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Adnoc taps new board for XRG: President Sheikh Mohamed bin Zayed Al Nahyan approved the board of directors for the Abu Dhabi National Oil Company’s (Adnoc) new international investment arm, XRG, with Adnoc CEO Sultan Al Jaber appointed as executive chairman, Reuters and Bloomberg report. The board includes former BP CEO Bernard Looney, who resigned in 2023 after misleading the British energy giant’s board on past relationships with colleagues.
Other members include…
- Mohamed Hassan Alsuwaidi, CEO of ADQ;
- Ahmed Mubarak Al Mazrouei, chairman of the UAE President’s Office for Strategic Affairs;
- Jasem Al Zaabi; chairman of the Abu Dhabi Department of Finance;
- Jon Gray, president and COO of Blackstone;
- Nassef Sawiris, executive Chair of OCI Global.
REFRESHER- Last month, Adnoc launched XRG, an international investment company focused on lower-carbon energy and chemicals, with an investment value of over USD 80 bn. The company plans to double its asset value over the next decade, and is set to begin operations in 1Q 2025.
OTHER MOVES WORTH NOTING-
F&B manufacturing and distribution company Dubai Refreshment appointed COO Mahmoud El Meligy as its new CEO, effective 1 January 2025, according to a press release. The move comes as the company’s former CEO Tarek Elsakka announced his retirement after 17 years with the company. El Meligy joined Dubai Refreshment in 2012, acting as COO since August 2017. His 27-year career in the soft drinks industry spans multiple markets including Saudi Arabia, Algeria, Ghana, and Egypt.
E7 appoints COO and interim CEO: Printing solutions outfit E7 Group appointed Esteban Gómez Nadal (LinkedIn) as the group’s COO and interim CEO while it mulls the appointment of its permanent CEO after the retirement of Ali Al Nuaimi, according to a company statement. Nadal has held executive roles at Adnec Group and Abu Dhabi Media Company, and previously worked as a management consultancy partner advising global corporations.
