VOL. XLII

No 48

29-November-1999

KUWAIT

GIC Acquires $161Mn Facility

The Kuwait-based Gulf Investment Corporation (GIC) announcedon 16 November that it had signed a SR600mn ($161mn) loan agreement with aconsortium of Saudi Arabian banks representing the first cross-border Saudiriyal syndicated loan to any financial institution. The loan was arranged byArab National Bank, Riyad Bank, al-Bank al-Saudi al-Fransi, and the SaudiBritish Bank.

According to Dr. Khalid al-Fayiz, CEO of GIC, the facility...