August 19, 2015 / 10:57 AM / 4 years ago

UPDATE 1-Abu Dhabi's Aabar Investments appoints Mehairi as CEO

(Adds background, details)

ABU DHABI, Aug 19 (Reuters) - Aabar Investments, one of Abu Dhabi’s top state investment firms with major stakes in companies including Dubai-listed builder Arabtec and Sir Richard Branson’s Virgin Galactic, appointed a new chief executive on Wednesday.

Mohamed al-Mehairi will replace Mohamed Badawy al-Husseiny with effect from Aug. 24, Aabar said in a statement.

Mehairi, currently director of investments at state-owned International Petroleum Investment Co (IPIC), Aabar’s majority shareholder, will remain a board member of Arabtec, Nova Chemicals, Borealis and Cosmo, Aabar added.

Husseiny, who has been chief executive since March 2010, is taking up a board position in a bank and plans to join a private equity firm in the United Arab Emirates, a source familiar with the matter told Reuters.

The source declined to give details, saying an announcement would be made soon; Husseiny could not be reached for comment.

In April, the UAE’s energy minister was appointed IPIC’s managing director, replacing Khadem al-Qubaisi, who also stepped down as chairman of Aabar and Arabtec and relinquished senior posts at other firms. (Reporting by Stanley Carvalho & Nadia Saleem; Editing by Andrew Torchia)

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