Abu Dhabi’s Mubadala Investment Company said that Musabbeh Al Kaabi, the chief executive of the fund’s UAE investments platform, has been named executive director of a new vertical in Adnoc.
Mr Al Kaabi, whose appointment is effective from January 16, will join the state-owned energy company’s low-carbon solutions and international growth business line, which is focused on natural gas, liquefied natural gas and chemicals, the sovereign wealth fund said on Monday.
Mubadala’s deputy chief executive Waleed Al Muhairi will now serve as interim head of the UAE investments platform.
Adnoc, responsible for most of the UAE’s oil and gas output, has been investing heavily in the production of natural gas and hydrogen as the Arab country looks to reach net-zero emissions by 2050.
The company is already a major producer of hydrogen and ammonia, with more than 300,000 tonnes of hydrogen produced a year at its Ruwais Industrial Complex.
The Emirates plans to invest $160 billion in clean and renewable energy sources over the next three decades.
It is building the Mohammed bin Rashid Solar Park in Dubai with a five-gigawatt capacity. Abu Dhabi, which is developing a two-gigawatt solar plant in its Al Dhafra region, has set a target of 5.6 gigawatts of solar PV capacity by 2026.
Last month, the UAE and the US signed a strategic partnership to invest $100 billion to produce 100 gigawatts of clean energy globally by 2035.
Last week, Adnoc approved a Dh550 billion ($150 billion) budget for the next five years as the company prepares to set up its gas subsidiary and list its shares on the Abu Dhabi Securities Exchange next year.
The company’s board endorsed plans to bring forward the expansion of Adnoc’s production capacity, currently at 5 million barrels per day, to 2027, from the previous target of 2030.
“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,” said Khaldoon Al Mubarak, group chief executive of Mubadala.
Before taking over his current role, Mr Al Kaabi was the chief executive of Mubadala’s petroleum and petrochemicals platform from 2017 to 2020. He started his career at Adnoc where he held many technical and managerial roles over a period of 16 years.
Mubadala is at the heart of the government’s plans to diversify Abu Dhabi's revenue base and generate income from sources other than oil.
The company’s investment portfolio spans five continents and it has interests in aerospace, information and communications technology, semiconductors, metals and mining, renewable energy, oil and gas, and petrochemicals.
The UAE portfolio of the sovereign fund, with an asset base of more than $284 billion, includes aerospace manufacturer Strata, the Sanad Group, Al Yah Satellite Company (Yahsat), Mubadala Health, green energy company Masdar and Emirates Global Aluminium.
Mubadala's recent investments include the acquisition of German offshore wind farm developer Skyborn Renewables, in partnership with other investors, including Global Infrastructure Partners.
It also struck a deal to buy US-based snack food contract manufacturer TruFood, to boost its portfolio in the consumer and food services segment.
