Mubadala Development Company, the Abu Dhabi-based investment and development company, has appointed Dr Sultan Ahmed Al Jaber as chairman of the board of Masdar, Abu Dhabi’s renewable energy company, and Dr Ahmad Belhoul as the CEO.

“Masdar has become a globally recognised renewable energy and clean-technology leader with investments and partnerships in Abu Dhabi and internationally,” said Khaldoon Khalifa Al Mubarak, group CEO and managing director of Mubadala.  “Under Dr Al Jaber’s leadership, Masdar has been transformed from a bold initiative to a successful, globally-recognized entity that is contributing to the Emirate’s economic and energy diversification and has further developed the contributions of the UAE to the global energy sector.”

“Masdar has also been pivotal in attracting the International Renewable Energy Agency (Irena) to Abu Dhabi and central to spurring the UAE’s reputation globally as a leader in advancing clean energy,” added Al Mubarak.

“As chairman, Dr Al Jaber will remain closely involved with Masdar to support its continued growth and ability to capitalise on high-value opportunities for Abu Dhabi,” he said.

Dr Al Jaber will succeed Ahmad Al Sayegh, Masdar’s former chairman, who has been instrumental to the company’s success since it was founded. While he will remain close to Masdar, he will be concentrating on his role as chairman of Global Marketplace Abu Dhabi.

Dr Al Jaber will continue to serve as the UAE Minister of State. In addition, he serves as the UAE Special Envoy for Energy and Climate Change.

Dr Belhoul joins Masdar from Dubai’s Department of Tourism and Commerce Marketing, where he worked as CEO of strategy. Prior to this role, he was vice president in the Industry unit of Mubadala.

Since its 2006 launch, Masdar has delivered a portfolio of significant project and initiatives, including:
•    The launch of large-scale renewable energy projects with a total asset value of $7 billion;
•    The development of Masdar City, one of the world’s most sustainable cities;
•    The establishment of the Masdar Institute in partnership with the Massachusetts Institute of Technology  – a world-class research university training Abu Dhabi’s future energy leaders; and
•    The creation of two clean-tech investment funds with a total value of $540 million.  –TradeArabia News Service