Former Ipic managing director Al Qubaisi exits chairman’s post at Austria’s Borealis

Khadem Al Qubaisi’s exit from his executive management positions is nearly complete.

Yesterday the Austrian plastics maker Borealis said he was no longer its chairman.

The former managing director of the Abu Dhabi government investment firm Ipic, formerly one of the UAE’s most influential senior executives, has also departed his position as chairman of the Spanish oil and gas company Cepsa and Canada’s Nova Chemicals in the past month.

Borealis, 74 per cent owned by Ipic, yesterday appointed the UAE energy minister Suhail Al Mazrouei as chairman in place of Mr Al Qubaisi.

“Borealis’s future growth options are well in line with our strategy to invest in the energy and related sectors across the globe,” said Mr Al Mazrouei.

“I look forward to discovering new strategic opportunities together with Borealis’s executive board, management and employees.”

The Borealis announcement is nearly identical to statements made by fellow Ipic subsidiaries Cepsa and Nova Chemicals on June 2 and May 18 respectively, with both announcing the replacement of Mr Al Qubaisi by Mr Al Mazrouei.

Mr Al Qubaisi’s departure from the two chairmanships comes two months after he abruptly departed from his position of managing director of Ipic in April, following a reshuffle of its board announced by presidential decree.

The announcement of his departure from Ipic came days after his name was left off a list of board nominees for Arabtec Holding, despite previously serving as the construction giant’s chairman.

The same week Mr Al Qubaisi stepped down as chairman of Aabar Properties.

However, he remains chairman of Bahrain’s First Energy Bank, a spokesman for the bank said yesterday.

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