Riyadh – Mubasher: Dar Alarkan Real Estate Development Company’s board of directors approved appointing Andy Raheja as the company’s new CEO starting from 4 June.

 Raheja, who will replace Kevin Kwak, is currently the CFO of Dar Alarkan, according to a statement to the Saudi Stock Exchange (Tadawul).

In the first quarter of 2019, Dar Alarkan’s profits slumped 92.3% to SAR 25.51 million from SAR 331.12 million in Q1-18.

The Kingdom-based firm ascribed the decrease in Q1-19 net income to lower property sale.