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Good news for APICORP

Ahmad Bin Hamad Al- Nuaimi, chief executive and general manager, APICORP

The Arab Petroleum Investments Corporation (APICORP), a multilateral bank owned by the 10 member states of the Organisation of Arab Petroleum Exporting Countries, in August reported an above-budget net income of $47m for the first six months of 2010, a 95 per cent rise over the same period the previous year. Assets at the end of June had climbed to $4.3bn from $4.1bn on 31 December 2009.

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