Mubadala CEO Khaldoon Al Mubarak is to be appointed chairman of Manchester City Football Club, Arabian Business can reveal.
Al Mubarak has been running the Abu Dhabi government-owned investment and development firm for the past two years – a company with investments in 57 different companies.
It has assets of $10 billion under management, including an 8.1 percent stake in microchip manufacturer AMD and a five percent stake in Italian luxury car maker Ferrari.
He is expected take charge of the Premier League club in the next two weeks.
Al Mubarak will be one of only two board members appointed by Sheikh Mansour, who took over the club in a $420 million deal two weeks ago.
The other is expected to be the Sheikh’s PR representative, Simon Pearce.
Hydra Properties CEO Dr Sulaiman Al Fahim, who brokered the deal, is expected to work on developing the site around the club but not be involved in its management.
“Dr Sulaiman has put this brilliant deal together, but it was never planned for him to run the club once the deal is done – that was made clear in the statement put out at the time of the takeover,” said a source.
Beginning his career at the Abu Dhabi National Oil Company, Al Mubarak held a number of positions at UAE Offsets Group before assuming his current portfolio of responsibilities.
He holds a degree in Economics and Finance from Tufts University, Boston, US.