Abu Dhabi’s Masdar Appoints Al Jaber As Chairman, Announces New CEO

Abu Dhabi-based investment firm Mubadala announced that it has appointed Masdar CEO Sultan Ahmed Al Jaber as the clean energy company’s new chairman, replacing him with Ahmad Belhoul.

Belhoul previously worked as the CEO of Strategy at Dubai’s Department of Tourism and Commerce Marketing. Prior to that, he was vice president in the Industry unit of Mubadala.

Al Jaber, who has served as Masdar’s CEO from its inception in 2006, will replace Ahmad Al Sayegh, who was recently made chairman of the UAE capital’s new financial freezone, Global Marketplace Abu Dhabi.

“While he will remain close to Masdar, he [Al Sayegh] will be concentrating on his role as chairman of Global Marketplace Abu Dhabi,” a statement from state-owned Mubadala said.

Al Jaber will continue to serve as UAE minister of state within the federal cabinet of the UAE and as the country’s Special Envoy for Energy and Climate Change.

“Masdar has become a globally recognised renewable energy and clean-technology leader with investments and partnerships in Abu Dhabi and internationally,” said Khaldoon Khalifa al Mubarak, group CEO and managing director of Mubadala. “It has also been pivotal in attracting the International Renewable Energy Agency (IRENA) to Abu Dhabi.

“As chairman, Al Jaber will remain closely involved with Masdar to support its continued growth and ability to capitalise on high-value opportunities for Abu Dhabi.”

Since its launch, Masdar has launched large-scale renewable energy projects with a total asset value of $7 billion and created two clean-tech investment funds worth $540 million.

It has also established Masdar City, which aims to be one of the world’s most sustainable cities and the Masdar Institute, a research university in partnership with the Massachusetts Institute of Technology.