Mr. Al-Nuaimi is Renominated as APICORP’s General Manager

02/01/2010 – Mr. Al-Nuaimi is Renominated as APICORP’s General Manager

The Board of Directors of Arab Petroleum Investments Corporation (APICORP) held its 4th and last meeting for 2009, on Saturday 26th December in Cairo, Arab Republic of Egypt.

The meeting was chaired by Mr. Abdullah Al-Zaid, Chairman of the Board of Directors and representative of the government of Kingdom of Saudi Arabia. The meeting was also attended by representatives from the governments of member states of the Organisation of Arab Petroleum Exporting Countries (OAPEC).

Mr. Ahmad Bin Hamad Al-Nuaimi, APICORP’s Chief Executive and General Manager also attended the meeting.

The Board of Directors resolved to renominate Mr. Ahmad Al-Nuaimi as General Manager of the Corporation for another term of five years.

Mr. Al-Nuaimi stated that the Board of Direcrtors reviewed the Corporation’s financial statement for the period from January to December of the year 2009. As disclosed by financial statements, net operating income for the period was US$ 54 million, a 170% increase over the estimate for the same period, while net income for the year 2008 was US$ 27 million. As a result, total assets of the Corporation rose to US$ 3.9 million, compared to US$ 3.5 million for 2008. Total shareholders equity were US$ 969 million, compared to US$ 894 million by year end 2008.

Mr. Al-Nuaimi added that in spite of the world economic crisis that led to the destabilization of the financial system at large, APICORP continued to generate income that was positively reflected on the growth of the Corporation’s assets and shareholders equity, in addition to helping the Corporation go along with its financing and investment activities.

Mr. Al-Nuaimi also pointed that, despite the fact that the world economic scene has now seen some signs of improvement, fears are still persisting, a thing that makes clear that the continued governments support to the banking systems is an important factor to resote confidence and lead to gradual recovery.

At the end, the Chairman and members of the Board of Directors and the General Manager of APICORP expressed their thanks and gratitude to the Government of the Arab Republic of Egypt for hosting the Board of Directors meeting and for the warm rceception and generous hospitality extended to them during their stay in Cairo.