Giebel joins Deyaar from Vedera Capital, a UAE-based investment firm specialising in real estate and financial services, where he was the chief executive and member of the board of directors since 2004.

He has also previously served as vice president of Europe and the Middle East for Corning, a Fortune 500 company.

The former Deyaar chief executive, Zack Shahin, was arrested for financial irregularities earlier this year.