I Squared Capital and The Arab Energy Fund Sign Memorandum of Understanding to Invest in Sustainable Energy Infrastructure through a new Middle East Infrastructure Strategy

Riyadh, Saudi Arabia and Miami, United States of America – 14 May 2025 – I Squared Capital, a leading independent global infrastructure investment manager, and The Arab Energy Fund (TAEF), formerly known as APICORP, a leading multilateral impact financial institution focused on the MENA energy sector, have signed a non-binding Memorandum of Understanding (MoU) to invest in a dedicated infrastructure investment strategy focused on the Middle East and North Africa (MENA) region.

The investment fund aims to enhance connectivity across regional and global markets, investing in key infrastructure sectors across the region. As an Anchor investor, TAEF will help the fund in its energy investment strategy towards expanding energy infrastructure and supporting regional decarbonization efforts.

This partnership will leverage I Squared’s global investment platform and extensive expertise in infrastructure investments. The firm’s investment philosophy focuses on building businesses through direct engagement with management teams, applying a hands-on approach that drives both operational and commercial success. The collaboration will also deliver enhanced operational leverage, control, and transparency for these projects, while also creating opportunities for like-minded private capital partners from around the world to invest in the region.

Commenting on the agreement, Sadek Wahba, Chairman and Managing Partner of I Squared Capital, said:

“This collaboration with TAEF reflects our shared commitment to advancing sustainable development and accelerating the region’s transition through transformative infrastructure investments. It also marks a significant milestone in I Squared’s strategic expansion in the Middle East, reinforcing our long-term conviction in the region’s potential as a global destination for infrastructure innovation and capital.”

Commenting on the agreement, Khalid Ali Al-Ruwaigh, Chief Executive Officer of TAEF, said:

“We look forward to working closely with I Squared Capital as this MOU exemplifies our commitment to fostering impactful investments that drive energy security and sustainability across the MENA region and in our member countries. By anchoring this infrastructure fund, we aim to support energy infrastructure and promote economic diversification — while leveraging our shared deep industry expertise and regional insights.”

Today’s non-binding MoU is subject to satisfying certain necessary conditions including obtaining all necessary regulatory and internal approvals and fulfilling specified milestones.