Mubadala Investment Company, the Abu Dhabi sovereign investor, said Musabbeh Al Kaabi will take over as Executive Director of a new Low Carbon Solutions & International Growth vertical at Abu Dhabi National Oil Company (Adnoc). Al Kaabi is currently CEO of the UAE Investments platform. The transition will take place on January 16, 2023.
Al Kaabi's move follows the announcement of Adnoc's strategy to support the UAE ‘Net Zero by 2050’ Strategic Initiative. The new Low Carbon Solutions & International Growth vertical will be focused on new energies and low carbon solutions as well as international growth in areas such as gas, liquefied natural gas (LNG) and chemicals.
The 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.
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 Musabbeh's leadership over the past decade. He joins a number of distinguished Mubadala alumni serving the UAE in new and importance 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.
Since 2021 he has also led the UAE Investments Platform, with a mandate to support and accelerate the UAE's economic transformation and establish industrial and commercial economic clusters. The platform's portfolio includes global partnerships and UAE energy, metals, aerospace, technology, healthcare, real estate and infrastructure assets.
Prior to the UAE Investments Platform role, Al Kaabi was CEO of the Petroleum & Petrochemicals platform from 2017 to 2020. He was responsible for Mubadala's $40 billion integrated international energy portfolio, with over ten portfolio companies operating along the value chain.
Al Kaabi began his career at Adnoc, where he spent 16 years, during which he held a series of increasingly senior technical and managerial roles, rising to lead Adnoc's Exploration Division.
With Al Kaabi's new appointment at Adnoc, Mubadala Deputy CEO Waleed Al Mokarrab Al Muhairi will serve as interim Chief Executive Officer of the UAE Investments platform.-- TradeArabia News Service