Issue No 279 - 18 Aug 2008
 
 
Deyaar names Giebel as CEO

Deyaar Development, one of the fastest growing real estate companies in the region, has 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 specializing in real estate and financial services, where he has served as CEO and member of the board of directors since 2004.

A veteran in real estate development and construction sectors, Giebel 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 marked the beginning of a new phase in the ongoing growth of Deyaar as a 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 company,’ he added.

Giebel pointed out that Deyaar’s role had 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 specialized professionals at such a dynamic and focused organization.’

’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,’ he remarked.

“I look forward to working with an extremely enthusiastic and talented group of people to realize 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,’ he added.

Deyaar achieved 266 per cent growth in net profits for the first half of 2008, reaching Dh448.9 million, compared to Dh122.8 million for the first half of 2007.

The net profits for the second quarter of 2008 touched Dh246.9 million, an increase of 184 per cent from Dh87 million achieved in the second quarter of 2007.

The company’s revenues for the first half of 2008 stood at Dh1.283 billion, an increase of 218 per cent compared to Dh403 million in the first half of 2007.

Source: Trade Arabia News

     
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