Masdar names new chairman, CEO

Abu Dhabi's state investment fund, Mubadala Development Company, has appointed a new chief executive at green energy firm Masdar and moved his predecessor the chairman role, Mubadala said on Thursday.

Masdar, to which the oil-rich emirate's government has committed $15 billion, has invested over $1.7 billion in renewable energy projects around the world, including Britain, Spain, Afghanistan and Mauritania.

Ahmad Belhoul has been appointed the new chief executive of Masdar, Mubadala said in a statement. His predecessor Sultan Ahmed al Jaber has become the firm's chairman.

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

Al Jaber will continue to serve as United Arab Emirates minister of state as well as the UAE Special Envoy for Energy and Climate Change, the statement added.

Last month, Masdar filed a legal complaint against Spain before the International Centre for Settlement of Investment Disputes over changes to renewable energy rules that have cut or eliminated subsidies for the sector and capped profits.