GIC was the first financial institution established under the auspices of the Gulf Cooperation Council (GCC) through an agreement signed between the constituent nation states (Bahrain, Kuwait, Qatar, Oman, Saudi Arabia & United Arab Emirates) in November 1982.
From inception, GIC has been the premier Development Investor for the GCC Region. GIC’s Principal Investments activity in particular has made significant contributions to the GCC economies through development of major power and industrial project initiatives and, during its approximately thirty years history, has led or participated in initiatives with a total project value in the tens of billions of dollars, generating employment for thousands of people in the region.
GIC has also been an innovator through its development of GCC financial markets, including the introduction of the first GCC stock and bond mutual funds.
GIC’S HISTORY – MILESTONES
GIC incorporated in Kuwait on 15th of November 1983 with an initial paid up capital of US$ 420 million.
Paid-up capital increased to US$ 540 million.
Acquisition and recapitalization of Bahrain based Gulf International Bank (GIB).
Paid-up capital increased to US$ 750 million.
Investment grade ratings assigned by Moody’s and S&P
GIC established The National Titianium Dioxide Manufacturing Company (Cristal) in Jeddah, Saudi Arabia, as the sole producer of titanium dioxide (TiO2) pigment in the region.
GIC launches its long-standing fund of hedge funds product: the Alternative Strategies Fund.
Sale of GIB
Gulf Premier Fund is launched. It is the first GCC based mutual fund in the region.
GIC launches its most successful fund for third-party investors, the Gulf Bond Fund.
For the first time in its history, GIC’s total investments reach a market value in excess of $9 billion dollars.
Cristal became the second largest producer of Titanium Dioxide in the world (after Dupont) after acquiring Millennium Inorganic.
Paid-up capital increased to US$ 1000 million.
Gulf Re, the largest GCC based specialist reinsurer, was founded in the DIFC as an equally owned with Arch Capital Group, a leading Bermuda-based insurance group.
The remaining unpaid capital was paid by the shareholders boosting total paid up capital to US$ 2.1 Billion.
Jubail Water and Power Company (JWAP), the largest Independent Water and Power Project (IWPP) in the world achieved commercial operation status as a 2.7GW facility.