UAE-Mubasher: The Arab Petroleum Investments Corporation (APICORP) said it has successfully secured new shariah-compliant financing worth AED 2.58 billion ($950 million).

The facility will be used to boost APICORP’s portfolio of equity investments in regional energy projects.

The financing was arranged in two tranches. The first tranche, worth SAR 3 billion ($800 million) and maturing in five years, was arranged by Saudi British Bank (SABB), National Commercial Bank (NCB), Samba Financial Group, Riyad Bank and Banque Saudi Fransi.

The second tranche was for $150 million, matures in three years and was arranged by First Gulf Bank, HSBC Middle East and National Bank of Abu Dhabi (NBAD). The transactions were officially completed in early 2015.

“As an Aa3 rated business, lender appetite for this deal was substantial, which is a clear sign of the confidence in APICORP’s overall credit worthiness,” said Raed Al Rayes, deputy CEO of APICORP.

“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 through secure equity and debt finance.”