The Arab Energy Fund Appoints New Chief Financial Officer

• TAEF appoints Vicky Bhatia as new Chief Financial Officer
• Vicky will oversee the treasury, finance & the operation functions

Saudi Arabia, 04 June 2024 – The Arab Energy Fund (TAEF), a multilateral impact fund focused on the MENA energy sector, announced today the appointment of Vicky Bhatia as Chief Financial Officer. In his new role, Vicky will lead the Institution’s finance, treasury, and operations functions, while ensuring long-term value creation for its shareholders.

Vicky is a seasoned senior finance executive, with over 28 years of international experience in driving business transformations and delivering sustainable financial results. He most recently served as the CFO at ZAND Bank in the UAE. Prior to this, he was the CFO at Noor Bank, UAE.

His experience also includes working at Standard Chartered Bank for 17 years, where he held senior finance positions across different regions including the Middle East, Africa, and Asia.

Khalid Ali Al-Ruwaigh, CEO of The Arab Energy Fund, said: “We are delighted to welcome Vicky to The Arab Energy Fund as our new CFO. With his deep financial expertise and strong leadership capabilities, we are confident that he will play a pivotal role in continuing our legacy of success as we implement our ambitious vision of growth and impact.”

Vicky Bhatia, CFO of The Arab Energy Fund, stated: “I am excited to join The Arab Energy Fund to drive business growth and create long-term value for our shareholders while building on the Institution’s continued success. I am looking forward to working with the senior management team to continue to deliver strong financial performance.”

Vicky holds a master’s degree in business administration with a Specialization in Finance from the International University, Missouri, USA.

TAEF reported its highest-ever annual net income in 2023, which surged by 51% year-on-year (YoY) to reach USD 225 million, including capital gains of USD 20.6 million. Additionally, total assets grew by 12% YoY to reach USD 9.88 billion.