Ahmed Ali Attiga
Ahmed Ali Attiga,CEO,APICORP
The Arab Petroleum Investments Corporation (APICORP) is an energy-focused multilateral development financial institution which aims to support sustainable development of the energy industry in its 10 Arab oil exporting member countries. Despite the impact of the pandemic, APICORP’s net income increased to $115 million in FY 2020, and its balance sheet grew by 7.5% to $7.89 billion for the same period. The organisation made its first-ever equity stake in a wind energy company in 2020, and out of 11 project finance commitments that year, six were in green energy and sustainability fields.
This follows the company’s 2020-2024 strategy, which highlights five strategic pillars, including its goal to ‘thrive as a multilateral development financial institution in the transitioning energy world,’ pointing towards a positive outlook for the firm. APICORP also launched a $500 million countercyclical package to help the regional energy sector mitigate the impact of the coronavirus pandemic and oil price fluctuation.
In spite of the difficult circumstances of the past year, APICORP seems to have set ambitious goals to grow the organisation and the energy sector, and is consciously shifting its strategy in line with the energy transition, moving it up in our ranking since last year.
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