Thursday 01, November 2018 by Kudakwashe

APICORP expects 15 per cent asset growth in 2019, says CEO

 

The development bank had total assets of $6.6 billion at the end of June 2018.

The Chief Executive of Arab Petroleum Investments Corporation (APICORP) said that he expects up to 15 per cent asset growth next year as the bank plans to enter new regional markets.

Ahmed Ali Attiga, the CEO of APICORP, said that APICORP’s assets which include equity investments, loan book and treasury rose 13 per cent between 2017 and 2018 and the expectation is for assets to continue to grow at a similar level next year, with a target of 12 to 15 per cent.

The bank is aiming to enter new markets in the region, particularly looking to develop the equity side of its business which will include buying stakes in companies.

APICORP is also looking to support renewable energy developers across the Middle East, including Saudi Arabia's plans to develop NEOM city.

The bank’s latest bond issue, a $750 million five-year conventional bond in September attracted orders of more than $3.5 billion and the bank is expecting to issue more international bonds next year, reported Reuters.

 

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