JEDDAH: Hamad Buamim, president and CEO, Dubai Chamber of Commerce and Industry, spoke about the experience of the UAE and Dubai in economic diversification, the country’s post-oil strategy, and the role of the private sector in its successful partnership with the public sector.
Buamim took part in the Jeddah Economic Forum 2016 along with the more than 80 high-profile Saudi, regional and global economic experts and CEOs at the Jeddah Hilton Hotel.
The diversification of the economy away from oil is the main economic strategy of the UAE, he said,
He said Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president and prime minister and Ruler of Dubai, recently launched the ‘UAE Beyond Oil’ strategy, which reflects the vision of the country’s economic diversity strategy.
Oil contributed to only 30 percent of the AED1.5 trillion economy in 2015 whereas the oil sector accounted for 70% of the country’s GDP during the 70s of the last century, he added.
Efforts are underway to further reduce the contribution of oil in the coming period, said Buamim.
Malaysian Premier Mohammed Najib Tun Abdul Razak, addressing the forum earlier, said that public private partnerships are important toward nation-building.
The prime minister gave an example of Malaysia’s experience via the implementation of the privatization policy in 1983, followed by the introduction of public private partnerships and Private Finance Initiatives in 2006.
Oil ‘contributed to only 30% of UAE economy in 2015’
Oil ‘contributed to only 30% of UAE economy in 2015’
Arab Energy Fund takes minority stake in Saudi energy firm APSCO
RIYADH: The Arab Energy Fund has acquired a minority stake in Saudi Arabia’s Arabian Petroleum Supply Co., backing one of the Kingdom’s largest private energy solutions providers as it looks to expand across the Middle East and beyond.
The investment initiates a partnership aimed at pursuing opportunities across the Middle East, North Africa, and select international markets, covering APSCO’s core and adjacent business sectors.
The move underscores TAEF’s commitment to investing in established regional leaders while promoting innovation and sustainable growth across the energy value chain.
According to a press release, the transaction marks The Arab Energy Fund’s first investment of 2026, following an active 2025 during which the fund completed several key deals, including investments in Jafurah Midstream Gas Co. alongside BlackRock and in the platform Tagaddod.
Khalid Al-Ruwaigh, CEO of The Arab Energy Fund, commented on the deal, saying: “APSCO represents a unique platform with strong fundamentals and a proven track record in critical energy segments.”
He added: “This investment aligns with our mandate to support high-quality energy and energy-adjacent businesses that are well-positioned to capture growth across the region and beyond.”
The Arab Energy Fund is a multilateral impact financial institution established in 1974 by 10 Arab oil-exporting countries.
Mohammed Ali Ibrahim Alireza, managing director, APSCO, said: “We welcome The Arab Energy Fund as a strategic partner supporting our next phase of growth.”
He added: “As a pioneer in energy solutions for over 60 years, APSCO remains committed to quality, reliability, and innovation, while continuing to contribute to Vision 2030 by enhancing efficiency and minimizing environmental impact.”
The partnership is designed to bolster APSCO’s long-term growth strategy, operational excellence, and geographic expansion, leveraging TAEF’s regional expertise and institutional network.
APSCO is a Saudi energy company with more than 60 years of experience in integrated energy solutions, including aviation fuels, lubricants, and a nationwide automotive retail network.
The company holds long-term partnerships with global energy leaders, including a 60-year relationship with ExxonMobil for lubricant distribution across several Middle Eastern countries. Since 1999, APSCO has also been the exclusive aviation fueling services provider for Saudia.
