Word: arabism
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...percent for organizations that co-sponsor their events with different ethnic organizations in hopes of bringing together both similar and different people. For instance, last semester the Foundation provided funding for “Stand up for Peace,” a night of comedy featuring an Arab comedian and Jewish comedian, which had a joint sponsorship from the Society of Arab Students and Harvard Students for Israel. In addition to supporting ethnic groups on campus, the Foundation hosts its own events that encourage the betterment of intercultural and race relations. For example, the annual Cultural Rhythms festival embodies ethnic...
...against that eventuality, Arafat's Tunis-based branch of the P.L.O. was assiduously cultivating two Syria-based P.L.O. factions, the Democratic Front for the Liberation of Palestine and the Palestinian Communist Party. Said a P.L.O. source in Tunis: "We don't want our cause to be hijacked by any Arab country or countries...
When the OPEC oil cartel was at the height of its power in the 1970s and early 1980s, Persian Gulf banks flourished like palm trees in a desert oasis. Arab governments, rich on oil revenues, were financing projects ranging from airports to universities, and the influx of money caused bank assets to grow 20% a year. Newly prosperous gulf families built banks as status symbols to impress their neighbors. The United Arab Emirates, which has a population of 1.3 million, had 53 banks in operation last year. Said an American economist who has studied the financial development of the Middle...
...coming back in the form of nightmares. In the good times, no one paid much attention to the fact that the gulf countries lack the legal structures for modern finance. Only Bahrain and Kuwait have well-developed commercial laws, but neither has a banking code. The United Arab Emirates is only now introducing a bankruptcy...
...badly undermined confidence, and repercussions continue to be felt. Finally, Western bankers will be leery about doing business there until legal uncertainties are clarified. A British lawyer working in Bahrain points out that it took the West nearly 300 years to develop a legal framework for banking. Arab bankers are making great progress, but more must be done before they will have a modern financial structure. --By Gordon M. Henry. Reported by Aileen Keating/Bahrain