The board of directors of The Arab Investment Company (TAIC) agreed on 9 October that the bank should seek to expand its investment portfolio to include the telecommunications sector. 'This sector is considered to be vital, especially for Arab countries, and it requires development and improvement,' says Ali al-Shiddi, deputy director general at TAIC. 'This puts it within the main objective of TAIC.'

He says that the board meeting approved TAIC's participation in the bidding for a 40 per cent stake in Jordan Telecommunications Company (MEED 15:10:99, Jordan). 'We participated in one of the three bids that were made and we anticipate that an announcement will be made by the end of the month,' says Al-Shiddi. TAIC's involvement in future telecommunications projects will either take the form of direct equity investment or the provision of banking facilities.

The board also approved TAIC's $5 million participation in Saudi International Petrochemical Company, which will build three petrochemical factories in Jubail City.

Al-Shiddi confirmed that TAIC recorded net profits before provisioning of $28.5 million in the first nine months of the year. Net interest income was $24 million and other income$14.7 million. He says that the bank's performance was an improvement on the same period of last year.