Apicorp reviews financing and investment activities for 2007 in last meeting

Mr. Abdullah Al-Zaid, chairman of the Board of Directors and representative of the government of Kingdom of Saudi Arabia chaired the meeting. The meeting was also attended by representatives from member states, namely: Arab Republic of Egypt, the Syrian Arab Republic, the United Arab Emirates, the Kingdom of Bahrain, the Democratic and Popular Republic of Algeria, the Republic of Iraq, the State of Qatar, the State of Kuwait and the Libyan Arab Jamahiriya.

In addition, the Chief Executive and General Manager of Apicorp, Mr. Ahmad Bin Hamad Al-Nuaimi, also attended the meeting.

In its meeting, the Board of Directors reviewed reports related to the Corporation's financing and investment activities, in addition, to the Financial Statements for the period from the January to December 2007.

The Board approved the Corporation's Budget Estimate for the year 2008, as well as the business plan for the coming three years starting from January 2008. The Board also reviewed the progress of the five-year strategy of the Corporation and approved the plan of putting it into force.

Mr. Al-Nuaimi stated that Apicorp's Financial Statements for period from January to December 2007 disclosed that the Corporation's achieved a distinctive profit rate totalling $79m, a 55% increase over 2006 profit of $51m. Total Assets also jumped to $3.73 bn or 42% increase over their 2006 level of $2.63bn. In addition, Total Shareholders' Equity rose to $959m, compared to $897m in 2006, a 7% increase. No doubt that the above positive results reflect the steady progress of the Corporation's business activities.

On the project and trade finance front, Mr. Nuaimi added that the year 2007 saw a remarkable activity in term of the number of petroleum and petrochemical project loan agreements concluded during the year, which totalled 31 financing transactions, with the total amount of $17.5bn, and with Apicorp's final take of $1.3bn.

On the financial advisory services front, Apicorp was mandated by (ETAP) of Tunisia to play the financial advisory role for its $400m loan facility directed towards the development of Hasdrubal gas field, which is considered as one of the major projects in the oil and gas sector in Tunisia.

At the end, the Chairman and members of the Board of Directors, together with the Chief Executive and General Manager, expressed their thanks and appreciation to the government of the Arab Republic of Egypt for the warm reception and generous hospitality extended to them during their stay in Egypt.