Khadem Al Qubaisi steps down as Aabar Properties chairman

Khadem Al Qubaisi has stepped down as chairman of the Abu Dhabi developer Aabar Properties, capping a week in which he has also left similar roles at International Petroleum Investment Company (Ipic) and Arabtec Holding.

The website of Aabar Properties, the developer of the Wave and Kite Residences on Reem Island, on Thursday listed its executive chairman as Khalifa Al Mheiri, until recently the company’s chief executive.

Mr Al Qubaisi, who was on Thursday not listed as member of the company’s board, had been listed as chairman on the firm’s website as recently as Tuesday morning, according to cached pages stored by Google.

An Aabar Properties spokeswoman did not respond to requests for comment.

Mr Al Qubaisi’s departure raises questions about his role as chairman of the company’s owner, and Ipic subsidiary, Aabar Investments, whose holdings include stakes in Arabtec, the Italian lender Unicredit and space tourism firm Virgin Galactic.

A spokesman for Aabar Investments declined to comment on Mr Al Qubaisi’s position.

Mr Al Qubaisi’s departure from Aabar Properties coincides with the end of his tenure as managing director of the Abu Dhabi government investment firm Ipic following a reshuffle of its board, announced by presidential decree on Wednesday evening.

Mr Al Qubaisi was also not included this month on a list of nominees for the board of directors of Arabtec Holding, despite previously serving as its chairman.

Arabtec Holding’s annual general meeting, which was due to elect a new board, was postponed on Thursday for lack of quorum.

Mr Al Qubaisi’s departure from three senior positions in Abu Dhabi does not appear to have affected his roles outside the UAE thus far.

He retains his role as chairman of the supervisory board of the Austrian chemicals maker Borealis, together with his chairmanship of Bahrain’s First Energy Bank and the Spanish oil and gas company Cepsa.

Mr Al Qubaisi resigned as chairman of the board of directors of the Islamic insurer Abu Dhabi National Takaful in August.

Follow The National’s Business section on Twitter


Share This Post