Masdar CEO Sultan Al Jaber is moving on to “greener” pastures, according to a statement released by Abu Dhabi investment giant Mubadala. The firm has appointed Al Jaber as its chairman; Masdar’s new CEO has been identified as Ahmad Belhoul.
Since its launch in 2006, Masdar has developed large-scale renewable energy projects with a total asset value of $7 billion and created two clean-tech investment funds worth $540 million. The company also established Masdar City in Abu Dhabi, a planned community, designed to be a hub for clean-tech companies, which aims to rely entirely on solar energy and other renewable energy sources and conform to a zero waste ecology policy.
Its first tenant was the Masdar Institute of Science and Technology, a research university operating in partnership with the Massachusetts Institute of Technology. City development was originally intended to be completed by 2016 but the global financial crisis halted progress; full build-out is now pushed back to 2025.
Al Jaber wears several hats. In addition to his new chairman role, he will continue to serve as UAE Minister of State and as the country’s Special Envoy for Energy and Climate Change.
“Masdar has become a globally recognized renewable energy and clean-technology leader with investments and partnerships in Abu Dhabi and internationally,” Khaldoon Khalifa al Mubarak, group CEO and managing director of Mubadala told Gulf Business.
“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 capitalize on high-value opportunities for Abu Dhabi.”
Belhoul had been CEO of Dubai’s Department of Tourism and Commerce Marketing.
All eyes on Masdar to see how new leadership will affect performance and expansion of their green vision.
Image of Sultan Al Jaber (right) and Ahmad Belhoul (left) and from Gulf Business