Financial and Banking News
GIC Reports Increased Income
Net income of the Gulf Investment Corporation (GIC) increased 23% to reach$70mn in 1986, and the Kuwait-based fund paid its GCC state shareholders a 5%dividend ($27mn) for the first time since it commenced operations in 1984. Totalassets grew by 25% to $1.3bn, while paid-in capital remained unchanged at$540mn. A statement by GIC said that it has committed itself to participate inthe equity of...