The Arab Petroleum Investments Corporation (APICORP) has reported an increase in profits to $33.5 million in FY2003 from $28.5 million in FY2002. According to APICORP’s annual report, this rise is in spite of the difficult economic and political circumstances facing the Arab world.

In September 2003, APICORP signed an agreement to contribute to the establishment of an acrylic fiber company in Alexandria, Egypt, a ten percent share of the $25-million capital. Dammam-based APICORP is an Arab stock company established in 1975 by the member states of OAPEC (Organization of Arab Petroleum Exporting Countries).

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