RIYADH, Dec 31 (KUNA) -- Board members of The Arab Investment Company (TAIC) approved on Saturday appointment of Deputy Chief Executive Officer (CEO) Financial and Administration Affairs, Ibrahim Al-Mazyad, as the new Chief Executive, replacing Dr. Saleh Al-Humaidan, effective from January first 2011.

TAIC said in a statement that the decision was adopted during the recent meeting held by the board members in Riyadh, headed by Chairman of the Board Ibrahim Al-Bassam and with the attendance of representatives of member countries.

TAIC is a Pan-Arab joint-stock company established in July 1974 and owned by governments of 17 Arab states with an authorized capital of USD 800 and a paid-up capital of USD 700 million.

TAIC's main goal, according to the terms stipulated in its Memorandum of Association, is to invest Arab funds to develop Arab resources in different economic sectors by initiating investment projects in different economic sectors, based on sound economic and commercial criteria, in a manner that would support and develop the Arab economy.