Deyaar appoints new chief

Dubai: Deyaar Development PJSC, on Sunday announced the appointment of Markus Giebel as the company's new chief executive officer.

Giebel joins Deyaar from Vedera Capital, a UAE-based investment firm specialising in real estate and financial services, where he has been serving as chief executive and member of the board of directors since 2004.

Jack Shahin, the former chief executive of Deyaar, was detained in February this year for alleged fraud.

A veteran in real estate development and construction sectors, Giebel also previously served as vice-president of Europe and the Middle East for Corning, a Fortune 500 company.

Commenting on the appointment, Deyaar chairman Nasser Bin Hassan Al Shaikh said: "This marks the beginning of a new phase in the ongoing growth of Deyaar as the leading end-to-end real estate solutions provider. As a proven successful team leader, Markus' strong management background and rich experience in the regional and international real estate and financial sector puts him in a great position to implement Deyaar's long-term growth and expansion strategies."