The Arab Petroleum Investments Corporation (Apicorp), a multilateral lender, is increasing its callable capital to $8.5 billion (Dh31.21bn) from $1bn to boost investments in the energy sector.
The lender will also increase its authorised capital to $20bn, from $2.4bn previously, and its subscribed capital to $10bn, up from $2bn. Callable capital is the amount the lender can call from shareholders, but which has not yet been paid.
The increases are being made following approval by its general assembly of recommendations by its directors, Apicorp said in a statement. It is also transferring $500 million from its general reserves and retained earnings into its issued and fully paid capital.
"As we enter the next stage of Apicorp's growth story and build upon its longstanding reputation as a trusted financial partner to the Arab energy industry, the capital increase will enable Apicorp to fulfil its policy mandate by continuing to deliver sustainable impact-driven development projects and supporting investment activities," Dr Ahmed Ali Attiga, chief executive of Apicorp, said.
Apicorp is a Dammam-based multilateral lender owned by the 10 members of the Organisation of Arab Petroleum Exporting Countries including Saudi Arabia, UAE, Kuwait, Libya, Iraq, Qatar, Algeria, Bahrain, Egypt and Syria. It was set up in 1975 to extend financial support to Arab countries in the energy sector.
To date, it has made over $16bn worth of investments in oil and gas joint ventures and participated in direct and syndicated energy finance transactions worth over $130bn, according to its website.
“The capital increase serves as one of the cornerstones of Apicorp’s growth plans as per our board-approved risk appetite and five-year corporate strategy," said Dr Sherif Elsayed Ayoub, chief financial officer of Apicorp. "These include increasing our lending and investment capacity to better meet the ever-growing needs of our public and private-sector partners in the energy sector.”
Earlier this month, the lender reported a 17 per cent year-on-year increase in recurring income for 2019 to $112m. Net profit attributable to shareholders, however, dropped to $111.6m from $182.8m, although the prior year figure included an $86.6m one-off gain from a divestment.
In December, Apicorp also agreed to two loan facilities worth a combined $250m with Sonatrach Petroleum Investment Corporation, a subsidiary of Algerian national oil company Sonatrach, to fund the maintenance of its Sonatrach Raffineria Italiana complex in Sicily as well as for the purchase of Saudi Aramco crude.
Moody’s Investors Service in October upgraded Apicorp’s long-term issuer and senior unsecured rating to Aa2 from Aa3, both of which are high quality and very low credit risk rating categories.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
The biog
Name: Abeer Al Bah
Born: 1972
Husband: Emirati lawyer Salem Bin Sahoo, since 1992
Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old
Education: BA in Elementary Education, worked for five years in a Dubai school
UAE currency: the story behind the money in your pockets
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
Results
United States beat UAE by three wickets
United States beat Scotland by 35 runs
UAE v Scotland – no result
United States beat UAE by 98 runs
Scotland beat United States by four wickets
Fixtures
Sunday, 10am, ICC Academy, Dubai - UAE v Scotland
Admission is free
PSG's line up
GK: Alphonse Areola (youth academy)
Defence - RB: Dani Alves (free transfer); CB: Marquinhos (€31.4 million); CB: Thiago Silva (€42m); LB: Layvin Kurzawa (€23m)
Midfield - Angel di Maria (€47m); Adrien Rabiot (youth academy); Marco Verratti (€12m)
Forwards - Neymar (€222m); Edinson Cavani (€63m); Kylian Mbappe (initial: loan; to buy: €180m)
Total cost: €440.4m (€620.4m if Mbappe makes permanent move)
THE SPECS
Cadillac XT6 2020 Premium Luxury
Engine: 3.6L V-6
Transmission: nine-speed automatic
Power: 310hp
Torque: 367Nm
Price: Dh280,000
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Global state-owned investor ranking by size
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World Sevens Series standing after Dubai
1. South Africa
2. New Zealand
3. England
4. Fiji
5. Australia
6. Samoa
7. Kenya
8. Scotland
9. France
10. Spain
11. Argentina
12. Canada
13. Wales
14. Uganda
15. United States
16. Russia
MEFCC information
Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.
UAE Team Emirates
Valerio Conti (ITA)
Alessandro Covi (ITA)
Joe Dombrowski (USA)
Davide Formolo (ITA)
Fernando Gaviria (COL)
Sebastian Molano (COL)
Maximiliano Richeze (ARG)
Diego Ulissi (ITAS)
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Mobile phone packages comparison
MATCH INFO
Northern Warriors 92-1 (10 ovs)
Russell 37 no, Billings 35 no
Team Abu Dhabi 93-4 (8.3 ovs)
Wright 48, Moeen 30, Green 2-22
Team Abu Dhabi win by six wickets
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
Last 10 winners of African Footballer of the Year
2006: Didier Drogba (Chelsea and Ivory Coast)
2007: Frederic Kanoute (Sevilla and Mali)
2008: Emmanuel Adebayor (Arsenal and Togo)
2009: Didier Drogba (Chelsea and Ivory Coast)
2010: Samuel Eto’o (Inter Milan and Cameroon)
2011: Yaya Toure (Manchester City and Ivory Coast)
2012: Yaya Toure (Manchester City and Ivory Coast)
2013: Yaya Toure (Manchester City and Ivory Coast)
2014: Yaya Toure (Manchester City and Ivory Coast)
2015: Pierre-Emerick Aubameyang (Borussia Dortmund and Gabon)
2016: Riyad Mahrez (Leicester City and Algeria)
Factfile on Garbine Muguruza:
Name: Garbine Muguruza (ESP)
World ranking: 15 (will rise to 5 on Monday)
Date of birth: October 8, 1993
Place of birth: Caracas, Venezuela
Place of residence: Geneva, Switzerland
Height: 6ft (1.82m)
Career singles titles: 4
Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)
Career prize money: $13,928,719
Chelsea 2 Burnley 3
Chelsea Morata (69'), Luiz (88')
Burnley Vokes (24', 43'), Ward (39')
Red cards Cahill, Fabregas (Chelsea)
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures and results:
Monday, UAE won by three wickets
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
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