2001 News Story

Gulf investment corporation divests bank

Minister of Finance and National Economy Dr. Ibrahim Al-Assaf, who is also Chairman of the Gulf Investment Corporation (GIC), has announced the sale of the Corporation's entire share (72.45 percent) in the International Gulf Bank, to the governments of the member states of the Gulf Cooperation Council (GCC).  This divestment, following the decision taken at the board meeting in Kuwait on April 7, 2001, will enable GIC to concentrate on its main activity of developing direct investment in the GCC countries. The Corporation, equally owned by the governments of the Kingdom of Saudi Arabia, the State of Bahrain, the State of Kuwait, the State of Qatar, the Sultanate of Oman, and the United Arab Emirates, has a capital of U.S. $2.1 billion.