Financial and Banking News
GIC Profits up 23%
The Kuwait-based Gulf Investment Corporation (GIC) has reported a 23.2% increase in its profits to $57.2mn in 1985, its second year of operation. GIC's total assets increased from $475.6mn in 1984 to $1,048mn in 1985. Its deposits with banks grew to $570mn, while holdings of marketable securities increased from $376mn to $456mn. Paid up capital at the end of 1985 stood at $540mn (authorized capital is $2.1bn), with...