By Neeraj Gangal
UAE developer appoints Saeed Al Qatami as acting CEO.
UAE developer Deyaar on Thursday approved the dismissal of its CEOMarkus 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 unanswered.
Giebel courted publicity to an obscene extent, and had a very polished patter, but this has conspired to make his fall from grace all that more spectacular. He simply talked too much. Whatever reason is given for his sacking, it should be a dire warning to the other blowhards out there who slavishly pursue column inches. Keep below the parapet is the best advice.
So Giebel answered his phone ... what did he say?
Another one bites the dust......
There is a possibility that perhaps Mr Giebel did well to steady the ship after the turmoil it was in both from the internal challenges it faced in terms of its former leadership team and their actions as well as the market conditions during his tenure.You never truly know the reasons behind a departure of a senior executive .You have to wonder why Deyaar and its principal shareholder have had such a turnover of senior management , some leaving for good reasons some not .....