Arab Petroleum Investments Corporation (Apicorp) exited from Saudi energy firm National Petroleum Services, one of the region's largest oil services companies, selling its 29 per cent equity stake to National Energy Services Reunited Corporation (NESR).
The investment was crucial to Apicorp’s diversification into the oil and gas services sector, as well as its commitment to regional energy companies, the firm said in a statement.
“NPS has been a highly successful investment and has enabled the consortium partners to realise significant value, a fitting endorsement of our strategy,” Apicorp chief executive Ahmed Ali Attiga said in a statement on Wednesday.
The firm did not disclose the value of the transaction.
Dammam-headquartered Apicorp made its original investment in NPS with regional institutional partners that included Dubai-based Fajr Capital in 2014. The consortium had acquired 90 per cent of the business.
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The sale to Houston-based NESR last month was completed after the transaction received the seal of approval from the US Securities and Exchange Commission as well as the company’s own shareholders. NESR was listed on Nasdaq as a special purpose acquisition company in June last year, Apicorp said in a statement.
The acquisition of Apicorp’s stake will enable NESR to gain a foothold in the MENA and Asia Pacific region, where it looks to offer a drilling, completion and production services as well as equipment.
In March, Apicorp raised 630 million yuan (Dh348.8m) through its debut dim sum bond as it looked to diversify its funding sources.
Last year, the Saudi multilateral investment bank sold a $500m five-year sukuk as part of its $3 billion trust certificate programme in a transaction that attracted almost seven times the amount available for sale.
In April, the firm forecast that the Mena region will require $260bn of investment, comprising $152bn for 117GW of generating capacity and $108bn in transmission and distribution, to meet rising electricity demand.
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Thursday’s fixtures
6pm: Hyderabad Nawabs v Pakhtoon Warriors
10pm: Lahore Sikandars v Pakhtoon Blasters
Teams
Chennai Knights, Lahore Sikandars, Pakhtoon Blasters, Abu Dhabi Stars, Abu Dhabi Dragons, Pakhtoon Warriors and Hyderabad Nawabs.
Squad rules
All teams consist of 15-player squads that include those contracted in the diamond (3), platinum (2) and gold (2) categories, plus eight free to sign team members.
Tournament rules
The matches are of 25 over-a-side with an 8-over power play in which only two fielders allowed outside the 30-yard circle. Teams play in a single round robin league followed by the semi-finals and final. The league toppers will feature in the semi-final eliminator.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
UAE currency: the story behind the money in your pockets
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