Arab Petroleum Investments Corporation raised $750 million (Dh2.75 billion) through a bond issuance this month as the lender based in Saudi Arabia shores up finances to fund further development of the energy sector in the region.
The five-year bond, rated Aa3 by Moody’s Investors Service, the fourth-highest investment grade, was sold by Apicorp’s newly established $3bn global medium term note, the lender said in a statement on Wednesday. The deal was oversubscribed with the order book growing in excess of $3.5bn.
The multilateral development bank owned by 10 member states of the Organisation of Arab Petroleum Exporting Countries, said more than 80 per cent of the deal was placed with international accounts outside of the the Middle East, and 36 per cent of the bonds were allocated to first-time US investors, as the bank diversifies its sources of funding and investor base. Credit Agricole, Commercial International bank, HSBC, JP Morgan and Standard Chartered, were the joint lead managers and bookrunners on the deal. The co-managers included Bank ABC, First Abu Dhabi Bank and Union National Bank.
“Being able to complete transactions of such profile and with such a wide and international investor base is not only an endorsement of our strong balance sheet, but is also in line with our strategy of [funding source] diversification,” Ahmed Attiga, Apicorp’s chief executive, said. “With this latest transaction, we have successfully reinforced our strong relationship with the global investor base, in particular … US investment community.”
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Read more:
Exclusive: Apicorp eyes three bond issuances for as much as $2.2bn
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Apicorp raises $100m through debut dim sum bond
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Earlier this month in an interview with The National Mr Attiga said Apicorp is preparing to issue three bonds in the range of $500m to $750m each next year, as the group looks to expand its regional portfolio to include more renewables.
The latest deal is the third benchmark issue for Apicorp following a sukuk in October 2017, which was issued off its $3bn sukuk programme. In March, the bank raised 630m Chinese renminbi ($100m) through its debut dim sum bond.
Given that Apicorp has previously only accessed the public sukuk, regional local currency and Asian private placement markets, a key objective for the company for the latest deal was to achieve deeper access into western portfolios, the lender said.
Apicorp reported nearly a threefold increase in net profit for the first half of 2018, buoyed by its corporate finance and investment divisions. Net profit for the first half of the year surged to $150.3m from $41.8m in the year earlier period.
MO
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
SPECS
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
COMPANY%20PROFILE
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
What you as a drone operator need to know
A permit and licence is required to fly a drone legally in Dubai.
Sanad Academy is the United Arab Emirate’s first RPA (Remotely Piloted Aircraft) training and certification specialists endorsed by the Dubai Civil Aviation authority.
It is responsible to train, test and certify drone operators and drones in UAE with DCAA Endorsement.
“We are teaching people how to fly in accordance with the laws of the UAE,” said Ahmad Al Hamadi, a trainer at Sanad.
“We can show how the aircraft work and how they are operated. They are relatively easy to use, but they need responsible pilots.
“Pilots have to be mature. They are given a map of where they can and can’t fly in the UAE and we make these points clear in the lectures we give.
“You cannot fly a drone without registration under any circumstances.”
Larger drones are harder to fly, and have a different response to location control. There are no brakes in the air, so the larger drones have more power.
The Sanad Academy has a designated area to fly off the Al Ain Road near Skydive Dubai to show pilots how to fly responsibly.
“As UAS technology becomes mainstream, it is important to build wider awareness on how to integrate it into commerce and our personal lives,” said Major General Abdulla Khalifa Al Marri, Commander-in-Chief, Dubai Police.
“Operators must undergo proper training and certification to ensure safety and compliance.
“Dubai’s airspace will undoubtedly experience increased traffic as UAS innovations become commonplace, the Forum allows commercial users to learn of best practice applications to implement UAS safely and legally, while benefitting a whole range of industries.”
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Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
Company%20Profile
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