Aabar Investments, a subsidiary of the International Petroleum Investment Company (IPIC), has appointed Mohamed Hamad Al Mehairi as its chief executive officer with effect from August 24.

He replaces Mohamed Badawy Al Husseiny, who has served Aabar since its inception in April 2005 and was appointed its CEO in March 2010.

The appointment comes as part of IPIC’s board of directors succession plan relating to its Abu Dhabi-based subsidiary, said a statement.

“Mohamed Al Mehairi has been responsible for successfully growing IPIC’s portfolio of investments over the past nine years, including Aabar, through his role as a board director,” said Suhail Mohamed Al Mazrouei, managing director of IPIC and chairman of Aabar. “He is an experienced UAE national, perfectly qualified to build on Aabar’s achievements to date, and to lead the company’s future growth.”

Al Mehairi is a graduate of Suffolk University, Boston, US, where he obtained a B Sc in Business Administration, majoring in Finance. After a seven-year career in Abu Dhabi National Oil Company (Adnoc), he joined IPIC in 2006 and is currently director of investments. He will continue in his capacity as a board member of Arabtec, Nova Chemicals, Borealis, and Cosmo.  In addition, he is on the board of Etihad Airways and Al Hilal Bank.   - TradeArabia News Service