Aabar Investments, a subsidiary of state-owned International Petroleum Investment Company, has appointed Mohamed Hamad Al Mehairi as its new chief executive, the company said in a statement.
Al Mehairi succeeds Mohamed Badawy Al Husseiny, who helmed the investment fund since 2010. Aabar Investments did not mention why Al Husseiny left the company but Reuters quoted a source as saying that he plans to join a private equity firm in the United Arab Emirates.
The appointment, which will be effective from August 24, is part of IPIC’s succession plans, the statement added.
Prior to taking up the role of the CEO, Al Mehairi was a director of investments at IPIC. He will continue as a board member in institutions such as Arabtec, Nova Chemicals, Borealis, and Cosmo. Al Mehairi is also on the board of Etihad Airways and Al Hilal Bank.
A graduate of business administration at Suffolk University in Boston, Al Mehairi joined IPIC after a seven-year stint in Abu Dhabi National Oil Company.
“Mohamed Al Mehairi has been responsible for successfully growing IPIC’s portfolio of investments over the past 9 years, including Aabar, through his role as a board director,” said IPIC’s managing director and Aabar chairman Suhail Mohamed Al Mazrouei.
Aabar Investments is best known for its stakes in Dubai builder Arabtec and Sir Richard Branson’s Virgin Galactic venture. It manages a portfolio of investments in sectors as diversified as real estate, aerospace and financial services.
The Abu Dhabi fund has also recently seen a shake-up of its top management in one of its main subsidiaries Aabar Properties. In February, Aabar Properties announced the appointment of Khalifa Al Mheiri as its chairman, replacing Khadem Al Qubaisi.