Diversification pays off for Apicorp with profits up almost a third | The National:
"Profits at Arab Petroleum Investments Corporation (Apicorp), the development bank owned by Arab oil exporters, jumped by nearly a third in the first half of the year as it diversified itsinvestments into areas like shipping.
Apicorp, which is 17 per cent owned by the UAE Government, earned US$66 million during the first half of this year compared with $51m in 2012, the bank reported. Assets rose to $5.12 billion. Apicorp’s other owners are the nine other members of the Organization of Arab Petroleum Exporting Countries.
“Our strong profit growth reflects our ability to continuously expand our income streams while ensuring the optimal funding composition that supports sustainable growth,” Ahmad bin Hamad Al Nuaimi, the chief executive of Apicorp, said in a release. “We will continue to widen our investment and financing horizons by exploring new opportunities with a key focus on growing trade finance activities in the region.”"
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