The Arab Petroleum Investments Corporation (APICORP), a multilateral impact financial institution focused on the MENA energy sector, has announced its 2023-2028 strategy and a new name: The Arab Energy Fund.
This strategic shift includes a planned investment of up to US $1 billion over the next five years towards advancing decarbonisation and related technologies. This was announced at COP28.
The institution shared it will rebalance its overall portfolio with continued loan growth and an enhanced focus on equity investments while “continuing to innovate” to expand its range of financing and direct equity solutions and expert advisory services.
In the Green Zone’s Energy Transition Hub, Khalid Ali Al-Ruwaigh, CEO of The Arab Energy Fund, unveiled the new name and strategy.
He remarked: “APICORP’s (now known as The Arab Energy Fund) transformative strategy marks the institution’s next chapter, deeply rooted in our 50-year legacy and our distinctive role in the MENA energy sector. It highlights our commitment to impact-driven solutions, leveraging our deep industry expertise and regional access to enable the evolving energy landscape towards a net-zero world. Our strategy involves diversifying investments by championing technological advancements for enhanced energy efficiencies and driving sustained decarbonization efforts. Additionally, we are extending our investment scope beyond the core value chain, actively cultivating and shaping value chains within the region.”
He added: “Our new strategy and name signify not only our dedication to empowering the region’s energy ecosystem but also resonate with our mission to create a meaningful impact by promoting economic growth, boosting local value chains and local content, through skill development, and fostering knowledge creation.”
The Arab Energy Fund said it is also in the process of “enhancing its ESG Policy Framework,” also introduced in 2021.