Oman, GIC form investment firm
Muscat: The Oman government and the Gulf Investment Corporation (GIC) have set up a $20 million Oman Investment Company (OIC) to develop new projects and support existing ones, according to press reports. GIC, a Kuwait-based firm owned by the Gulf monarchies of Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman will have equal stakes in the new company.The GICs mission is to stimulate investment and markets in the six countries, and since inception in the mid-1980s, some six billion dollars have been invested in some 30 projects around the Gulf.
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Inter American Development Bank conference opens in Peru
Lima: Speaking at the Inter-American Development Bank conference, which opened at Lima in Peru yesterday, the President of the bank, Enrique Iglesias said that on average, economies across Latin America were expected to grow by about four per cent in 2004 compared to 1.3 percent during the past five years.
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