Riyadh: The board of directors of The Arab Investment Company (TAIC) will hold its periodic meeting Saturday in Dubai.
The meeting will be chaired by Chairman Yousuf Ebrahim Al Bassam with the participation of members representing the shareholding countries. The board holds it annual meetings in a different member country each year.
TAIC will review reports from its committees on the company's performance and discuss reports related to its 37 projects in agricultural, industrial and service sectors located in 13 Arab countries.
It will discuss the report of the Bahrain branch, which provides diversified financial services to investors, including trade financing among member countries. The Bahrain branch acts as a wholesale bank that aims to invest TAIC financial surpluses in order to enhance its project equity investments by generating additional income for reinvestment in Arab economies.
The board will also review the financial results for the period ended Aug-ust 31, which showed a net profit of about $40 million (Dh146 million).
Develop Arab resources
TAIC was established in July 1974 as a pan-Arab joint-stock company with the objective of "investing Arab funds to develop Arab resources in different economic sectors", according to its articles of association.
The company is owned by the governments of 17 Arab states with an authorized capital of $800 million and a paid-up capital of $700 million.
Its head office is in Riyadh with regional offices in Manama, Cairo, Tunis and Amman.
