The Arab Energy Fund (TAEF) announced that it has achieved a historic achievement by recording its highest net income ever. It reached $225 million in 2023, an increase of 51% over the previous year.

This growth is due to:

• The Arab Energy Fund’s assets witnessed a significant growth of 12% to reach $9.88 billion in 2023, due to the restructuring of the fixed income portfolio. The restructuring of the fixed income portfolio improved liquidity and financing profiles, and investments in leading energy projects also contributed to the growth of its assets.
• Favorable interest environment: The Fund benefited from a favorable interest environment in 2023; Which contributed to enhancing its profits.
• Effectively improve financing and liquidity profiles; Which contributed to enhancing its financial stability.
• Cost management: The Fund has taken an effective approach to managing costs; Which contributed to increasing his profits.

In 2023, the Fund renamed itself from the “Arab Petroleum Investment Corporation” to the “Arab Energy Fund” to reflect its increasing focus on the energy sector. The Fund also moved its headquarters to Riyadh, the Saudi capital, in a move aimed at strengthening its presence in the heart of the energy industry in the region. .

The Fund has developed a new five-year strategy (2023-2028) that aims to invest in the energy transition. The Fund plans to invest up to one billion dollars over the next five years to advance the energy transition in the region, with a focus on carbon removal technologies. It also seeks to become an investor. A pioneer as the fund seeks to become a leading impact investor in the Middle East and North Africa region, by supporting sustainable energy projects.

The Arab Energy Fund enjoys high ratings from international rating institutions. It received: Aa2 from Moody's, AA from Fitch, AA- from Standard & Poor's.
Therefore, the Arab Energy Fund’s achievement of its highest net income ever is a testament to its success in a difficult economic environment, and its new strategy confirms its commitment to supporting the energy transition in the region and enhancing the sustainability of the energy sector.