Damac Properties, Dubai’s largest private developer, has announced the appointment of Farooq Arjomand as the new chairman of the company, replacing Hussain Sajwani.

The announcement was made on Tuesday morning in a statement posted on Dubai Financial Market, where Damac is listed.

The new appointment takes place with immediate effect.

Sajwani is also the founder of Damac Properties.

The statement further noted that Ali Malallah Binjab has been named vice-chairman of Damac Properties with immediate effect.

Sajwani resigned last week and offered to take over the rest of Damac’s shares for $599 million through his Maple Invest Co. Ltd. He currently owns a 72 per cent stake in the developer.

Damac’s shares were down 0.77 per cent to Dh1.28 at the opening of the trade on Tuesday morning on Dubai Financial Market.

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Damac Properties reported a first-quarter net loss of Dh189.6 million, up from Dh106.1 million posted a year earlier, despite a pick-up in sales.

The Dubai-based property developer said the increase in losses was mainly because it had yet to account for revenue from projects about to be completed.

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