Deyaar appoints 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 CEO 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.

Commenting on the appointment, Deyaar Chairman, H.E. 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 company."

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 achieved 266% growth in net profits for the first half of 2008, reaching Dhs448.9m, compared to Dhs122.8m for the first half of 2007.

Net profits for the second quarter of 2008 touched Dhs246.9m, an increase of 184% from Dhs87m achieved in the second quarter of 2007.

The company's revenues for the first half of 2008 stood at Dhs1.283bn, an increase of 218% compared to Dhs403m in the first half of 2007.