Al Qubaisi appointed as Aabar chairman

Abu Dhabi's Aabar Investments Company yesterday said Khadem Al Qubaisi, managing director of International Petroleum Investment Company(Ipic), has taken over from Abdulhamid Saeed as its chairman.

Abu Dhabi's Ipic said earlier this month it would take a majority stake in Aabar Investments by buying $1.82 billion (Dh6.68bn) worth of convertible bonds. The bonds will be converted into shares by November 30 next year.

Aabar is partly owned by the Abu Dhabi Government, but allows foreigners to hold up to 40 per cent of its stock.