“We are confident that Apicorp will meet its target of doubling its direct investment portfolio by the end of its 2010 to 2014 five-year plan,” CEO Ahmad bin Hamad Al-Nuaimi said.

An APICORP statement also said the multilateral bank's 2010 net profit surged by 62 percent to $95 million from $58.5 million in 2009 profit.

“Total assets for the period rose to $4.3 billion, which is a five percent increase over the 2009 figure of $4.1 billion.”

The total shareholders’ equity also rose by 13 percent to reach $1.1 billion.

The company’s board of directors approved the audited financial statements for the year ended Dec. 31, 2010.

The Saudi government has a 17 percent stake in APICORP, which is headquartered in Dammam. The company is owned by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC).

The CEO also said the “historic results” indicated the company’s commitment to maintaining strong banking fundamentals by strategically and prudently managing its equity and debt portfolios.

“Since its founding, APICORP has consistently played a counter-cyclical role by being exceptionally resilient to unfavorable economic conditions,” he said.

“Despite the tight credit conditions prevalent today, we have maintained an exceptional level of stability and a steady growth momentum.”

According to him, the 2010 results provide an impetus to the company’s five-year plan of expanding its equity portfolio with midstream sector projects.

“Currently, we are investigating opportunities in shipping, petroleum tank farms, refining and related infrastructure investments,” said Al-Nuaimi.

He pointed out that APICORP had also continued to maintain a strong presence in the project finance market with a robust debt portfolio.

“Despite the slowdown in financial markets, APICORP was able to identify unique project, trade and corporate finance opportunities in the oil and gas industry throughout the Middle East and the North African region in 2010, where it negotiated transactions valued at $3.3 billion with APICORP’s total commitment aggregating $320 million,” he said.

“Encouraged by its solid financials and Moody’s Investors Service’s first-time issuer rating of A1 for long-term debt and Prime-1 for short-term debt, APICORP is now seeking to expand as well as develop new finance products.”

The MENA oil and gas project finance market is on its way to recovery, said Al-Nuaimi.

According to APICORP research, 70 percent of the energy investment potential continues to be spread out across Saudi Arabia, the UAE, Qatar, Algeria and Egypt.

“This closely reflects the distribution pattern of crude oil and natural gas reserves in the region,” the statement added.

It said: “Of the $530 billion of actual capital requirements in the Arab world, the oil supply chain accounts for 42 percent, the gas supply chain accounts for 36 percent, while the capital requirements in the oil, gas and nuclear-fueled power generation sector represent the remaining 22 percent.”

Since its founding in 1975, APICORP has played a vital role in fostering the development of the Arab energy industry.

Over the last 35 years, APICORP has invested as an equity owner in a total of 22 oil and gas joint venture projects worth in excess of $13 billion.