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Lootah Real Estate Development names new CEO

May 11, 2021
real estate

Lootah Real Estate Development has appointed Raja Alameddine as the company’s new CEO. An industry veteran with more than two decades of experience in various asset classes, Alameddine will chart a new course for the growth and overall success of the organisation.

In his new role, Alameddine will be responsible for leading his team strategically, expanding Lootah’s regional footprint and driving a new vision within the organisation. He brings with him extensive experience in various asset classes, including master-planned cities, mixed-use communities and innovative lifestyle developments.

Welcoming him into the fold, Group CEO Arash Dara said: 'Alameddine has a proven track record in leading and managing large real estate investment, development, financial and legal operations and offers a unique advantage in chartering this new course for our organization.'

'His appointment will bring continued leadership to our team with a deep focus on delivering sustainable, tech-powered, and affordable lifestyle real-estate projects to the community,' he stated.

Alameddine will be responsible for assessing suitable partnerships or joint ventures as a business strategy for expansion into new markets and development of new product portfolios for LRED to gain a strategic edge in the market, he added.

With more than 27 years’ experience in real-estate, Alameddine has worked with several property developers, investment banks, as well as contracting and design companies.

His career is characterised by strong geographical mobility, particularly in the GCC region with a focus on the UAE, contributing to his ability to adapt and succeed in different work-cultures.

In the emirates, he had worked with Gulf Related, where he was instrumental in implementing the group’s regional development activities, as well as the delivery of innovative projects and large-scale communities, said Dara.

His Saudi experience includes working for Ghazzawi Group, where he successfully undertook the development of the large land bank the group owns in the kingdom and introduced a range of new concepts that placed Ghazzawi Group on the regional developers’ map.

Prior to joining Ghazzawi Group, he had led the investment division of Jeddah Economic Company, where he worked on funds structuring, securing investments and reshaping the overall investment division.

On his appointment, Alameddine said: 'I am honoured to lead Lootah Real Estate Development and will focus on leveraging our team’s strengths and capitalizing on opportunities that will help create value to our community.'

His extensive experience and involvement in real estate will see him build a new foundation for Lootah Real Estate, that will see the release of landmark projects this year with heavy focus on the adoption of sustainability and technology within the context of lifestyle mixed-use projects, stated Dara.

Fluent in English, Arabic and French, Alameddine holds a Master’s Degree in Business Administration from the American University in Beirut and Bachelor’s Degree in Engineering – with distinction, from the same university.

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