Mubadala's head of UAE investments leaving to lead new ADNOC arm

A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. REUTERS/Christopher Pike/File Photo

DUBAI, Dec 5 (Reuters) - Abu Dhabi sovereign wealth fund Mubadala Investment Company said on Monday its chief executive for UAE Investments would leave next month to head a new division at Abu Dhabi's state oil company.

Musabbeh Al Kaabi, CEO of Mubadala's UAE Investments platform since January 2021, will head Abu Dhabi National Oil Company's (ADNOC) newly set up Low Carbon Solutions & International Growth business from Jan. 16, Mubadala said in a statement.

Mubadala Deputy CEO Waleed Al Mokarrab Al Muhairi will become interim CEO of UAE Investments.

"(ADNOC's) new 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," 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," Mubadala group CEO Khaldoon Khalifa Al Mubarak said, according to the statement.

Kaabi, who began his career at ADNOC where he worked for 16 years including leading the oil giant's Exploration Division, is also a member of Mubadala's Investment Committee.

Before heading UAE investments, Kaabi oversaw Mubadala's international energy portfolio as CEO for Petroleum and Petrochemicals from 2017 to 2020. He is also vice chairman of Abu Dhabi renewable energy group Masdar and chairman of Yahsat, the satellite company partly owned by Mubadala that listed last year.

Kaabi is also chairman of Mubadala Petroleum, a Mubadala production and exploration unit where he was CEO from 2014 to 2017, and is on the board of Emirates Global Aluminium.

Reporting by Yousef Saba; Editing by Susan Fenton

Our Standards: The Thomson Reuters Trust Principles.