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Sun 7 Feb 2010 10:29 AM

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Al Qubaisi quits Aldar Properties board

IPIC chief steps down from property firm; no reason given in company statement to bourse.

Al Qubaisi quits Aldar Properties board
STEPPING DOWN: Al Qubaisi has resigned from the board of Abu Dhabi-based property developers Aldar.

Abu Dhabi-based Aldar Properties has confirmed that Khadem Al Qubaisi has resigned from the company's board of directors.

The company did not give a reason for the departure in a statement posted on the Abu Dhabi Exchange (ADX) website.

Al Qubaisi is managing director of International Petroleum Investment Company (IPIC) and head of Aabar Investments, which is listed on the ADX. The firm has secured stakes in F1 champions Brawn GP, Banco Santander of Brazil, Tesla and Virgin Galactic.

He also holds senior positions at National Central Cooling Company, Takaful, Al Rroya Aleqtisadiya and Hyundai Oilbank.