Mohamed al-Mehairi moves from International Petroleum Investment Co, Aabar's majority shareholder
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.
Mohamed Al Mehairi will replace Mohamed Badawy Al Husseiny with effect from August 24, Aabar said in a statement.
Mehairi, 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.
Husseiny, 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; Husseiny 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.