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Mubadala announces new chairman and CEO of Masdar

Abu Dhabi: Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, on Thursday announced that Dr. Sultan Ahmed Al Jaber has been appointed chairman of the board of Masdar, Abu Dhabi’s renewable energy company, and Dr Ahmad Belhoul will be CEO of the company.

“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. “Under Dr. Al Jaber’s leadership, Masdar has been transformed from a bold initiative to a successful, globally-recognised entity that is contributing to the Emirate’s economic and energy diversification and has further developed the contributions of the UAE to the global energy sector.”

“Masdar has also been pivotal in attracting the International Renewable Energy Agency (IRENA) to Abu Dhabi and central to spurring the UAE’s reputation globally as a leader in advancing clean energy,” added Al Mubarak. “As chairman, Dr. Al Jaber will remain closely involved with Masdar to support its continued growth and ability to capitalise on high-value opportunities for Abu Dhabi.”

Al Jaber will be succeeding Ahmad Al Sayegh, Masdar’s former chairman, who has been instrumental to the company’s success since it was founded. While he will remain close to Masdar, he will be concentrating on his role as chairman of Global Marketplace Abu Dhabi.

Al Jaber will continue to serve as UAE minister of state within the federal cabinet of the UAE. In addition, he serves as the UAE Special Envoy for Energy and Climate Change.

“The appointment of Dr. Belhoul is another positive step in Masdar’s evolution. His executive skills and practical experience make him an ideal fit, bringing the right blend of skills to reinforce the growth of the renewable energy sector in the UAE. As Chairman, I will work closely with Dr. Belhoul and his leadership team to help successfully drive the next phase of Masdar’s development.” Al Jaber said.

Belhoul joins Masdar from Dubai’s Department of Tourism and Commerce Marketing, where worked as CEO of Strategy. Prior to this role, he was Vice President in the Industry unit of Mubadala.