Source: ArabianBusiness.com 8 April 2010
UAE developer Deyaar on Thursday approved the dismissal of its CEO Markus Giebel, with immediate effect.
The company appointed Saeed Al Qatami as acting chief executive officer.
The appointment is part of an ongoing management restructuring being undertaken in line with the company’s long-term strategic objectives, Deyaar Development said in a press statement.Deyaar made this announcement following a resolution by the company’s Board of Directors approving the appointment of Al Qatami to this position, while also approving the dismissal of the previous CEO, Markus Giebel, with immediate effect.
Al Qatami, who has served at Deyaar since 2007, most recently held the title of Vice President – Business Development at the Dubai-headquartered property developer. In that role, he was primarily responsible for developing Deyaar’s business portfolio in the UAE. Al Qatami previously held a range of managerial positions at Dubai Islamic Bank, including Head of Wealth Management.
Prior to his appointment at Deyaar, Giebel served as the Chief Executive Officer of Dubai-based Vedera Capital where he was responsible for managing multiple real estate projects worth several billion dollars, both in the region and worldwide. He further founded Marasi, a Sharia-compliant real estate fund, in addition to leading several merger and acquisitions and private placement transactions for the firm.
Giebel previously served as the Vice President for Europe and the Middle East at Corning, a Fortune 500 company. Throughout his career, Giebel was presented with several awards and distinctions, including the Business Award from the German Ministry of Economic Affairs. He was awarded over 30 patents and holds a Master’s degree in Business Administration from the Switzerland Business School, and a Master’s degree in Mechanical Engineering from University of Munich in Germany.
Calls to Geibel's mobile phone by Arabian Business on Thursday afternoon went answered.