Word: arabia
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Dates: during 1980-1989
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Born in Mecca, Khashoggi grew up with the confidence that comes from being the firstborn son in a country where the eldest boy is the prince of the family. His father, Dr. Mohammad Khashoggi, was the chief physician to King Abdul Aziz, the founder of modern Saudi Arabia. From his father, Khashoggi says, he learned the difference between compassion and realism, as well as the value of giving as a prelude to receiving. Khashoggi recalls that one oppressive summer afternoon when he was eight, he discovered a beggar asleep on the front steps. Knowing of Islam's emphasis on charity...
...Saudi Arabia was then a poor and barren desert kingdom, lagging far behind the West in development. But Dr. Khashoggi was determined to give his son a modern education. Through a timely investment, he was able to send Adnan to Victoria College, a British-run school in Egypt that was the cradle of leadership for the elite of the Middle East. Khashoggi's classmates included two princes who would become Kings, Faisal II of Iraq and Hussein of Jordan. There Khashoggi learned the rudiments of dealmaking. He found out that a Libyan schoolmate's father wanted to buy sheets...
...creation of an image. The 18-year-old student began brokering sales for a Seattle truck manufacturer. Soon all kinds of businessmen, assuming he was influential in Saudi Arabia, began offering him deals. "My life-style was my only way of making important contacts. I had put together a track record. But that was not enough. I would spend money in order to justify my request to be on prize society and business guest lists. In a few years everybody wanted to be on my guest lists...
Despite Baghdad's success in repelling the latest Iranian attack, President Saddam Hussein has been unable to end the conflict with Iran through either force or negotiation. Some Middle East experts wondered whether his trip to Saudi Arabia last week, an unusual move for a man who does not often venture outside his own country, was a sign of nervousness. After visiting the Islamic holy cities of Mecca and Medina, Saddam went on to al Ihsa for talks with King Fahd. The two leaders were said to have discussed the gulf war and the Islamic summit conference to be held...
...historic petroleum price plunge of 1986 could be traced to September 1985, when Saudi Arabia got fed up with its dwindling share of the world's oil market and decided to reverse completely its traditional strategy of holding back production to prop up prices. Oil Minister Sheik Ahmed Zaki Yamani raised crude output from about 2 million bbls. a day to 4 million bbls. with the aim of forcing rival oil producers like Britain to cut back to make room for the Saudis. But when competitors refused to budge, the world's oil glut rapidly increased and discounting became rampant...