Head of UAE investments platform at Mubadala to join ADNOC

Abu Dhabi sovereign investor Mubadala Investment Company has said that the CEO of its UAE investments platform – Musabbeh Al Kaabi – will become the executive director of a new vertical at Abu Dhabi National Oil Company (ADNOC).

The new low-carbon solutions and 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, Mubadala said in a statement on Monday.

Musabbeh Al Kaabi, our CEO of the UAE Investments Platform, will be transitioning to Executive Director of Low Carbon Solutions & International Growth at @ADNOCGroup as of January 16, 2023.

We are grateful for Musabbeh’s leadership over the past decade. pic.twitter.com/aqeF9moWNf

— Mubadala (@Mubadala) December 5, 2022

Al Kaabi will assume the new role as of Monday, January 16, 2023. Mubadala deputy CEO Waleed Al Mokarrab Al Muhairi will serve as interim chief executive of the UAE investments platform.

“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,” said Khaldoon Khalifa Al Mubarak, managing director and group CEO of Mubadala.

“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.”

Al Kaabi served as a member of Mubadala’s investment committee. Since 2021, he also led the UAE investments platform, with a mandate to accelerate the country’s economic transformation and establish industrial and commercial economic clusters.

Prior to his current role, Musabbeh was CEO of the petroleum and petrochemicals platform from 2017 to 2020, responsible for Mubadala’s $40bn integrated international energy portfolio. Musabbeh began his career at ADNOC, where he spent 16 years, during which he held a series of increasingly senior technical and managerial roles.

ADNOC is targeting to achieve net-zero by 2050, in support with the country’s net zero strategic initiative. The Abu Dhabi-based company and Taqa announced the financial closing of the $3.8bn strategic project in November to power and decarbonise ADNOC’s offshore production operations.

Read: ADNOC, Taqa close $3.8bn deal to decarbonise offshore operations

ADNOC and Siemens Energy also announced plans to pilot blockchain technology to certify the carbon intensity of a range of products.

Read: ADNOC, Siemens Energy to co-develop blockchain-based low-CO2 energy certificates 

Last month, the UAE and the US too signed a strategic partnership to support the energy transition, enabling $100bn in financing and other support, in addition to deploying 100 new gigawatts (GW) of clean energy in the two countries and emerging economies around the world by 2035.

Read: UAE, US sign partnership to advance climate action goals, boost renewable energies