RIYADH: The Arab Energy Fund’s net income reached an all-time high of $225 million in 2023, marking a 51 percent increase driven by asset growth and a favorable interest environment.
According to a statement, this yearly rise was also attributed to the optimization of the institution’s funding and liquidity profiles, effective cost management and lending portfolio diversification.
The announcement further noted that TAEF also witnessed a capital gain of $20.6 million in 2023, while its total assets grew by 12 percent year-on-year to $9.88 billion.