Markus Giebel has been replaced as the chief executive of Deyaar Development, Dubai’s second-largest property developer, as part of a major management reshuffle that is expected to see the departure of other top executives.
Saeed al Qatami has been appointed the acting chief executive, Deyaar said in a statement. al Qatami was formerly the company’s president of business development.
“The appointment is part of an ongoing management restructuring being undertaken in line with the company’s long-term strategic objectives,” the statement said.
“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 chief executive officer, Markus Giebel, with immediate effect.”
People familiar with the matter have said the changes could see the departure or resignation of other senior executives in the coming weeks.