Word: aramco
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...like the Suez Canal handles ships." Saud & Hussein. Because it is both the cosmopolitan gateway to the Middle East and an island of stability in a newly rich but eternally turbulent region, Beirut has become the prudent banker to nervous kings, African smugglers, such huge U.S. oil companies as Aramco, frightened capitalists from socialist Egypt and Iraq-and no fewer than 600 tycoons from booming little Kuwait. Well over half of Beirut's $800 million in deposits comes from abroad...
Peaceful Gunsmoke. The kingdom's first roads, ports and irrigation projects were built by Aramco, but the company was careful to bill the Saudi government for public works and let the government do the ordering. The result might not be maximum efficiency or economy, but it kept Aramco on the right side of the royal family. Saudi Arabia's small but growing middle class owes its existence to Aramco, which pays its workers good wages (up to $570 a month for Arab executives) and has financed many of them in setting up their own businesses, from lens grinding...
...years ago, Aramco brought the eye of television to Saudi Arabia. To enthusiastic audiences, its Dhahran station broadcasts an average six hours daily of Arabic and English lessons, prayers from the Koran, and such U.S. shows as Gunsmoke dubbed in Arabic, though Aramco censors out religion, sex and sadism. Most popular program: Aramco's local quiz shows, with TV sets and washing machines as prizes...
Suburbias on the Sands. Americans often join Aramco for the high salaries -roughly 40% above U.S. scales for secretaries and 15% above for executives. There are tax advantages, too. Those who go abroad for a quick buck often stay because they like the desert life and the afterhours round of water skiing, barbecues, Little Leagues. Divorce and dalliance are rare, partly because everybody knows everybody and everybody's business. Aramco's 4,267 U.S. employees and dependents live in company-built suburbias (rent: $300 a month for an air-conditioned three-bedroom bungalow) that also house Aramco Arab...
Bowing to longstanding Saudi demands earlier this year, Aramco signed a new deal with reform-minded Prince Feisal, who has replaced ailing King Saud as the nation's de facto ruler. Aramco agreed to pay the Saudis $160 million in retroactive extra royalties and to surrender in stages its original 673,000-sq.-mi. concession, until all that will be left in 1992 will be a 20,000-sq.-mi. area. With the money and the land, the Prince intends to set up a nationalized oil company. Aramco keenly regrets losing its concessions but figures to keep its best...