Organization of Arab Petroleum Exporting Countries
OAPEC
Sponsored Ventures
Volume 40 Issue 5
18
APICORP Signs Agreements with Saudi Investment Companies
On another note,
APICORP has announced
the successful completion
of a forward bilateral
financing deal worth
$267 million in line with
Islamic Sharia rules due
in 5 years with the Saudi
Al Rajhi Bank. The deal
has been concluded on
competitive conditions.
Ahmad Bin Hamad Al
Nuaimi, Chief Executive
and General Manager of Arab Petroleum Investments Corporation (APICORP), mentioned
that this deal was considered an extension of former deals between the two sides since Al
Rajhi has been supporting all mega Islamic deals by APICORP recently.
The Arab Petroleum Investments
Corporation (APICORP), a multilateral
development bank owned by OAPEC,
has recently announced signing an
agreement on investment cooperation
with the International Company for
Water & Power Projects (ACWA
Power)foraninitialperiodof3years.
According to the agreement,
APICORP will act as an investment partner withACWAPower in various power generation and
water distillation projects within the basic geographical zone of ACWA Power. The initiative
covers investing in power generation facilities operated by fossil fuel or renewable energy
resources. The co-investment initiative goes in line with APICORP’s new investment trends
aiming at enhancing and diversifying investments and achieving strategic benefits through the
creation of investment opportunities in the Arab region. This will mark APICORP’s entry into
yet another important market sector. This investment will enhance APICORP’s value to the
shareholders and support its position in the power generation and water desalination market in
the MENA region.
