Boardroom reshuffle at Ipic

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 chief executive of Adnoc, was also omitted from the new board.

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, the construction company where he previously held the post of chairman.

His other responsibilities include the chairmanship of Aabar Properties, the Spanish oil and gas company Cepsa, Borealis, Nova Chemicals, Abu Dhabi National Takaful Company and First Energy Bank.

Sheikh Mansour bin Zayed retains his position as Ipic’s board chairman.

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