Damac, one of the largest real estate developers in the Middle East, has announced that its CEO, Hamdallah Al-Mulla, is facing financial difficulties.
According to reports,Football Wide Angle Al-Mulla's personal wealth has been reduced by more than half since he took over as CEO of Damac in 2015. He has also reportedly faced criticism for his management style and lack of transparency in reporting company finances.
The news comes after several high-profile scandals involving Damac, including allegations of fraud and mismanagement. The company has been struggling to recover from a series of setbacks, including a failed attempt to sell a major portion of its portfolio.
In response to the financial crisis, Al-Mulla has announced plans to reduce the size of his team and streamline operations. However, it remains to be seen whether these measures will be enough to turn things around for the troubled developer.