The Arab Energy Fund enters strategic partnership with Dussur

Saudi Arabia, 19 May 2024 – The Arab Energy Fund (TAEF), a multilateral impact fund focused on the MENA energy sector, signed a Memorandum of Understanding (MoU) today with the Saudi Arabian Industrial Investments Company (Dussur) to fast-track and facilitate prospective financing opportunities for TAEF of up to USD 200mn through bridge financing in selected green field projects promoted by Dussur.

The MoU contributes to the efforts exerted by the Kingdom of Saudi Arabia to advance the country’s industrialization and the diversification of its economy by defining a broad framework agreement between TAEF and Dussur.

Commenting on the announcement, Nicolas Thévenot, Chief Banking Officer at The Arab Energy Fund, said: “We are thrilled to sign this MoU with Dussur and enter an era of collaboration to support the advancement of the flourishing energy sector in Saudi Arabia. Our strategic partnership with Dussur is also aligned with our planned investment of up to US$1bn to advancing the energy transition with a focus on decarbonization and related technologies over the next five years.”

Omar Al-Qarawi, Director – Finance & Accounting at Dussur, said: “Dussur is pleased to have signed this MoU with TAEF, which could unveil multiple collaborative opportunities to maximize Dussur’s impact on the Saudi economy. Through this MoU, Dussur and TAEF aim to further their joint efforts to leverage strategic and sustainable industrial investments.”