RIYADH, Oct 2 (KUNA) -- The Arab Investment Company (TAIC), a pan-Arab joint-stock company, announced its net profits topped USD 22 million between January 1 and August 31, 2011.

The 162nd meeting of TAIC's board of directors, held in Dubai, the United Arab Emirates, yesterday, reviewed the major projects being developed by the company and the financial position of the company in general, according to a press release issued here Sunday.

The company was able to make the generally satisfactory financial results despite the impacts of the political and economic stabilities in some Arab countries on its investments.

The company has investments in 36 projects distributed in a balanced way in the industrial, agricultural, banking and service sectors in 13 Arab countries, the statement pointed out.

Founded in July, 1974, with an authorized capital of USD 800 million and a paid-up capital of USD 700 million, the Riyadh-based TAIC is owned by governments of 17 Arab states including the State of Kuwait.