Arab Petroleum Investments Corporation Changes Name and Logo
The Arab Petroleum Investments Corporation (APICORP), a financial institution focused on the Middle East energy sector, has revealed a new name and logo.
The new identity forms part of a redesigned business approach that the organisation plans to implement over the next five years.
As part of the new business plan, an investment of US $1 billion has also been earmarked for advancing energy transition with a focus on decarbonisation and related technologies, which was first announced during last month’s UN Climate Change Conference (UNFCCC COP 28).
“The institution’s rebrand as The Arab Energy Fund, aligns with its deep commitment to playing an active role in supporting the MENA’s energy landscape transition towards a net-zero future,” says a spokesperson.
“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,” comments Khalid Ali Al-Ruwaigh, CEO of The Arab Energy Fund.
Originally established in 1974 by the ten Arab oil-exporting countries, The Arab Energy Fund currently has a US $4.5 billion loan portfolio that is claimed to support “environmentally and socially responsible initiatives”.
Source: The Arab Energy Fund