The net profits of the Arab Petroleum Investments Corporation (APICORP) jumped to $33.5 million in 2003 from $28.5 million in 2002, while the value of the Corporation's assets increased to $2.088 million from $1.864 in the same period. The annual report of APICORP said the Corporation, despite the difficult economic and political circumstances facing the Arab region, was able to enhance its activities. The report noted that the corporation signed last September an agreement to contribute to establishing an acrylic fibers company in Alexandria, Egypt. APICORP 's share is ten percent of the company's capital which amounts to about $25 million. It is worth mentioning that the Dammam-based APICORP, which is an Arab stock company, was established in 1975 in line with an international agreement signed by the member states of OAPEC (the Organization of the Arab Petroleum Exporting Countries).
