The Riyadh-based Arab Satellite Communications Organisation recorded a profit of $16 million in 1993, its first ever. It expects an income of $48 million this year, compared with revenue of $42 million in 1993, the company announced at its annual general meeting in Rabat, Morocco, on 31 May.

The 18 shareholder states discussed details of the company’s next generation of satellites now under construction. Two satellites are to be launched by France’s Aerospatiale in 1995 (MEED 23:4:93). Financing arrangements for the project were completed with a final $104 million loan arranged by Gulf International Bank last year (MEED 1:10:93).