Arab Energy Fund looks beyond oil in new investment plan

The Arab Energy Fund (TAEF), formerly known as Apicorp, is looking to increase its investment by 60 percent to $12 billion over the next three years, its CEO reportedly said.

Headquartered in Riyadh, TAEF is a multilateral lender focused on the energy sector in the Middle East and North Africa. 

The fund is seeking opportunities in private equity and project finance to expand into areas beyond conventional energy, including off-grid technologies and biofuels, Khalid Al-Ruwaigh told Bloomberg.

“We cater to both debt and equity and can act much faster to deploy capital because we’re agile,” he said.

In a statement, TAEF said it had acquired a minority stake in Arabian Petroleum Supply Company (Apsco), a 60-year-old, privately owned energy business.

The investment, the value of which was not disclosed, will support Apsco’s long-term growth strategy and geographic expansion, the statement said.

The lender is preparing to announce another agreement in the UAE, the report said.

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Al-Ruwaigh said the fund plans to raise $2 billion a year through bond issuances in regional and international markets.

TAEF partnered with US-based BlackRock last year on an $11 billion lease-and-leaseback deal involving Saudi Aramco’s Jafurah gas processing facilities.

In September, the fund said net income rose 7 percent to $129 million in the first half of 2025, driven by a surge in project funding.

Total funding increased 17 percent to $8.4 billion, while assets stood at $12 billion, up 15 percent.

The fund was established in 1975 by 10 Arab oil-exporting countries: Saudi Arabia, the UAE, Kuwait, Qatar, Libya, Iraq, Algeria, Bahrain, Egypt and Syria.