The Arab Energy Fund enters strategic partnership with Dussur

(MENAFN- Edelman) Press release


The Arab Energy Fund enters strategic partnership with Dussur

Saudi Arabia, 19 May 2024 – The Arab Energy Fund (TAEF), a multilateral impact financial institution focused on the MENA energy sector, signed a Memorandum of Understanding (MoU) today with the Saudi Arabian Industrial Investments Company (Dussur) to fast-track and facilitate prospective financing opportunities for TAEF of up to USD 200mn through bridge financing in selected green field projects promoted by Dussur.

The MoU contributes to the efforts exerted by the Kingdom of Saudi Arabia to advance the country’s industrialization and the diversification of its economy by defining a broad framework agreement between TAEF and Dussur.

Commenting on the announcement, Nicolas Thévenot, Chief Banking Officer at The Arab Energy Fund, said: “We are thrilled to sign this MoU with Dussur and enter an era of collaboration to support the advancement of the flourishing energy sector in Saudi Arabia. Our strategic partnership with Dussur is also aligned with our planned investment of up to US$1bn to advancing the energy transition with a focus on decarbonization and related technologies over the next five years.”

Omar Al-Qarawi, Director - Finance & Accounting at Dussur, said: “Dussur is pleased to have signed this MoU with TAEF, which could unveil multiple collaborative opportunities to maximize Dussur’s impact on the Saudi economy. Through this MoU, Dussur and TAEF aim to further their joint efforts to leverage strategic and sustainable industrial investments.”


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About The Arab Energy Fund
The Arab Energy Fund is a multilateral impact financial institution focused on the MENA energy sector established in 1974 by the ten Arab oil-exporting countries. The Arab Energy Fund’s mission is to enable a secure and sustainable energy future for the region through a comprehensive range of financing and direct equity solutions and expert advisory services across the entire energy value chain to leading public and private sector business partners in 25 countries. The Arab Energy Fund applies best-practice ESG principles across all operations, with environmental and socially-linked projects comprising 18% of its USD 4.5bn loan portfolio. The Arab Energy Fund is the only energy-focused financial institution in the MENA region rated ‘Aa2’ by Moody’s, ‘AA’ by Fitch and ‘AA-’ by S&P.

View The Arab Energy Fund’s ESG Policy Framework here.
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About the Saudi Arabian Industrial Investments Company (Dussur)
The Saudi Arabian Industrial Investment company, owned by The Saudi Public Investment fund, Sabic, and Aramco, aims to maximize the developmental impact on the Saudi economy by executing strategic and sustainable industrial investments with world-class technical partners, building modern industrial value chains, and creating more value out of the kingdom’s resources.

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