Saudi Arabia’s energy giant Aramco has named a new CEO for its $500 venture capital and investments arm, Gulf Business reports citing sources with knowledge of the matter.
The new appointee, Mahdi Aladel, former head of the company’s base oils and lubricants division will take over from Majid Mufti who led Saudi Aramco Energy Ventures (SAEV) for four years.
Aladel, reportedly assumed office this month.
The company makes investments in early-stage oil, gas, renewable and chemicals technologies. It has backed 45 technology firms, primarily in the US and Europe, since 2012.
It is unclear why Majid Mufti is leaving the company but the former CEO, Gulf Business reports, has confirmed his resignation.