Khadem Al Qubaisi has left the board of International Petroleum Investment Company (Ipic) following a reshuffle.
Suhail Al Mazrouei, who has served as the UAE Minister of Energy since 2013, will replace Mr Al Qubaisi as the new managing director of the sovereign wealth fund. The announcement was made yesterday evening in a decree from the UAE President.
Yousef Omair bin Yousef, a former Adnoc chief executive, was also omitted.
Mr Al Qubaisi's departure from the Ipic board comes less than a week after his name was left off a list of board nominees at Arabtec Holding, where he was chairman.
His other responsibilities include the chairmanship of the Spanish oil and gas company Cepsa, Borealis, Nova Chemicals, and First Energy Bank.
Sheikh Mansour bin Zayed retains his position as Ipic’s board chairman.
- Khadem Al Qubaisi has since stepped down as Aabar Properties chairman.
jeverington@thenational.ae
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