APICORP relocates HQ to Riyadh, move aligns with new 2023-28 business strategy

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Arab Petroleum Investments Corporation (APICORP) has moved into its new headquarters in Riyadh. The company was previously based in Dammam.

Located in the North Yard project adjacent to the master-planned Riyadh North development, the move to the new headquarters follows the approval of APICORP’s new 2023-2028 business strategy.

The strategy will see the corporation reveal a new brand identity in the coming months.

Khalid Ali Al-Ruwaigh, CEO of APICORP, said, “Relocating to one of the MENA region’s largest fastest-growing financial and commercial centers marks an important milestone in our growth journey. We look forward to building on our nearly 50-year legacy of trust, expertise, and innovation as we chart a new path toward our ambitious vision to become a leading energy-focused impact fund.

“Guided by our new five-year business strategy, the coming period will see us strengthen our partnerships as we continue to broaden our range of impact-driven innovative financial and investment solutions to unlock new growth opportunities in the energy sector and support the regional decarbonisation agenda and enable a secure and sustainable energy future for the MENA region and beyond.”

APICORP sees profits spike in H1 2023

In September, APICORP shared that its half-year net profit jumped by 87 per cent year-on-year (YoY) to $108.7m compared to the same period a year ago.

The multilateral energy-focused bank said its net operating income rose by 32 per cent YoY to $129m, driven by operations efficiencies, rising interest rate environment and funding optimisation.

“The corporation’s structural and strategic resilience also facilitated strong performance across all its main business lines as it continues to bolster its legacy of financing for impact,” APICORP said in a statement, adding that the bank’s record financial includes capital gains from its exit from Ashtead Technology.

APICORP’s total assets increased by 10.3 per cent, owing primarily to long-term external funding – $600m – taken in the first quarter of the year to replace the maturing borrowings in Q4 2022.

Read: Energy investments in the MENA region to reach $879bn in five years: APICORP