Apicorp appoints new chief executive amid sustainable finance push

The Arab Petroleum Investments Corporation (Apicorp), a Saudi Arabia-based multilateral lender owned by the 10 members of the Organisation of Arab Petroleum Exporting Countries, has appointed Khalid Al Ruwaigh as its new chief executive.

Mr Al Ruwaigh replaces Ahmed Attiga, who served as the company's chief executive for five years, the bank said on Monday.

The latest appointment “marks a new chapter in Apicorp’s journey of transformation amid the shifts in the energy and financial sectors", said Aabed Al Saadoun, chairman of the Apicorp board.

"We are cognisant of the importance, complexity and responsibilities of our developmental mandate, and we will continue to adapt to reflect the changing world around us.”

The leadership change at the Dammam-based 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 wealth of knowledge and experience Khalid brings, having worked in a broad range of industries, will be instrumental in continuing our strong momentum in support of a balanced approach to the energy transition agenda and sustainable development goals of our member countries and wider Mena region,” Mr Al Saadoun said.

Before joining Apicorp, Mr Al Ruwaigh served as chief executive of Emirates NBD Capital KSA. He has also held several senior and executive roles within areas such as public and private equity, real estate and fixed income.

Mr Al Ruwaigh holds an MBA from California State University and a bachelor’s degree in Information Systems from King Saud University.

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 $2bn to clients in the energy sector to help them ride out the impact of the Covid-19 pandemic.

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