The Arab Petroleum Investments Corporation, a mutilateral lender focused on the energy sector, aims to invest $1 billion in decarbonisation and related technology over the next five years as it rebrands as the Arab Energy Fund.
The company also unveiled a new strategy, which is aligned with its commitment to playing an active role in supporting the Middle East and North Africa region’s energy transition towards a net-zero future, it said at Cop28 on Monday.
It will rebalance its portfolio with loan growth and an enhanced focus on equity investment, it said in a statement.
The new strategy “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”, Khalid Ali Al Ruwaigh, chief executive of Arab Energy Fund, said.
“Our strategy involves diversifying investments by championing technological advancements for enhanced energy efficiencies and driving sustained decarbonisation efforts … we are extending our investment scope beyond the core value chain, actively cultivating and shaping value chains within the region.”
The multilateral lender is owned by 10 members of the Organisation of Arab Petroleum Exporting Countries – Saudi Arabia, UAE, Kuwait, Libya, Iraq, Qatar, Algeria, Bahrain, Egypt and Syria.
It was established in 1975 to extend financial support to Arab countries in the energy sector.
Its investment portfolio increased to $1.3 billion for the January-June period, from $1.2 billion, with the successful exit from Ashtead Technology, a provider of technologically advanced subsea solutions, tools and systems to the construction and maintenance of offshore energy infrastructure.
In September, it reported its highest first-half profit yet while its operating income grew as interest rates rose.
Its total comprehensive income in the six months to the end of June rose by 87 per cent year-on-year to $108.7 million.
Following the establishment of its green bond framework in 2021, the company marked the issuance of the first green bond by an energy-focused financial institution in the Mena region.
The US dollar-denominated five-year benchmark issuance raised $750 million, more than $610 million of which has already been allocated to 11 projects in the region.
Currently, 18 per cent of its $4.5 billion existing loan portfolio is dedicated to supporting environmentally and socially responsible projects.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
More on Quran memorisation:
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
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Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
