NO. 24


Financial and Banking News

Regional Banking

GIC Profits Surge

The Kuwait-based Gulf Investment Corporation (GIC), which is owned by themember states of the GCC, has announced a 44% increase in profits for 1989, upfrom $38.4mn to $55.3mn. GIC's board has approved an 8% dividend to shareholders(equivalent to $43mn). GIC's total assets grew by 13% in 1989, from $1,717mn to$1,938mn, a growth partly accounted for by the establishement of a $132mn loanportfolio in 1989....