Saudi Energy Minister Prince Abdulaziz bin Salman underscored the importance of Arab collaboration in overcoming energy sector challenges and promoting sustainability, calling for restoring Arab unity and joint action to achieve strategic goals in energy.
He made his remarks at the 50th-anniversary celebration of the Arab Energy Fund (formerly APICORP) in Riyadh, attended by UAE Energy Minister Suhail Al Mazrouei, Kuwaiti Oil Minister Tareq Al-Roumi, Libyan Oil and Gas Minister Dr. Khalifa Abdul Sadiq, and Qatari Energy Minister and CEO of QatarEnergy Saad Al-Kaabi.
Prince Abdulaziz expressed pride in hosting the event, reaffirming Saudi Arabia’s commitment to supporting Arab energy initiatives. He highlighted the ongoing restructuring of the Arab Energy Organization to better align with future needs, ensuring its role in sustainable development and meeting member states’ demands.
The minister noted that upcoming projects by the Arab Energy Fund will diversify energy sources while aligning with global efforts to reduce emissions and combat climate change.
The Arab world is committed to adapting to the evolving energy landscape while maintaining regional identity and cooperation, he added.
Arab unity and collective action are essential for addressing regional and international challenges, whether economic, social or cultural, he remarked.
CEO of the Arab Energy Fund, Khalid Al-Ruwaigh pointed to the institution’s progress since its founding in 1975 with a capital of $320 million. He revealed that over five decades, its assets have grown to exceed $10 billion, reflecting its role in supporting the energy sector and sustainability efforts.
Al-Ruwaigh said the fund’s success is measured not just by its financial growth but also by its impact on energy development. He announced a new strategic vision focused on innovative financial solutions, including debt instruments and investments in both conventional and renewable energy, to support member states’ sustainability goals.
Relocating the fund’s headquarters to Riyadh reinforces its position as a trusted financial institution in a major global financial hub, he noted
Moreover, Al-Ruwaigh unveiled the fund’s new identity and logo, symbolizing Arab cooperation for sustainable energy development. The logo’s triangular elements represent the ten member states, while its circular design reflects the fund’s commitment to a circular economy and long-term energy sustainability.
