Dubai: Arab Petroleum Investments Corporation (Apicorp), a multilateral development bank owned by the ten member states of the Organisation of Arab Petroleum Exporting Countries (Oapec) has plans to exit some of its portfolio investments in regional projects, Ahmad Bin Hamad Al Nuaimi, chief executive and general manager, told Gulf News.
"There is a plan to exit from some of the equity portfolios we hold and reinvest the proceeds in new projects," said Al Nuaimi
"A planned exit is aimed at diversifying our portfolio within oil and gas and the petrochemical sphere of shipping and downstream projects," an Apicorp official said.
The UAE Government owns a 17 per cent stake in Apicorp whose total assets at the end of 2009 were $4.1 billion (Dh15 billion). Apicorp has equity stakes in major regional firms such as Bahrain National Gas Company and Arab Drilling and Workover.
More than 60 per cent of its assets are in Saudi Arabia and Qatar. The entity is working on a five-year strategic plan for a more sustainable financing options.
Recently Apicorp received an A1 rating by Moody's for long-term debt and Prime-1 for short-term debt.
