Ziad El Chaar has resigned from his position as managing director and executive board member of Damac Properties. The reasons behind his departure are as yet unclear.

Hussain Sajwani, chairman of Damac Properties, posted an official filing on the DFM website earlier this morning. It said that Ossama Wassim Abbas will assume the responsibilities of general manager – sales.

“We regretfully announce the departure of Mr. El Chaar but wish to thank him wholeheartedly for the outstanding efforts during his time with Damac, and the many achievements he spearheaded during this period. On behalf of myself and the board, and all staff members, we wish to thank him for all the valuable contributions he has made to the company. We wish him every success in his future endeavors,” said Sajwani.

El Chaar is a veteran of the property development company, having first joined the developer in 2005 as vice-president of international sales. He then became international general manager in 2006, followed by general manager of operations in 2009.

Damac presently has a portfolio of over 44,000 units including in excess of 13,000 hotel rooms, serviced apartments and hotel villas.