Mubadala Investment Company’s chief executive officer is set to leave the Abu Dhabi sovereign wealth fund to head a new division at the Abu Dhabi National Oil Company (ADNOC).
Musabbeh Al Kaabi, who served as Mubadala’s chief of UAE Investments platform since January 2021, will head ADNOC’s low carbon solutions and international growth business from January 16, said in a statement.
The sovereign wealth fund’s deputy chief executive officer Waleed Al Mokarrab will replace Al Kaabi.
ADNOC’s “new entity will focus on new energies and low carbon solutions, including the company’s renewable energy and hydrogen portfolios and its position as a pioneer in carbon capture and storage, as well as international growth in gas, liquefied natural gas (LNG) and chemicals,” the company said.
The group chief executive officer Khaldoon Khalifa Al Mubarak 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.”
Kaabi is also chairman of Mubadala Petroleum, a Mubadala production and exploration unit where he was CEO from 2014 to 2017, and is on the board of Emirates Global Aluminium.
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