By: AGBI

Riyadh-based Arab Energy Fund (formerly known as Apicorp) and US-based Stonepeak have agreed to jointly invest $1 billion in energy infrastructure across the Middle East.

Khalid Al-Ruwaigh, CEO of Arab Energy Fund, said in a statement that the partnership aims to accelerate the development of what he refers to as future-ready energy platforms, which will contribute to economic growth and energy security across the Middle East.

The Middle East has made energy diversification a key priority, with Saudi Arabia and other nations throughout the region setting ambitious targets, said Mike Dorrell, CEO, chairman, and co-founder of Stonepeak. 

No investment plan or funding details were disclosed.

In March, the Arab Energy Fund announced a net income of $225 million in 2023, up by more than half on 2022’s figure. 

The fund, which was founded in 1975 by 10 Arab oil-exporting states, is focused on helping oil-producing countries in the Mena region achieve their goal of transitioning towards a net-zero future.

Last week, the UAE and US announced plans to spend a combined total of $440 billion in the energy sector by 2035, the head of Abu Dhabi National Oil Company (Adnoc) said.