Gulf Investment Corporation is a supranational financial institution owned equally by the 6 Gulf Cooperation Council states. GIC has paid-up capital of US$ 2.1 billion, and may be characterised as being part-sovereign wealth fund, part-private equity house and part-investment bank. Its objects are to encourage economic integration and development in the GCC region, whilst generating returns for its shareholders. Among other things, it invests in industrial projects, and advises public and private sector organizations on privatization, power, petrochemicals, steel and aviation.