Riyadh – The Arab Energy Fund, a leading multilateral impact financial institution, has successfully led and closed a USD 346 million Reserve-Based Financing (RBL) Facility for Kuwait Energy Basra Limited (KEBL), operator of Block 9 (Faihaa Field) in southern Iraq and a wholly owned subsidiary of United Energy Group Limited (UEG), a global integrated energy company listed on the Hong Kong Stock Exchange.

The RBL Facility provides KEBL with support for the next phase of Block 9’s expansion and development. The financing enables continued drilling, infrastructure optimization, and enhanced production potential, ultimately contributing to increased output for Iraq and supporting the country’s ongoing efforts to strengthen its energy sector.

The Arab Energy Fund was mandated in 2024 as the Initial Mandated Lead Arranger and Structuring Bank, leading the transaction from inception through to financial close. Kuwait Finance House B.S.C. (c) (DIFC Branch) and Trafigura Pte. Ltd. joined at the syndication stage as Mandated Lead Arrangers.

Nicolas Thévenot, Chief Banking Officer of The Arab Energy Fund, said: “This successful close reflects The Arab Energy Fund’s ability to structure and lead sophisticated financing solutions grounded in real operational needs, as well as our deep understanding of upstream project fundamentals. We are proud to partner with UEG, KFH, and Trafigura to support the continued expansion of Block 9 and contribute to strengthening Iraq’s energy ecosystem.”

The Faihaa Field represents a key upstream asset for Iraq’s long-term production outlook and a driver of long-term energy security. The Arab Energy Fund remains committed to advancing the sustainable development of national energy sectors across its member states and the wider MENA region.

About The Arab Energy Fund

The Arab Energy Fund (The Fund) is a multilateral impact financial institution focused on the MENA energy and utility sectors, established in 1974 by ten Arab oil-exporting countries. The Fund’s mission is to support the energy ecosystem with debt and equity solutions to enable energy security and sustainability and to develop local value chains and services in the MENA region. The Arab Energy Fund creates impact by contributing to economic prosperity and enabling local communities via talent development and knowledge creation. The Fund offers a comprehensive range of funding solutions across the entire energy value chain to leading public and private sector business partners in over 35 markets. The Arab Energy Fund applies best-practice ESG principles across all operations, with environmental and socially linked projects comprising c.20% of its USD 5.8bn loan portfolio. The Arab Energy Fund is the only energy-focused financial institution in the MENA region rated ‘Aa2’ by Moody’s, ‘AA+’ by Fitch and ‘AA-’ by S&P.

Contacts:
Communications Department
The Arab Energy Fund
Yasa Ahmad
Yasa.Ahmad@edelmansmithfield.com