Peter Riddoch, CEO of Damac Properties, will leave his job at the Dubai-based developer next month.

Riddoch said he arrived at his decision to leave with great difficulty but that it was time for him to move on.

'To leave an organisation that has been a significant part of my life for so many years will not be easy, but I know that the time is right for me to make some changes, focus a bit more on my personal interests and family, and possibly even take on new challenges,' Riddoch said in a statement published by UAE daily Gulf News.