The Arab Petroleum Investments Corporation (APICORP) has launched the first Formosa bond out of Saudi Arabia, targeting the Taiwanese investor base.
The oversubscribed $300 million transaction is described as the first successful Formosa bond out of the Kingdom.
In order to appeal to the local investor base, the Formosa bond, also known as a Taiwan foreign-denominated international bond, is listed on the International Board of the Taipei Stock Exchange. Credit Agricole CIB acted as the lead manager on the trade.
Hesham Farid, head of treasury and capital markets, commented: “We are delighted with the high level of interest from top quality investors in our first Formosa bond. The oversubscribed issue has allowed us to develop strong relationships with a new set of investors in Taipei. This is testament to APICORP’s impressive 40-year track record, unique ownership structure and strong fundamentals, and reassuring Aa3 credit rating.”
He added: “Having previously accessed the sukuk market in both the Saudi riyal and dollar, it was important for APICORP to continue to diversify our investor base, sources of funding and educate investors on the strength of the APICORP credit.”
Abrar Hussain, head of DCM for the MENA at Credit Agricole CIB, commented: “APICORP ticks all the boxes required by this specific investor base. It offers a strong Aa3 credit rating, a solid ownership by regional governments, diversification in terms of access to assets in several countries as well as strong fundamentals all rolled into one. This is the perfect name for the Taiwanese investor base.”
APICORP issues $300 million five-year floating rate note in the Taiwan market
APICORP issues $300 million five-year floating rate note in the Taiwan market
LuLu expands specialty coffee footprint in KSA with Sulalat
LuLu Group has signed a landmark MoU with Sulalat Coffee during the 5th edition of World of Coffee Dubai trade show. This exclusive retail partnership is designed to enhance the specialty coffee offerings across LuLu Hypermarkets in Saudi Arabia, meeting the growing demand for premium coffee experiences within the region.
The agreement was signed by Mohamed Haris, director, Saudi Arabia, LuLu Group, and Abdulelah Al-Murqi, marketing director, Sulalat Coffee. Through this collaboration, LuLu Group will provide a dedicated platform for Sulalat’s specialty-grade beans, which are globally sourced and roasted in Riyadh. This initiative ensures that world-class coffee quality, previously reserved for niche aficionados, is now readily accessible to coffee lovers throughout the Kingdom.
By partnering with Sulalat Coffee, LuLu Group is integrating artisanal expertise with large-scale retail excellence. Sulalat has been a pioneer in the specialty coffee movement in the region, and this partnership allows LuLu to showcase unique varieties and professional-grade roasting. The collaboration reflects a shared vision to celebrate the thriving local coffee culture and deliver an unparalleled selection of premium products to everyday consumers.
In alignment with Saudi Vision 2030, this partnership reinforces LuLu Group’s commitment to empowering homegrown brands and fostering economic diversification within the Kingdom. By providing a global stage for local excellence at events like World of Coffee Dubai, LuLu continues to support the growth of a vibrant private sector and a sustainable retail ecosystem.
As the premier platform for the industry, World of Coffee Dubai 2026 highlights the rapid growth and innovation within the regional coffee scene. With the event attracting more than 17,000 visitors and hundreds of global exhibitors, it provides a vital stage for industry leaders to connect.
