Mubadala Investment Company, the sovereign wealth fund of Abu Dhabi, announced that Deputy CEO Waleed Al Mokarrab Al Muhairi will serve as interim chief executive officer after Musabbeh Al Kaabi was made the executive director of a new Low Carbon Solutions & International Growth vertical at Abu Dhabi National Oil Company (ADNOC).
The changes take effect from January 16, 2023.
This comes following the announcement of ADNOC’s strategy to support UAE’s ‘Net Zero by 2050’ initiative. The Low Carbon Solutions & International Growth vertical will focus on new energies and international growth in areas such as gas, liquefied natural gas (LNG) and chemicals.
This includes the company’s renewable energy and hydrogen portfolios and its position as a pioneer in carbon capture and storage.
Khaldoon Khalifa Al Mubarak, Managing Director, and Group Chief Executive Officer of Mubadala, said: “Musabbeh’s leadership across the UAE and international energy industry, and his decades of delivering investments and partnerships that advance national economic priorities, uniquely position him for this senior leadership role at ADNOC.
“We at Mubadala are grateful for his leadership over the past decade. He joins a number of Mubadala alumni serving the UAE in new and important capacities.”
Since 2002, Mubadala has developed a generation of leaders who have gone on to serve in key positions across the UAE. Mubadala alums include UAE federal ministers, chief executives of major UAE institutions, global business leaders, and Federal National Council (FNC) members.
At Mubadala, Al Kaabi served as a member of Mubadala’s Investment Committee, playing a strategic role in advising on all major investment decisions related to the full range of the company’s sectors and businesses.
Al Kaabi began his career at ADNOC, where he spent 16 years, during which he held a series of senior technical and managerial roles, rising to lead ADNOC’s Exploration Division.
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