The Arab Energy Fund, Hartree Partners set up $120m climate tech investment platform
The Arab Energy Fund, formerly known as APICORP, has partnered with global energy and commodities firm Hartree Partners to establish TAEF Hartree Cleantech LP, a $120m limited partnership focused on decarbonisation technologies across the US and Europe.
The UK-incorporated platform will invest in venture capital (VC) stage companies developing physical and digital decarbonisation technologies.
The initiative aligns with The Arab Energy Fund's strategy to position itself as the leading impact investor in the energy sector, with a focus on energy security and sustainability.
Strategic investment in cleantech
Hartree Partners has been advancing cleantech investments since 2020 through its subsidiary, Vertree Partners, which specialises in carbon markets, industrial decarbonization solutions, and the energy transition value chain.
Hartree's cleantech portfolio includes investments in 10 companies across industrial decarbonisation, emissions verification, geospatial data analytics, and climate change adaptation technologies.
'The partnership reflects our strategy to support the energy ecosystem with debt and equity solutions and advances our member countries' energy agenda by fostering local energy value chains in the MENA region and beyond,' said Khalid Ali Al-Ruwaigh, CEO of The Arab Energy Fund.
New platform to build on Hartree's previous collabs
The new platform builds on previous collaborations between Hartree and major investors such as BlackRock, Microsoft, and Union Square Ventures.
Its existing portfolio includes 10 companies focused on accelerating decarbonisation solutions, reinforcing The Arab Energy Fund's position as a global leader in sustainable energy financing.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
12 hours ago
- The National
The UK is losing its millionaires, even if it's not sure how many
One of the hidden traps in dealing with British markets is that the basic set-up is seldom as straightforward as it appears. That is becoming more apparent every day in the fraught debate over a reported billionaire exodus. This phenomenon was first triggered by Brexit, compounded by the Ukraine war and then moved into overdrive by the targeting of non-domiciled tax residents, followed by the abolition of the advantageous status altogether. There are no good figures in this trend. Where there are statistics, these are overlapping and incomplete. In recent weeks, a number of analysts have started to conclude that the rush to the exits is overblown and quite possibly largely bunkum. Something is definitely going on that appears to sum up the UK's decline as an attractive economy, but its impact may not be that easy to properly gauge. The golden passport firm Henley and Partners predicted that 16,500 people would quit the UK this year alone. The non-domiciled population in the UK was 74,000 when the advantageous status was abolished. Official budget planners expected a quarter of that number to quit the UK as a result of the changes, which is just over 18,000. Surveys then suggested that this exodus was being boosted by a large chunk of the country's dollar millionaires. Prominent leavers reportedly included Nassef Sawiris, the Egyptian tycoon; Shravin Bharti Mittal, the Indian businessman; John Fredriksen, the Cypriot shipping magnate; and Richard Gnodde, the South African-born vice president of Goldman Sachs. Mr Fredriksen, who told a Norwegian newspaper that Britain had 'gone to hell', was said to be putting his £250 million ($332 million) Chelsea mansion – The Old Rectory – on the market. In truth, the 'hell' that matters is the budget deficit. Much like US President Donald Trump and his tariffs raid, the UK government is searching for novel areas to tax in order to make up the fiscal gap. The governing Labour party has clearly decided that a form of wealth taxation is its way of plugging a shortfall that seems only likely to widen as AI is brought into the economy. The missing figure that Chancellor of the Exchequer Rachel Reeves appears to be aiming for is $45 billion annually. A modern, mobile population has options. They can move themselves, their asset base and ultimately their investment income out of the country. The report for Henley and Partners faced debunking last week from the lawyer Dan Neidle, for putting the total number of UK dollar millionaires at about 578,000. Its figures relied on the scraping of social media and other inventive data capture techniques to get the numbers it reported. However, the UK's Office for National Statistics suggests that the number in its surveys is about 300,000. And that is part of the problem: the state is using surveys, too. The UK system has no way of knowing how many millionaires are in the country. The government cannot peer even into every bank account let alone estimate any other holdings. When a viral video went around recently suggesting that the UK was triggering checks on people leaving the country, the suggestion was that authorities were rattled by the exodus and going to turn the taxman's gaze on the richer in this way. But no such checks are possible for the reasons above. And in any case, the UK does not record when people fly out, only when they enter the country. In truth, the 'hell' that matters is the budget deficit But wait, there is more. Beauchamp Estates, the very high-end property broker active in places like Knightsbridge, Mayfair and Belgravia, says that there's been a twist in the saga. In the first half of this year, it confirms that those involved in the 27 sales of properties were former non-doms and the majority of those left to relocate to Dubai as their prime primary residence. It noted that the market has speeded up since March. It also said that there is a clear trend of 'house-swapping' where people selling to move to the UAE are selling to buyers from the Gulf. Alongside buyers from North America, these two groups make up more than half the market in London. Some of the buyers in the pipeline are willing to pay up to £150 million. Experts suggest that what is really hurting the UK government in its wealth tax drive is the imposition of inheritance tax on the estates of the wealthy. That is an emotional issue that even saw Mr Trump give Prime Minister Keir Starmer a lecture on the 'death tax' when they met in Scotland last week. Pragmatic consideration should now force a rethink. The UK government won't, in the end, be able to tax what is no longer there. The figure for the number of people moving in this trend are, as we see, highly uncertain. But the high-profile examples given above tell a tale. Before it is too late, the Chancellor should recognise what Beauchamps detects; that the UK market has real and enduring appeal. Dislocation happens every now and then in a market that is deep and liquid. It is not too late to find more subtle ways to manage upwards the tax take from a dynamic economy that is popular with wealth creators. London, for example, is still a platform for global wealth. For her part, Ms Reeves is trying to make investing in the UK even more attractive. Starving the supply of sensational headlines about the exodus of the rich, when something more nuanced is actually taking place, would be a good place to start.
Zawya
16 hours ago
- Zawya
Sterling advances against dollar, euro ahead of BoE policy announcement
The British pound climbed against the dollar on Monday, adding to gains from Friday as the U.S. currency dropped following a weak U.S. jobs report, with the focus on the Bank of England's impending policy announcement later this week. The pound was last at $1.3306 against the dollar, up 0.2% after a 0.6% gain on Friday. But the currency slid 3.8% last month, its biggest monthly drop since September 2022, on concerns over Britain's fiscal position and softening economic data. "Narratives are often hard to shake and the mood music around GBP has been glum for some time," said Kamal Sharma, senior FX strategist at Bank of America. The pound was last up 0.3% at 87 pence per euro. It fell to 87.69 pence last week, its weakest against the single currency since May 2023. Sharma believes the pound will strengthen into year-end against the euro as he expects euro area data to soften, prompting more rate cuts from the European Central Bank. Danske Bank FX strategist Mohamad Al-Saraf held a more bearish view on the pound, expecting the currency to fall to 89 pence per euro in 12 months. "We think the British economy has shown more pronounced signs of weakness, particularly the labour market," Al-Saraf said. "The relative growth outlook between the UK and the euro area are becoming pound negative." Attention was turning to the BoE policy announcement on Thursday, with markets pricing in around a 90% chance of a quarter-point rate cut. Traders are pricing in 50 basis points of easing by year-end. With a rate cut almost fully priced, focus for currency traders will be on the outlook for interest rates and whether the central bank could slow the pace at which it shrinks its holdings of government bonds, known as quantitative tightening. "There could be a positive surprise for sterling were the BoE to announce that a lower pace of quantitative tightening ... was accompanied by fewer sales of longer-dated Gilts," said ING head of research Chris Turner.
Khaleej Times
16 hours ago
- Khaleej Times
UAE flights: Emirates announces new daily flight to London
Emirates has announced a fourth daily flight between Dubai and London Gatwick from February 8, 2026. This new service will be operated by the airline's newest aircraft, the Airbus A350. UAE's flagship carrier operates 140 flights to eight destinations in the UK: London Gatwick, London Heathrow, London Stansted, Manchester, Birmingham, Newcastle, Glasgow and Edinburgh. The new flight is the second Emirates route operated by the Airbus A350 in the UK, after Edinburgh. It brings the total number of Emirates flights between Dubai and London to 12 across three airports. This flight will be the last service of the day between the two major hubs. The Emirates flight EK069 will depart Dubai at 5.05pm and arrive at London Gatwick at 8.50pm. The return flight, EK070, will leave London Gatwick at 11.55pm and will land in Dubai at 11am. According to Emirates, these timings will allow visitors to the UAE to make full use of their travel days. Passengers can check in to their hotels and begin their business meetings as soon as they land in Dubai. While departing, the evening flight timing gives travellers an extra day in the city. This flight will have three classes: Economy, Premium Economy and Business.
