Financial And Banking News


NIC Buys 10% of ARESCON

The Riyadh-based National Industrialization Company (NIC) has purchased a 10% stake in a Bahrain-based joint venture, Arab Engineering Systems and Control (ARESCON) for $2mn. ARESCON's partners now include the US-based Combustion En- gineering (40%), the Arab Petroleum Investments Corporation (APICORP - 30%), the Arab Industrial Investment Company (20%) and NIC (10%). Its purpose is the design, manufacture and...