Apicorp agrees $75m Murabaha term facility with Alfanar

Nicolas Thevenot
Updated 12 May 2019

Apicorp agrees $75m Murabaha term facility with Alfanar

The Arab Petroleum Investments Corporation (Apicorp), a multilateral development bank, has signed a strategic five-year Murabaha financing facility worth $75 million with Alfanar Company, in support of Alfanar’s renewable-energy projects, including a wind-power project in Spain.
Jamal Wadi, chief executive of Alfanar Global Development, said: “With an existing portfolio exceeding 1.5 GW of renewable development projects around the globe, Alfanar is committed to further double its portfolio in the next few years. The signing of the Murabaha agreement with Apicorp brings us a step closer to realizing our commitment. This partnership with Apicorp comes at a time when Alfanar is also diversifying its portfolio and venturing into new markets.”
Nicolas Thevenot, Apicorp’s managing director, head of corporate finance, said: “Apicorp is committed to encouraging Saudi companies in their pursuit of opportunities beyond their home market. In this particular case, we are happy to support Alfanar toward their renewable- energy projects globally. This is in line with Apicorp’s focus to support global sustainability through projects driven by environmentally conscious and renewable principles.”
Alfanar is a Saudi-based company headquartered in Riyadh and engaged in the manufacturing of electrical products, design engineering and O&M services, with activities focused in Middle East, Europe and Asia. The company has successfully leveraged its expertise in electrical equipment manufacturing and in the engineering, procurement and construction of power transmission and distribution projects in the Kingdom to develop and operate renewable energy projects globally.
Alfanar is aiming to tap into the growing demand for renewable energy around the globe. The company aims to deploy 3 GW by 2022, with an intention to grow the portfolio to 4-5 GW by 2025.
Baker & Mckenzie, Bahrain acted as Apicorp’s legal counsel on the financing, and Hogan Lovells, Dubai advised Alfanar.
Apicorp is a multilateral development bank established to foster the development of the Arab world’s energy sector and petroleum industries. The corporation is owned by the 10 Arab oil-producing countries and its headquarters are in Dammam.


Resort in Oman offers camping adventures

Updated 19 August 2019

Resort in Oman offers camping adventures

Al-Baleed Resort Salalah by Anantara in southern Oman has unveiled its new Luxe Mobile Camping Adventures. In collaboration with travel specialist Oman Expeditions, this offering is the first bespoke luxury mobile camping experience to take guests across the diverse terrain of the Dhofar province from the mountains to the desert to the sea. 

Set between a relaxing stay at the beachside resort in Salalah, the camping adventures offer tailored itineraries of varying lengths. Activities and camp locations allow guests to discover a wilderness of star-studded skies, vast deserts, rugged mountains and long, empty beaches. Southern Oman is said to be an uncharted destination and one of the only places where the true culture of old Arabia is still alive.

Drawing on the vast country knowledge and experience of Oman Expedition’s founder Sean Nelson, these new experiences weave in the rich, traditional heritage and magnificent natural environment of the region to create rare and memorable expeditions for resort guests while continuing to provide the luxury and comfort they desire. 

A former officer in the British Royal Marines and Royal Army of Oman’s Desert Regiment, Nelson has been nominated annually for the Conde Nast Top Travel Specialist for Oman since 2012. A leading private travel specialist, he is renowned for his rich and varied experience of the country. Before setting up Oman Expeditions, Nelson founded Hud Hud Travels in 2006, Oman’s northern-based provider of professionally run private luxury camps and events. 

Traveling via luxury 4x4 vehicles, a sample itinerary would include two nights camping with three days of various activities. Guests may choose to venture deep into the most remote parts of the world’s largest sand desert to find peace and solitude amidst magnificent sweeping dunes reaching up to 200 meters in the Empty Quarter. For a seaside option, guests can camp on a stretch of wild and secluded beach along the Dhofar coastline where they will encounter an array of wildlife including spinner dolphins, green turtles and coastal bird life as well as swim and snorkel in the crystal clear water 30 meters from their tent. In the foothills of the Dhofar mountains, guests can step back in time on a trek with camels along the same ancient frankincense trading routes that these prized animals have been following for over 2,000 years.

Oman Expeditions also brings together Dhofar’s top local contacts from guides, drivers and chefs to camel herders, artisans and religious scholars to ensure clients have an enriching and authentic experience. In addition, expeditions are accompanied by members of the Mahrah, a tribe who have traveled along frankincense trading routes with their camels since the time of the Queen of Sheba.