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Arab Energy Fund Plans up to $1 bln for Decarbonization Technologies

Arab Energy Fund Plans up to $1 bln for Decarbonization Technologies
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Arab Energy Fund Plans up to $1 bln for Decarbonization Technologies

Arab Energy Fund Plans up to $1 bln for Decarbonization Technologies

The Arab Energy Fund, formerly known as APICORP, plans to invest up to $1 billion over the next five years in decarbonization technologies, the Middle East and North Africa-focused multilateral financial institution said on Monday.

The planned investment and new name are part of a five-year strategy to 2028 to support the regional energy transition towards net-zero goals. The announcement was made during the COP28 climate summit in Dubai, Reuters reported.

"Our strategy involves diversifying investments by championing technological advancements for enhanced energy efficiencies and driving sustained decarbonisation efforts," Chief Executive of the Arab Energy Fund Khalid Ali Al-Ruwaigh said in a statement.

The institution, which carries an investment grade credit rating from all the major ratings agencies, issued a five-year $750 million green bond after setting up a green bond framework in 2021. $610 million has so far been allocated to 11 regional projects.

Almost 20% of the institution's loan portfolio of $4.5 billion is currently for environmental and socially responsible initiatives, it said in the statement.

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7 California Men Charged in 'Largest Jewelry Heist' in US History

One of the rings stolen in the heist (FBI handout)
One of the rings stolen in the heist (FBI handout)
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7 California Men Charged in 'Largest Jewelry Heist' in US History

One of the rings stolen in the heist (FBI handout)
One of the rings stolen in the heist (FBI handout)

Seven men from California have been charged in the "largest jewelry heist in US history,” involving the theft of $100 million worth of gold, gems, and luxury watches, according to BBC.

The heist has been a mystery in California for nearly three years after a Brinks company truck transporting the jewelry was robbed at a remote stop as one driver slept inside, and another was having a meal.

The suspects tracked the truck as it left a jewelry show near San Francisco with 73 bags, officials said.

The next morning, they stole 24 bags when the truck was at a rest stop in Lebec, California, according to court documents.

The indictment does not say how they gained access to the truck.

Announcing the charges on Tuesday, the Department of Justice (DOJ) alleged that one of the suspects scouted a jewelry show near San Francisco for several days in 2022 and then robbed the truck with his accomplices in the early hours of 11 July.

A copy of the indictment says the defendants watched as a Brinks truck was loaded with jewels and then followed the truck for approximately 300 miles (485 km) from San Mateo to Lebec, California.

While the truck was parked at a stop in Lebec, the suspects allegedly stole 24 bags containing about $100 million in jewelry, the court document says.

Officials said the robbers did not use any weapons during the heist.

The robbery was discovered when the driver returned to the vehicle and saw that the exterior padlock was missing. Authorities believe it was sawed off.

The truck was on its way to another jewelry show in Pasadena, California.

Some of the jewels were recovered during the execution of search warrants on 16 June, according to a DOJ statement.

Jerry Kroll, an attorney who represents some of the jewelers whose merchandise was stolen, told the BBC he did not know how much had been recovered.