APICORP's 3rd BOD meeting held in Jeddah

The meeting was chaired by Mr. Abdullah Al-Zaid, representative of the government of Kingdom of Saudi Arabia, and the meeting was attended by representatives of the governments of member states namely: The United Arab Emirates, Bahrain, Algeria, Syria, Iraq, Qatar, Kuwait and Egypt. In addition, the meeting was also attended by Mr. Ahmad Bin Hamad Al-Nuaimi, the Chief Executive and General Manager of APICORP.

Mr. Al-Naimi stated that the Board of Direcrtors discussed matters on the agenda and reviewed reports on the Corporation's business activities related to finance and investment. In addition, the Board of Directors also reviewed the financial statements of the Corporation for the period from January to August 2007.

As disclosed by the financial statements, net income for the period rose to US$ 62.2 million, compared to US$ 51.0 million by 31 December 2006, a 22% increase. Total assets grew to US$ 3,142 million, compared to US$ 2,634 million at the beginning of the year, or a 19% increase, while total shareholders equity totalled US$ 944 million, compared to US$ 897 million at the end of the year 2006, or a 5% increase.

Mr. Al-Nuaimi added that the project and trade finance activity of the Corporation has been robust during the period between January and August of the current year as APICORP's participation in project finance transaction totalling US$ 14 billion, with APICORP's final take of US$511 million. These facilities were arranged for to oil, gas and petrochemical industries in a number of Arab countries among them are: Kingdom of Saudi Arabia, the Arab Republic of Egypt and the Libyan Arab Jamahiriya.

In this respect, is worth mentioning here that APICORP and The Arab Banking Corporation (ABC) signed a US$38 million loan agreement in favour of the Arab Drilling and Workover Company (ADWOC). The agreement was signed by Mr. Ahmad Al-Nuaimi on 25 September in the Kingdom of Bahrain.

At the end, the chairman and members of Board of Directors expressed their thanks and appreciation to the government of the Custodian of the Two Holy Mosques, the Kingdom of Saudi Arabia for the warm reception and generous hospitality extended to them during their stay in Jeddah.