TAEF Rebranded As Arab Energy Org.

1/28/2025 7:05:38 PM

(MENAFN- Kuwait News Agency (KUNA)) RIYADH, Jan 28 (KUNA) -- The Arab energy Fund (TAEF), formerly known as the Arab petroleum Investments Corporation (APICORP), was rebranded as the Arab Energy Organization on Tuesday in the presence of Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz and Kuwaiti Minister of Oil Tareq Al-Roumi.
The rebranding reflects TAEF's commitment to enhancing energy security and sustainability through pioneering investments in the energy landscape, the Saudi Press Agency quoted Prince Abdulaziz as saying during a celebration marking the Fund's 50th anniversary.
"It marks a strategic shift aimed at reinforcing the fund's position as a leading multilateral financial institution in the Middle East and North Africa," the Saudi minister said, praising the responsiveness of TAEF's board.
The Fund's board kept pace with the decisions of the Organization of Arab Petroleum Exporting Countries (OAPEC) to restructure the Fund, redraft its founding agreement, and enhance its operations, he noted.
Prince Abdulaziz stated that the Fund's future projects will focus on meeting the energy transformation targets of Arab member states, taking into account the most suitable energy mix and addressing the challenges facing the sector.
The approach aims to ensure that member states can achieve sustainable development goals, he added.
Also attending the event were UAE Minister of Energy and Infrastructure Suhail bin Mohammad Al-Mazrouei, Libyan Minister of Oil and Gas Khalifa Rajab Abdul Sadiq, Qatari Minister of State for Energy Affairs and QatarEnergy's President and CEO Saad Sherida Al-Kaabi, Bahraini Minister of Oil and Environment and Special Envoy for Climate Affairs Mohamed bin Mubarak Bin Dainah, and Iraqi Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani Al-Sawad.
The rebranded identity captures the fund's mission and ambitious vision to continue making impactful investments that foster a brighter, more stable, and sustainable future for the energy sector in the Middle East and North Africa (MENA) region.
As part of its golden jubilee, the Fund commemorated the graduation of the first cohort from its inaugural 50+ Graduate Development Program, which began in 2024.
The six-month initiative is designed to provide recent graduates in the MENA region with hands-on experience in energy finance, the SPA report added. (end)
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