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Abu Dhabi Oil Giant Hires Cutis as CFO From Wealth Fund

  • Cutis will report to Adnoc’s finance and investment director
  • Adnoc is revamping as the emirate plans for post-oil era

Abu Dhabi National Oil Co. hired Mark Cutis as chief financial officer from the sovereign fund that combined with Mubadala Investment Co., according to people with knowledge of the matter.

Cutis will report to Adnoc’s director of finance and investment Matar Hamdan Al Ameri, said the people, asking not to be identified as the appointment hasn’t been made public. Adnoc couldn’t immediately comment.

His Bloomberg profile shows Cutis was previously chief investment officer for special situations at Abu Dhabi Investment Council, which combined with Mubadala in March to create an entity with more than $250 billion of assets. He was also chief investment officer at Japan’s Shinsei Bank Ltd., according to his LinkedIn profile.

Read more: Mubadala to Compete for Global Deals With $250 Billion Portfolio

State-owned Adnoc is revamping its operations as Abu Dhabi, holder of about 6 percent of the world’s crude, tries to forge an economy for a post-oil era. The transformation has so far included the public listing of its distribution unit, management changes and plans for equity partners in some of its assets.

The oil producer last month said it hired Philippe Khoury, formerly an energy banker at HSBC Holdings Plc, to head up its new unit for trading crude oil and refined products.

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