VOL. XLIV

No. 11

12-March-2001

KUWAIT

GIC Reports Net Income Of $111.7Mn And An Increase In Assets To $19.6Bn

The Kuwait-based Gulf Investment Corporation (GIC) announced on 1 March that it had recorded a net income of $111.7mn in 2000 compared to $120.4mn in 1999, a decline of 7.2%. In a statement, GIC explained that in 1999, income included an exceptional, one-off gain of $44.3mn arising from a change in the shareholding of GICs principal banking subsidiary, the Bahrain-based Gulf International...