Aabar picks new CEO

20/08/2015 05:28 AST

Aabar Investments PJS, a subsidiary of the International Petroleum Investment Company (IPIC), announced the appointment of Mohamed Hamad Al Mehairi as Chief Executive Officer of Aabar with effect from Monday, August 24, 2015. The appointment comes as part of IPIC's Board of Directors succession plan relating to its Abu Dhabi-based subsidiary.

"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 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."

"On behalf of the board, I would like to thank Mohamed Badawy Al Husseiny for his commitment and significant contribution to Aabar's performance since IPIC's ownership in 2008," continued His Excellency. "We wish Mohamed the best of success in his new endeavors in the UAE financial services sector. "

Mohamed Al Mehairi is a graduate of Suffolk University, Boston, USA, where he obtained a BSC in Business Administration, majoring in Finance. After a seven-year career in ADNOC, Mohamed 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, Mohamed is on the board of Etihad Airways and Al Hilal Bank.

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

Saudi Gazette