The Arab Petroleum Investments Corporation (APICORP) announced the appointment of a new CEO, as part of the transformation processes in the energy and finance sectors.
The company chose Khaled bin Ali Al-Ruwaij, to succeed Ahmed Ali Ateeqa, who led the company over the past 5 years, according to a press release on Monday.
Commenting on the change, the company’s chairman, Abed Al-Saadoun, said, “The appointment of Khalid bin Ali Al-Ruwaig represents a new chapter in APICORP’s transformation journey, amid shifts in the energy and finance sectors.”
Energy transformation and development
Al-Saadoun said – in his statements -: “We are aware of the importance, complexity and responsibilities of our development mandate, and we will continue to adapt to reflect the changing world around us.”
He stressed, “The wealth of knowledge and experience that Khaled brings, having worked in a wide range of industries, will be instrumental in continuing our strong momentum in supporting a balanced approach to the energy transition agenda and the SDGs for member states and the broader MENA region.”
He also thanked Ateeqa for his years of service as CEO, stressing that he successfully led the Arab Petroleum Investments Company, during the unprecedented challenges caused by the pandemic, and strengthened APICORP’s position “as a trusted partner and main enabler of the Arab energy sector.”
For his part, Khalid bin Ali Al-Ruwaij expressed his happiness with this decision, saying: “I am excited to join APICORP, and to be part of its transformational journey.”
“As a company with a unique mandate and located at the link between the energy world and the financial world, the opportunities for growth are truly enormous,” he continued.
He stressed that he looks forward to working with the company’s management team, its board of directors and its shareholders, to connect stakeholders in the industry, develop innovative solutions, and support projects that have a positive, tangible and lasting impact on the lives of citizens in the Arab region.
It is noteworthy that Khalid bin Ali Al-Ruwaij holds an MBA from California State University and a Bachelor’s degree in Information Systems from King Saud University.
He joined the Arab Petroleum Investments Company from Emirates NBD Capital Saudi Arabia, where he held the position of CEO since March 2019, and held several senior and executive positions in the financial sector.
Energy investment forecast
The Arab Petroleum Investments Company had expected that energy investments in the Middle East and North Africa would grow over the next 5 years, driven by high oil and gas prices.
The report pointed out that energy markets inherently lack flexibility in demand, which puts pressure on prices associated with the volume of need for energy resources, and benefit from the lack of alternative fuels.
The report – entitled “On the threshold of 2022.. Energy investments in the Middle East and North Africa is moving forward despite fluctuations” – indicated that fluctuations in commodity prices will continue due to the lack of clarity in energy markets.
He added that although commodity prices witnessed a modest and erratic correction during 2021, these changes will take a long time until their consequences and repercussions on cost pressures become evident during 2022.
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