Khalid bin Ali Al Ruwaigh has been named Chief Executive Officer of APICORP

On May 16, 2022, the Arab Petroleum Investments Corporation (APICORP), a multilateral financial institution established in 1975 by the ten Arab oil exporting countries, announced Khalid bin Ali Al-Ruwaigh as its new CEO, taking over from Dr. Ahmed Ali Attiga. Who led the organization for the past five years?

According to a statement, Khalid bin Ali Al-Ruwaigh holds an MBA from California State University and also a bachelor’s degree in information systems from King Saud University.

He used to work at Emirates NBD Capital KSA as the CEO before joining the multilateral financial institution.

And he has also held various senior and executive roles within the financial sector spanning multiple asset classes, including public and private equity, real estate, and fixed income.

He started his career with Alfaisaliah Group as a technical consultant, providing business and technology solutions for the group and its subsidiaries.

Aabed Al-Saadoun, Chairman of the APICORP Board of Directors, spoke about the newly appointed CEO and stated that Al-Ruwaigh’s addition to the company and leadership will mark a new chapter in Apicorp’s journey of transformation amid all the shifts in the energy and financial sectors.

They also said that they are aware of the importance, complexity, and responsibilities of the developmental mandate and will continue to adapt to reflect the changing world.

He added that the amount of knowledge and experience Khalid will bring after working in a wide range of industries will contribute to enhancing the incentive to support a balanced approach to the energy transition agenda and sustainable development goals of member countries and the wider MENA region.

Mr. Al Saadoun thanked Mr. Attiga for “leading Apicorp during a time of unprecedented challenges brought about by the pandemic”.

During Mr. Attiga’s tenure, Apicorp said it would provide disbursements of up to $2 billion to clients in the energy sector to help them ride out the impact of the COVID-19 pandemic.

Mr. Khalid bin Ali Al-Ruwaigh expressed his excitement to join APICORP and be part of its transformational journey.

He said that he is looking forward to working with the capable management team, board, and shareholders to connect industry stakeholders, develop innovative solutions, and support projects that have a positive, tangible, and lasting impact on the lives of people in this part of the world.

The leadership change at Apicorp comes as the bank increasingly focuses on sustainable investments in compliance with its new environmental, social and governance policy. The lender said last year that it aims to allocate $1 billion to fund green energy projects and will also measure the ESG footprint of all of its assets by the end of 2023.

The multilateral lender also introduced a $500 million countercyclical package in 2020 to support sustainable projects in the conventional and renewable energy space.