Ipic director appointed as new head
- Aabar Investments appoints Mohamed al-Mehairi as new CEO
- Al-Mehairi is currently director of investments at Abu Dhabi state-owned International Petroleum Investment Company
Abu Dhabis Aabar Investments has appointed a new CEO, Mohamed al-Mehairi.
He replaces Muhammad Badawy al-Hussaini on 24 August.
Al-Mehairi is currently director of investments at Abu Dhabi state-owned International Petroleum Investment Company (Ipic), which owns a majority stake in Aabar Investments. He is to remain on the board of Arabtec, Nova Chemicals, Borealis and Cosmo, all partly or fully owned by Ipic.
Aabar Investments owns major Abu Dhabi developer Aabar Properties. It also has a 34.9 per cent stake in troubled Dubai-listed contractor Arabtec, a 20 per cent stake in Omans Alizz Islamic Bank and other ventures.
Ipic and its subsidiaries have seen several management changes in 2015 after its managing director, and Aabar Properties and Arabtec chairman, Khadem al-Qubaisi stepped down.
Ipics profits fell 30 per cent in 2014 to AED5.6bn ($1.5bn). Arabtec also saw major losses in three consecutive quarters since late 2014. Its net loss in the second quarter of 2015 reached $195.6m.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.