Deyaar Development yesterday appointed Markus Giebel as the company's new chief executive months after the former chief resigned for alleged financial irregularities.
He replaces Zack Shahin, Deyaar's former chief executive, who has been detained by Dubai Police since April. Shahin has denied any wrongdoing, according to media reports.
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 Officer and member of the board of directors since 2004.
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.
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.
"In a short period of time, Deyaar has not just established itself as one of the premier real estate developers, but has also emerged as one of the fastest growing names in the industry by setting quality and value standards in all its ventures. I am confident that Markus' rich experience and skills coupled with the continued dedication and commitment of the Deyaar team will provide further impetus to accelerate the growth and expansion opportunities identified by the firm."
Giebel said: "Deyaar's role has been vital in the growth and development of the real estate sector. I am truly delighted at being given this opportunity to lead a team of highly specialised professionals at such a dynamic and focussed organisation.
"As a one-stop solutions provider in the real estate sector, Deyaar has some very unique and innovative characteristics that give it a distinct edge over other developers.
"I look forward to working with an extremely enthusiastic and talented group of people to realise the true growth potential of the company jointly identified by the Chairman and the management. I am confident that with the support and insight of my colleagues, we will continue to fortify the position of the company and propel it to new heights."
Deyaar Chairman Nasser Bin Hassan Al Shaikh told Emirates Business in May that the company was assessing options of buying stakes in construction companies and plans to launch mid-size communities, which will house at least 30,000 people, in the second half.
Ensuring the upholding of the very highest standards of corporate governance and transparency is critical to the long-term success of both companies and governments, Nasser Bin Hassan
Al Shaikh said in response to the Public Prosecutor's statement on legal action against "corrupt" officials.
"On behalf of Deyaar, I offer our complete commitment to contributing to this mission of maintaining and enhancing the emirate's global reputation for best practice corporate governance, which has proved central to Dubai's enduring legislative and economic success story," he added.