GCC investment agency posts $91m net profits in 2009

08:35, March 29, 2010      

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An investment agency owned by the Gulf Cooperation Council (GCC) said Saturday its net profits in 2009 stood at 91 million US dollars.

The Gulf Investment Corporation (GIC) said in a statement its shareholders equity totalled 1.75 billion dollars at the end of 2009, seeing an increase of 1.1 billion dollars over 2008, despite that the global financial market was ravaged by a spreading turmoil.

As of Dec. 31, 2009, the company's total balance sheet reached 6.1 billion dollars, and with a capital adequacy ratio of 27 percent, it continues to be one of the most strongly capitalized financial agencies in the region.

"GIC emerged strongly from the financial turmoil of 2008, reaffirming its resilience and ability to rapidly adapt to changing environments," Faisal Al-Mansouri, chairman of the Board of GIC said.

Founded in 1983, the GIC is a leading regional investment house that is equally owned by the six members of the GCC, namely Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Oman and Bahrain.

Located in the largest crude exporting region in the world, the GCC holds around 45 percent of the global oil reserves and contributes 16 million barrels of crude oil per day.

Source: Global Times
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