By Andrei Skvarsky.
The Arab Energy Fund (TAEF), an energy-focused financial services company formerly known as APICORP, has reported that in 2023 it earned what has been its highest net annual income in its half-century existence, $225m.
The amount was 51 per cent up on 2022, the Riyadh-headquartered multinational company, which follows environmental, social and governance (ESG) principles and in December 2023 announced a plan to invest up to $1bn in decarbonisation technologies, was cited by Saudi English-language daily Arab News as saying in a statement.
Other 2023 performance highlights reported by TAEF include a total capital gain of $20.6m and a 12 per cent year-on-year increase in total assets to $9.88bn.
TAEF’s key recent investment projects include building a renewable energy-powered plant in Saudi Arabia expected to produce maximums of 600 tonnes of hydrogen a day and 1.25m tonnes of ammonia a year and a waste-to-energy plant in Dubai that would provide electricity for 135,000 homes.
The former project is due to be completed in 2026 and the latter in 2024.
TAEF, which chiefly operates in the Middle East and North Africa, is effectively an intergovernmental entity – the members of its board of directors are government officials or state-owned company executives in nine Arab countries.
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