The Arab Energy Fund (formerly known as Apicorp) formed a USD 1 bn partnership with US-based infrastructure investor Stonepeak to invest in energy infrastructure across the Middle East, primarily targeting businesses within the sector, according to a press release (pdf). No further details were provided on the timeline, targets, or mechanism for the planned investments.

What they said: “We aim to accelerate the development of resilient, future-ready energy platforms that contribute to economic growth and energy security across the Middle East,” CEO of the Arab Energy Fund Khalid Ali Al Ruwaigh said.

About Stonepeak: Stonepeak is a USD 73 bn alternative investment firm specializing in real estate, energy transition, digital infrastructure, logistics, and transport.

ICYMI- The Arab Energy Fund inked a non-binding MoU with I Squared Capital earlier this month to advance a strategy for scaling up energy infrastructure to support regional decarbonization efforts. Last month, Stonepeak said it plans on opening a second office in Riyadh.