The Arab Petroleum Investments Corporation (Apicorp) has reported a $47m profit for the first half of 2010, an increase of 95 per cent compared to the same period of 2009.

The bank said total assets rose to $4.3bn from $4.1bn at the end of 2009.

Ahmad bin Hamad al-Nuaimi, chief executive of the bank said, “Large oil and gas projects expected to be implemented in the Arab world over the coming years represent exceptional investment opportunities.”

Apicorp was established in 1975 and is owned by the governments of Saudi Arabia, UAE, Kuwait, Libya, Qatar, Iraq, Algeria, Bahrain, Egypt and Syria. It was created to act as a lender and to assist in the development of hydrocarbons projects in the Middle East.

In June the bank received an A1 rating from international ratings agency Moody’s Investors Service.