Yes I can confirm it stood for Arab Aviation Consultants AR AV CO. A well respected company run by Geoff Broadhurst and later his son Robin. I remember Alan McDonald and Jim Vigar (Jim was Chief Pilot for a while); Jim later freelanced for us at FJC when he left Aravco. I believe Jim is still around; his wife Biddy died a few years ago; Mike Bradbury (ex-FJC) occasionally meets for lunch with Jim. Alan McDonald or Mac was a great chap; always had lots of time for him. I also know Mike Palmer (now at EJC); does anyone remember 'Cathy' she appeared in the late 1980's / early 1990's and became over night it seemed their Operations Manager? What became of her? A very attractive girl as I recall, very Sloane Ranger in appearance!
Although they sold and managed many aircraft for middle eastern clients one of their best clients was BAT (British American Tobacco) who had several HS 125's under management with ARAVCO over the years.
ARAVCO's AOC is still going; under Murray Law's company; Jet Club; he purchased it after the company closed down I believe?