Arab Palestinian Investment Company
| public | |
| Industry | holding company |
| Founded | September 1994 |
| Headquarters | Amman, Jordan |
Area served | Palestine, Jordan, Saudi Arabia |
Key people |
Tarek Aggad (Chairman and CEO, 27% shareholder) Omar Aggad (founder) |
| Website |
www |
Arab Palestinian Investment Company was founded in September 1994 by several Arab businessmen to channel investment into Palestine.[1] Since its founding, APIC has become one of the largest operators in Palestine, employing over 1600 employees. Subsidiaries of APIC offer a wide array of products and services through distribution rights agreements with multinational companies that include Philip Morris, Procter & Gamble, Kellogg's, Hyundai, Chrysler, Dodge, Jeep, Alfa Romeo, Fiat, Fiat Professional, XL Energy, Abbott, B. Braun, Eli Lilly, GlaxoSmithKline, Sanofi Aventis and Nivea, among many others.[2] APIC is headquartered in Amman, Jordan.[3]
APIC was registered in the British Virgin Islands in September 1994. In 1996, it was registered with Palestine's Ministry of National Economy as a foreign private shareholding company, and became into a foreign public shareholding company in 2013. In March 2014, APIC shares were listed on the Palestine Exchange (PEX: APIC). Its authorized capital is US$70 million, and its paid-up capital is US$66 million as of December 2015.[1][4]
APIC achieved a net profit after tax amounted to US$3.03 million by the first quarter of 2016; a growth of 15% compared to the first quarter of 2015, of which net profit attributed to APIC's shareholders amounted to US$2.15 million; a growth of 20.1% compared to the first quarter of 2015.Total revenues amounted to US$129.62 million; a growth of 10.8% compared to the first quarter of 2015. Total assets amounted to US$301.12 million as of March 31, 2016; a growth of 8.1% over 2015 closing. Net equity (attributed to APIC's shareholders) amounted to US$84.94 million as of March 31, 2016; a growth of 4.1% over 2015 closing.[2]
In May 1995, the sole director Khaldoun Sorour was replaced by Sheikh Omar Aggad, a Saudi businessman with Palestinian origins. Omar Aggad is a prominent global financier and philanthropist. He is the founder of Aggad Investment Company (AICO), and the founder and former chairman of Arab Palestinian Investment Company (APIC).[5] He is best known for having led a group of investors to purchase 25% of Smith Barney in 1982, and served on its Board of Directors.[6] The Wall Street Journal noted that “Aggad is considered one of Saudi Arabia’s most savviest and professional managers. In a recent book about Arabian merchants, British writer Michael Fields calls him ‘bold and impulsive, an intuitive decision-taker with a huge head for detail.’ As a partner with other Saudi and foreign investors, Aggad operates 23 manufacturing plants scattered across Saudi Arabia.”[7]
He is also a founding shareholder and director of InvestCorp Bank and was founding director of the Saudi British Bank while serving on the board of directors for 20 years[8][9]
Aggad is also a well-known philanthropist in the Arab world, as the school of engineering at Birzeit University is named after him, and he serves as an honorary trustee of the university.[10] He has also been an active supporter of many charities both in Saudi Arabia and Palestine.
The CEO of APIC is Omar Aggad’s son, Tarek Aggad.
The Palestinian Commercial Services Company was a shareholder in APIC, and transferred its shares to the Palestinian Investment Fund (PIF) the sovereign wealth fund of the Palestinian people, after it was established in 2003. PIF Owns 18% of APIC, and Tarek Aggad owns 27%.[4] Tarek Aggad is now Chairman and CEO.[11]
APIC invests in manufacturing, trade, distribution and service sectors, and has a presence in Palestine, Jordan and Saudi Arabia. It has nine subsidiaries, including National Aluminum and Profiles Company; Siniora Food Industries Company; Arab Palestinian Shopping Centers; Palestine Automobile Company; Medical Supplies and Services Company; Unipal General Trading Company; Sky Advertising, Public Relations and Event Management Company; Arab Leasing Company and the Arab Palestinian Storage and Cooling Company.[1]
APIC was one the founders of the Palestine Electricity Holding Company, the Palestine Power Generating Company and it has a strategic stake in the Bank of Palestine.[1]
References
- 1 2 3 4 "About APIC The Arab Palestinian Investment Company (APIC)". APIC. Retrieved 11 April 2016.
- 1 2 "APIC Home Page". APIC. Retrieved 4 May 2016.
- ↑ "Arab Palestinian Investment Company | Zawya". zawya.com. Retrieved 10 September 2016.
- 1 2 Blau, Uri; Dolev, Daniel (7 April 2016). "Panama Papers: Leaks Reveal Abbas' Son's $1m Holding in Company With Ties to Palestinian Authority". Haaretz. Retrieved 11 April 2016.
- ↑ "AICO Home Page". AICO. Retrieved 4 May 2016.
- ↑ "New York Times". New York Times. Retrieved 4 May 2016.
- ↑ Seib, Gerald (1986). Facing the Recession In Saudi Arabia Taxes A Businessman’s Skills; Omar Aggad Slashes Costs, Ponders Diversification (1st ed.). Retrieved 4 May 2016.
- ↑ "Investcorp Bank B.S.C.: Board of Directors - Businessweek". Bloomberg. Retrieved 4 May 2016.
- ↑ "In Pursuit of Fulfilment". Google Books. Retrieved 4 May 2016.
- ↑ "Birzeit University Campus". Birzeit University. Retrieved 4 May 2016.
- ↑ "The Board of Directors of Arab Palestinian Investment Company recommends the distribution of 5% as cash dividend and 5% as bonus shares to its shareholders". APIC. Retrieved 4 May 2016.