RIYADH, June 7 (KUNA) — Arab Investment Company announced on Tuesday that it made USD 34 million in operational profits for the first five months of 2005.

A press release issued by the Riyadh-based company said that the company”s board will discuss on Saturday the performance level in the fields of projects and banking activities for the first five months of 2005.

The meeting, headed by Deputy Governor of the Saudi Arabian Monetary Agency, Board Chairman Dr. Mohammad Sulaiman Al-Jasser, will also discuss the company”s report on the activities of its branch in Bahrain, which operates as a monetary activity for investment.

The press release noted that the annual meeting of the general assembly of the company will be attended by representatives of shareholding Arab countries to preview the report on the activities and its financial center for the year 2004.

The general assembly of the company will also approve the final assessment and the board”s recommendation to distribute profits. The company”s capital is USD 450 million.

The Arab Investment Company, established in 1974, made USD 56 million in profits in 2004. The company is owned by 17 Arab countries.

It has investments in 38 projects distributed on the industrial, agricultural, and services sectors in 14 Arab countries.