APICORP secures $950m Islamic loan

The Arab Petroleum Investments Corporation (APICORP) said Sunday it had secured a $950 million (878 million euro) Islamic sharia-compliant loan from regional banks.
APICORP, the investment company of the Organisation of the Arab Petroleum Exporting Countries (OAPEC), said the loan would be used to increase its portfolio of investments in regional energy projects.
The deal featured two tranches, the first worth $800 million secured from five leading Saudi banks and maturing in five years, APICORP said in a statement.
The second, valued at $150 million and maturing in three years, was given by two United Arab Emirates banks and HSBC Middle East.
"This financing leaves us in firm control of our liquidity and equipped to continue delivering against our mandate to foster the development of the Arab world's energy sector," said APICORP's deputy CEO, Raed al-Rayes.
Established in 1975, APICORP, which is based in Dammam, Saudi Arabia, provides investments, loans and expert research to the Arab energy industry.