Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- APICORP seals SR1 billion murabaha facility with Al-Rajhi  Join our daily free Newsletter

MENAFN - Arab News - 28/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Arab petroleum investments corporation (apicorp) the multilateral development bank of the 10-member states of the organization of arab petroleum exporting countries (oapec) announced that it has successfully closed a five-year sr1 billion (267 million) bilateral shariah-compliant facility from al-rajhi bank saudi arabia's major islamic bank on competitive market terms.

the deal was led by the financial institutions team of al-rajhi bank.

the facility is aimed at retaining and increasing apicorp's medium-term funding. al-rajhi bank was the sole murabaha facility arranger lender and agent.

ahmad bin hamad al-nuaimi ceo and general manager of apicorp said: 'we are very delighted with our long association with al-rajhi bank the strongest and largest islamic financial institution in the region which has actively supported and participated in apicorp's all recent major islamic fund raising deals.

this loan reiterates apicorp's track record as a benchmark institution to deal with the banking community and endorses al-rajhi's commitment to apicorp's mission in financing oil-related infrastructural development needs of the kingdom and the region."

suliman bin abdulaziz azzabin ceo of al-rajhi bank welcomed the successful closing of the murabaha financing deal.

'we are immensely proud once again to be part of apicorp's fund raising program and the transaction demonstrates the strengthening ties between the two premier institutions in saudi arabia" he said.

'we look forward to working more closely with apicorp as they execute their growth strategy in the coming years" he added.

apicorp is a multilateral development bank headquartered in alkhobar/dammam in the eastern province to foster the development of the arab world's oil and gas industries.

the organization was created under the terms of an agreement signed by the 10-member states of the organization of arab petroleum exporting countries (oapec) in september 1974.

apicorp enjoys a foreign currency issuer rating of aa3 for long-term debt and prime-1 for its short-term debt with stable outlook from moody's investors service.

al-rajhi bank established in 1987 is claimed to be the largest retail bank in saudi arabia and the largest islamic bank in the world with total assets of sr279 billion (74.4 billion) and total shareholders' equity of sr38.4 billion (10.2 billion) as at end of dec. 31 2013.

al-rajhi bank has worldwide presence with a branch network of 500 branches across the kingdom and 28 globally in addition to a sophisticated network of 3644 automated teller machines (atms).


 


Arab News




  MENA News Headlines
 Oct 25 2014 - Qatar's inflation rate to hit 5.5 percentMENAFN
(MENAFN) Qatar's inflation rate in 2014 is expected to touch 5.5 percent due to steady rise in housing rentals, according to the finding of a research conducted by Standard Chartered, The Peninsula ...

 Oct 25 2014 - Flydubai launches two flights to TanzaniaMENAFN
(MENAFN) Dubai-based flydubai's inaugural flights to Dar es Salaam and Zanzibar touched down in Tanzania. The new routes further underline flydubai's rapid expansion in Africa, which has seen the ...

 Oct 25 2014 - UAE air cargo to grow 4.1 percent in 5 yearsMENAFN
(MENAFN) The International Air Transport Association (IATA) Airline Industry Forecast 2014-2018 shows that international freight volumes are expected to increase at a compound annual growth rate ...

 Oct 25 2014 - Qatar- QSL: El Jaish face Al Gharafa todayThe Peninsula
(MENAFN - The Peninsula) Third-placed El Jaish will seek to narrow the gap between them and two higher placed rivals - Lekhwiya and Al Sadd € when they take on Al Gharafa in the ninth round match of ...

 Oct 25 2014 - Somalia- Mogadishu port on development pathThe Peninsula
(MENAFN - The Peninsula) Camels are prepared for export at the loading dock at the seaport in Mogadishu. The Somali government's grand vision for Mogadishu port under its new Turkish managers sees ...

 Oct 25 2014 - Saudi Shias protest death sentencesThe Peninsula
(MENAFN - The Peninsula) More than 100 people protested in eastern Saudi Arabia yesterday to oppose death sentences against a Shia religious leader and seven others convicted after earlier ...

 Oct 25 2014 - Palestine defies US, issues statehood ultimatumThe Peninsula
(MENAFN - The Peninsula) Palestine's chief peace negotiator has laid out in the clearest terms yet plans to establish an independent Palestinian state within three years, even if it means ignoring ...

 Oct 25 2014 - Police kill six militants ahead of key Tunisian pollThe Peninsula
(MENAFN - The Peninsula) Tunisian police killed six suspected militants, five of them women, in a raid on a suburban house yesterday after a 28-hour standoff, fanning tensions ahead of a landmark ...

 Oct 25 2014 - US looking into possible chlorine gas attack in Iraq: KerryThe Peninsula
(MENAFN - The Peninsula) The United States is looking into reports that Islamic State fighters used chlorine gas against Iraqi security forces, US Secretary of State John Kerry said yesterday.Kerry, ...

 Oct 25 2014 - Qatar- Ooredoo marathon offers QR1m prizesThe Peninsula
(MENAFN - The Peninsula) Registration for Ooredoo Doha Marathon 2015 is open, as the company begins preparations to ensure its biggest event yet on January 9.It will provide an opportunity to meet ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help