The Arab Petroleum Investments Corporation (APICORP) has reported a net profit in 1997 of SR
168.75 million (U.S. $ 54 million), a figure similar to that of the previous year. Apicorp's
financial statement for 1997 was endorsed by the General Assembly during its annual meeting
held recently in Abu Dhabi, at which the board of directors recommended distribution of SR
93.7 million (U.S. $ 25 million) as dividend to the shareholder governments. Apicorp has
contributed significantly to the successful conclusion of financing for a number of petroleum
and petrochemical projects in the Arab world.