Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, today announced that H.E Dr. Sultan Ahmed Al Jaber has been appointed chairman of the board of Masdar, Abu Dhabi’s renewable energy company, and Dr. Ahmad Belhoul will be CEO of the company.

“Masdar has become a globally recognized renewable energy and clean-technology leader with investments and partnerships in Abu Dhabi and internationally,” said Khaldoon Khalifa al Mubarak, Group CEO and Managing Director of Mubadala. “Under Dr. Al Jaber’s leadership, Masdar has been transformed from a bold initiative to a successful, globally-recognized entity that is contributing to the Emirate’s economic and energy diversification and has further developed the contributions of the UAE to the global energy sector.”

“Masdar has also been pivotal in attracting the International Renewable Energy Agency (IRENA) to Abu Dhabi and central to spurring the UAE’s reputation globally as a leader in advancing clean energy,” added Al Mubarak. “As chairman, Dr. Al Jaber will remain closely involved with Masdar to support its continued growth and ability to capitalize on high-value opportunities for Abu Dhabi.”

Dr. Al Jaber will be succeeding H.E Ahmad Al Sayegh, Masdar’s former chairman, who has been instrumental to the company’s success since it was founded. While he will remain close to Masdar, he will be concentrating on his role as chairman of Global Marketplace Abu Dhabi.

Dr. Sultan Ahmad Al Jaber will continue to serve as UAE minister of state within the federal cabinet of the UAE. In addition, he serves as the UAE Special Envoy for Energy and Climate Change.

Commenting on the appointment of Dr. Ahmad Belhoul as the new CEO of Masdar, Dr. Al Jaber said: “The appointment of Dr. Belhoul is another positive step in Masdar’s evolution. His executive skills and practical experience make him an ideal fit, bringing the right blend of skills to reinforce the growth of the renewable energy sector in the UAE. As Chairman, I will work closely with Dr. Belhoul and his leadership team to help successfully drive the next phase of Masdar’s development.”

Dr. Belhoul joins Masdar from Dubai’s Department of Tourism and Commerce Marketing, where worked as CEO of Strategy. Prior to this role, he was Vice President in the Industry unit of Mubadala.

Since its 2006 launch, Masdar has delivered a portfolio of significant project and initiatives, including:

• The launch of large-scale renewable energy projects with a total asset value of US$7 billion;
• The development of Masdar City, one of the world’s most sustainable cities;
• The establishment of the Masdar Institute in partnership with the Massachusetts Institute of Technology – a world-class research university training Abu Dhabi’s future energy leaders; and
• The creation of two clean-tech investment funds with a total value of US$540 million.