, which is effective 1 September.

Despite the resignation, Al-Chaar will remain an advisor to Dar Al Arkan’s board and a board member until the end of its current cycle in June 2019.

Prior to becoming Dar Al Arkan’s CEO, Al-Chaar was the managing director of Dubai-based DAMAC Properties.

Kelvin Kwok, who replaces Al-Chaar, will take over the CEO position as of 1 September, the Saudi developer stated.

Kwok enjoys over two decades’ worth of experience in the real estate and financial investment management sectors. He previously held the position of CEO for Emaar Middle East in Saudi Arabia, where he was responsible for the execution and delivery of several large property projects in the kingdom.

Dar Al Arkan last reported a 2,630% year-on-year surge in net profits to SAR 331.12 million in the first quarter of 2018, from SAR 12.13 million, citing higher sales.