ABU DHABI: Aabar Investments, one of Abu Dhabi’s top state investment firms with major stakes in companies including Dubai-listed builder Arabtec and Sir Richard Branson’s Virgin Galactic, appointed a new chief executive on Wednesday.
Mohammad Al-Muhairi will replace Mohammad Badawy Al-Hussaini with effect from August 24, Aabar said in a statement.
Al Muhairi, currently director of investments at state-owned International Petroleum Investment Co (IPIC), Aabar’s majority shareholder, will remain a board member of Arabtec, Nova Chemicals, Borealis and Cosmo, Aabar added.
Al Hussaini, who has been chief executive since March 2010, is taking up a board position in a bank and plans to join a private equity firm in the United Arab Emirates, a source familiar with the matter told Reuters.
The source declined to give details, saying an announcement would be made soon; Al Hussaini could not be reached for comment.
In April, the UAE’s energy minister was appointed IPIC’s managing director, replacing Khadem Al-Qubaisi, who also stepped down as chairman of Aabar and Arabtec and relinquished senior posts at other firms.
— Reuters
