The General Assembly of Arab Petroleum Investments Cooperation (APICORP) - an inter-Arab financial institution, affiliated to the Organization of Arab Petroleum Exporting Countries (OAPEC) held its 34th ordinary meeting in Jeddah on Sunday, April 11, 2010. The meeting was chaired by Abdullah Al-Zaid , representative of the government of the Kingdom of Saudi Arabia, and was attended by representatives from other member states. The meeting was also attended by Ahmed bin Hamad Al-Nuaimi, CEO and general Manager of APICORP. As declared by Ahmed Al-Nuaimi, the General Assembly approved the 34th Annual Report and the Audited Financial Statement of the Corporation for the year ended 31 December 2009. In spite of the adverse conditions faced by the global financial markets since 2008 and their negative impact on the credit markets and liquidity, APICORP's net profits for the period jumped to US$ 58.5 million, compared to US$ 27.6 million in 2008 or a 112% increase. Total assets by year end 2009 rose US$ 4.1 billion, compared to US$ 3.56 Billion in 2008, or a 15% increase, while total shareholders' equity also rose to US$ 1.1 billion, compared to US$ 895 million in 2008, or a 23% increase. --MORE
