The chief executive and general manager of Arab Petroleum Investments Corporation (Apicorp), an inter-Arab joint stock company, was presented the ‘Newsmaker of the Year’ award at a ceremony held in Dubai yesterday (October 30).

Ahmad Bin Hamad Al Nuaimi received the award at the Middle East and Indian Subcontinent Awards 2013 by Lloyd’s List, a leading maritime industry newspaper. It was attended by top business leaders in the region’s shipping industry.

It recognised the contribution made to the shipping industry by the Multilateral Development Bank’s Apicorp Petroleum Shipping Fund (APSF), a landmark fund announced in February, aimed at a specific vessel category.

Al Nuaimi said: “I am honoured to receive this recognition from Lloyd’s List. Apicorp has been working closely with its partners to identify unique opportunities to support the development of Mena’s oil and gas industry.  Apicorp worked more than two years to develop this fund, as we had to identify the appropriate time to launch the Fund and acquire the vessels.”

APSF is a Shariah-compliant Fund that manages a total of $150 million of which 70 per cent is composed of debt and 30 per cent equity.  The fund acquired five medium range petroleum product tankers between Q4 2012 and Q1 2013, which have been chartered to Hess Energy Trading Company (Hetco) in the regional and international tanker market for the life of the fund, 5 years.

It is fully underwritten by Apicorp and is co-managed by Apicorp and Tufton Oceanic Middle East.  The management of the fund is regulated by the Dubai Financial Services Authority, the regulatory authority of the Dubai International Financial Centre.  

“This initiative is the first in a series of similar funds that we are planning to support the development of shipping and other oil and gas sectors in the Arab world. I would like to thank Apicorp’s team, which worked on the development of the fund, Tufton Oceanic, the co-manager and Hetco, the charterer of the ships.” - TradeArabia News Service