Word: bahrain
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Dates: during 1980-1989
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...leadership remains accessible through the majlis, the traditional consultation process between ruler and ruled, such consensus politics may not suffice for much longer. The rise of fundamentalist Islam as a political movement in Iran is not lost on the sheiks and emirs. At least two states-Kuwait and Bahrain-plan to revive consultative assemblies soon, while Saudi Arabia is in the process of forming a new assembly that will hold its first elections in the next year...
Bankers still do not mention it in the same breath with Tokyo, Zurich, London or New York. But some day they may. Bahrain, a small Arabian Gulf island sheikdom off the oil-rich coast of Saudi Arabia, is rapidly becoming an important financial center. Since the 1973 quadrupling of petroleum prices, 120 banks, including such international giants as Bank of America, Citibank, Chase Manhattan and Bank of Tokyo, have opened offices in Bahrain to handle the gusher of oil money flowing into the Arab world...
What makes Bahrain so potentially significant is that Western banks no longer have a virtual monopoly on handling the huge surpluses that the members of OPEC regularly amass-as much as $117 billion this year alone. Instead, a new breed of Arab-owned banks is picking up an expanding percentage of the action. Though new to the game, some of these institutions are starting off with formidable monetary bases. Begun in 1977, Gulf International Bank has assembled assets of nearly $3 billion and is competing with the big U.S. financial institutions in loan underwriting. The newly founded Arab Banking Corp...
Until the 1975-76 Lebanese civil war, Beirut was the Middle East's undisputed financial center. The fighting sent many Arab bankers fleeing to Bahrain or Europe, but now the shattered city is making a comeback. At least 85 domestic and foreign banks are operating there, twelve more than before...
...Jean Waddell, remained behind, and on May 1 a team of gunmen entered her apartment in search of another Anglican clergyman. First they began to strangle her, then fired two shots into her chest. She is still in serious condition. Only a week later, the bishop's son Bahrain, 24, was murdered with shots in the head and chest...