2001 News Story

GCC investment organization set up

In Kuwait for the inaugural ceremony of the Gulf Investment Organization, its chairman Minister of Finance and National Economy Dr. Ibrahim Al-Assaf declared that its establishment comes in line with the GCC's concern to formulate a mechanism for cooperation in the area of investment in a manner that contributes positively to the development of the economies of the GCC member states, which, he said, are passing through many changes. The organization, whose assets amount to U.S. $ 119.6 billion, has so far invested about $1.38 billion in 39 projects.