THE ARAB ONE HUNDRED
The first nine of last year are the first nine of this year, with slight changes of position. But number 10 is a surprise. Gulf Investment Corporation is owned by the six governments of the Gulf Cooperation Council, and has been in operation only since May 1 1984. This means that its increases in income and assets are more modest than they seem; a full year is being compared with an eight-month period.
However, it seems clear that GIC is making a more efficient use of 106 employees than BCCI Holdings is making of 12,900.
Why did the six governments choose Kuwait as the site for their joint bank? A relatively developed financial community, and a law which does not actively discourage bankers, have made their advantages felt.
Where a bank cannot recover bad debts, it is not likely to do very well, and the minus signs continue to cling like burrs to almost everything connected with Saudi Arabia.
Even Kuwait and Bahrain, where depressed Saudi bankers go to cheer themselves up, have their minus signs, but nobody can rival the record of the United Saudi Commercial Bank, with losses totalling 11 times last year's income.