MANAMA: Arab Petroleum Investments Corporation (APICORP), the multilateral development bank of the ten member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), has successfully closed a five year SR 1 billion ($267 million) bilateral Shari’ah-compliant facility from Al Rajhi Bank,
Saudi Arabia’s leading Islamic bank on competitive market terms.
The deal was led by the financial institutions team of Al Rajhi bank. The facility is aimed at retaining and increasing APICORP’s medium term funding. Al Rajhi Bank was the sole murabaha facility arranger, lender and agent.
“We are very delighted with our long association with Al Rajhi Bank, the strongest and largest Islamic financial institutions in the region, which has actively supported and participated in APICORP’s all recent major Islamic fund raising deals,” Ahmad Bin Hamad Al Nuaimi, Chief Executive and General Manager of APICORP, said.
“This loan reiterates APICORP’s track record as a benchmark institution to deal with among the banking community and endorses Al Rajhi’s commitment to APICORP’s mission in financing oil-related infrastructural development needs of the kingdom and the region,” he added.
Suliman bin Abdulaziz Azzabin, Chief Executive Officer of Al Rajhi Bank welcomed the successful closing of the Murabaha financing deal.
“We are immensely proud once again to be part of APICORP’s fund raising program and the strengthening ties between two premier institutions in Saudi Arabia,” he added.
“We look forward to working more closely with APICORP as they execute their growth strategy in coming years.”
APICORP is a multilateral development bank headquartered in Al-Khobar/Dammam, in the Eastern Province of Saudi Arabia to foster the development of the Arab world’s oil and gas industries.
The organization was created under the terms of an agreement signed by the ten member states of the Organization of Arab Petroleum Exporting Countries (OAPEC) in September 1974.