RIYADH: Arab Petroleum Investment Corp. has announced that it will move its headquarters from Dammam to Riyadh to reinforce its regional presence.
The energy-focused multilateral financial institution’s decision aligns with its 2023 to 2028 business strategy, APICORP stated in a press note.
“We are immensely pleased to have moved into our new headquarters in Riyadh. Relocating to one of the Middle East and North Africa region’s fastest-growing financial and commercial centers marks an important milestone in our growth journey,” said APICORP CEO Khalid Al-Ruwaigh in a statement.
Furthermore, Al-Ruwaigh expressed his intent to enhance existing partnerships and expand the company’s portfolio of investment solutions soon.
“We look forward to building on our nearly 50-year legacy of trust, expertise, and innovation as we chart a new path toward our ambitious vision to become a leading energy-focused impact fund,” he added.
In the wake of its headquarters relocation, the financial institution is set to unveil a new brand identity in the forthcoming months.
This rebranding initiative is anticipated to embody the organization’s strategic direction and renewed commitments as outlined in its business plan.
In addition to enhancing its strategic partnerships, APICORP’s relocation to Riyadh will become a catalyst for attracting and nurturing talent.
“As an industry leader, moving to Riyadh will bolster our position as a knowledge hub and trusted partner for the energy sector while at the same time allowing us greater access to world-class talents who we hope will join us as we write the next chapter of APICORP’s legacy,” said Fahad Al-Shahrani, head of shared services at APICORP.
Recently, the Kingdom’s initiative to draw international businesses to its capital city has led to a significant influx of corporate relocations.
PwC marked the inauguration of its regional headquarters in Riyadh this past June, signaling a strong commitment to the Kingdom.
Moreover, GE Healthcare, a global leader in medical technology, also transitioned its headquarters to Riyadh in October.
These moves are part of a broader trend among major corporations as in the same month, Jones Lang LaSalle, an international real estate services company and Deloitte, a consulting powerhouse, announced plans to move their regional bases to the Kingdom, underscoring its growing appeal as a business hub.
This wave of corporate relocations is an outcome of the Kingdom’s policy, first unveiled in February 2021, which requires international companies to set up their regional headquarters in Riyadh if they intend to secure government contracts.
Firms have been given a deadline of Jan. 1, 2024, to comply with this mandate, a strategic move designed to consolidate Riyadh’s status as a central business nexus in the region.
Established in 1975 by 10 Arab oil-exporting countries, APICORP supports the sustainable development of the region’s energy sector and related industries through financing and direct equity solutions, as well as energy research and advisory services.
