Supreme Court says the special status was 'temporary provision' and has upheld the reorganisation of Ladakh as a Union Territory
The Saudi-based multilateral development bank, in which the government of UAE owns a 17 per cent stake, also announced total assets of $ 4.6 billion for 2011, a rise of seven per cent from its corresponding 2010 figure.
The multilateral development bank was founded in 1975 by the ten members of the Organisation of Arab Petroleum Exporting Countries, or Oapec. The bank said the results underscored its rising presence in “a challenging regional banking environment.” The bank’s general assembly that met in Cairo on Sunday approved the Board of Directors’ recommendation to distribute $45 million as dividends to shareholders, another record in its 36-year history, the bank said in a statement.
The meeting discussed the bank’s key achievements in 2011, which included its “continued portfolio diversification, the success of its strategic divestment for re-investment plan, the expansion of its funding mix, and the acquisition of secondary market loan assets from European banks.”
“Apicorp’s success in balancing proactive business expansion with conservative fiscal management has helped it effectively navigate the challenges posed by the volatile global economy and credit environment of 2011,” said Ahmad bin Hamad Al Nuaimi, chief executive and general manager of the bank. “As a result, Apicorp’s performance has enabled it to deliver value to its Oapec shareholders, with net asset value per share increasing from $1,707 in 2010 to $1,824 in 2011.”
“With the region’s infrastructure financing landscape being reshaped following the European debt crises, we believe Apicorp will play an even more significant role this year in supporting the Mena energy sector,” Al Nuaimi said.
Apicorp’s research shows that the real economy has continued to face tight credit markets and relatively high borrowing costs. This is particularly the case in the Middle East and North Africa region where capital inflows, the bulk in the form of dollar loans, have collapsed after European banks reduced their country exposure limits or just pulled back from lending. In the first quarter of 2012, the bank registered a net profit of $30.7 million, a decrease of 22 per cent. Total assets and total shareholders’ equity reached $5.2 billion and $1.3 billion respectively at the end of the first quarter.
In January this year, Apicorp continued to expand its funding mix with a highly successful oversubscribed debut Shariah compliant club syndicated facility for $667 million. The facility was aimed at retaining and increasing its medium term funding. Leading Saudi banks Riyad Bank, Al Rajhi Bank, Banque Saudi Fransi and The Saudi British Bank acted as the mandated lead arrangers for the facility, while Riyad Bank performed the role of Murabaha facility agent. The term financing was oversubscribed by the lead arrangers.
The banks said it continues to carry out its developmental role by acquiring Arab energy-based loan assets of withdrawing international banks.— email@example.com
Pilgrims continue to perform rituals with rains, thunderstorms and dust storms predicted to continue until Wednesday
The issue of hackers streaming a message for viewers remained unresolved at time of publication on Monday
The weather is expected to get humid by night and Tuesday morning
Under the Smart Sustainability Oasis project, 17 bins across the emirate collect 18 types of materials
With a 96-metre long cargo bay, the 200-metre long, 50-metre diameter airship will be able to load and unload heavy loads in hovering flight
The old temple had an economy around it, supporting around 500 to 600 small shops selling flowers and worship items to devotees visiting the complex daily before the start of the day