Middle East Economic Survey
GIC Profits Reach $155Mn
Gulf Investment Corporations (GIC) net profits reached a record $155mn for 1H05, up by $75mn from 1H04. GICs strong performance was mainly the result of the diversification of its sources of income. Investments in projects in the Gulf region recorded a net income of $72mn which represents 46% of GICs net profits for the period. The second tranche of the $500mn EMTN program and the $200mn syndicated loan...