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.
Sholto Byrnes on Myanmar politics
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Travis Scott
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
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Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
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match info
Chelsea 2
Willian (13'), Ross Barkley (64')
Liverpool 0
THE SPECS
Engine: Four-cylinder 2.5-litre
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A list of the animal rescue organisations in the UAE
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
Day 4, Abu Dhabi Test: At a glance
Moment of the day Not much was expected – on Sunday or ever – of Hasan Ali as a batsman. And yet he lit up the late overs of the Pakistan innings with a happy cameo of 29 from 25 balls. The highlight was when he launched a six right on top of the netting above the Pakistan players’ viewing area. He was out next ball.
Stat of the day – 1,358 There were 1,358 days between Haris Sohail’s previous first-class match and his Test debut for Pakistan. The lack of practice in the multi-day format did not show, though, as the left-hander made an assured half-century to guide his side through a potentially damaging collapse.
The verdict As is the fashion of Test matches in this country, the draw feels like a dead-cert, before a clatter of wickets on the fourth afternoon puts either side on red alert. With Yasir Shah finding prodigious turn now, Pakistan will be confident of bowling Sri Lanka out. Whether they have enough time to do so and chase the runs required remains to be seen.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
