The Arab Investment Company (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 US$ 1,200 Million and a paid-up capital of US$ 800 Million. Its prime objective, 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". The Company enjoys all guarantees and concessions provided by the national, Pan-Arab and foreign investment codes in the shareholder countries.