Mubadala names Richard Nordell to lead infrastructure business

Richard Nordell, the head of Mubadala’s real estate business, was appointed chief of the sovereign wealth fund’s infrastructure unit, replacing Saed Arar.

Nordell, who joined Mubadala’s real estate team in 2014 and rose to lead the unit in October 2023, assumed the infrastructure role at the start of May, with Khadija Benzit stepping up to succeed him as head of real estate, Infrastructure Investor reports.

The leadership reshuffle comes as Mubadala puts more resources into infrastructure construction, having committed capital last month to the 2.9-gigawatt Hornsea 3 offshore wind farm in the U.K. as part of a group led by Apollo Global Management.

Real estate and infrastructure together account for 17% of Mubadala’s investment portfolio, which has generated a ten-year annualized return of 10%, according to its 2025 annual report.