Word: bahrain
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...Even Bahrain, once the shining jewel of gulf finance, has been having troubles. The island country off the coast of Saudi Arabia emerged in the 1970s as a haven for Westerners and a banking center for the entire region. At one time local officials dreamed that it would become a world financial capital in a class with Singapore. No one talks that way today. The decline in construction financing and restrictions by Saudi Arabia on dealings in the riyal, the Saudi currency, have hurt business. Many banks, including Citibank and Chase Manhattan, have slashed staffs and slimmed operations...
Some problems that were ignored in the boom days are now 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...
...July, Kuwait's Hussain Makki Al Juma, managing director of 15 financial organizations around the world, was found by a London court to have defaulted on a personal loan of nearly $74 million. Yet Al Juma was re-elected in August to the board of the Bahrain-Kuwait Investment Group, which he has headed since...
...mistaken for Islamic law. "I don't mind that I'm not allowed to drive here," a Saudi woman with a valid American license told me. "What I really mind is that I need my husband's written approval for everything, even if I want to go to Bahrain. I am not considered the legal guardian of my children. They need my husband's signature to go on a school trip." The agony of the elites appears to be real, even if it is usually accompanied by the reflexive blaming of Israel for everything, including the recent assassination of Lebanese...
...mistaken for Islamic law. "I don't mind that I'm not allowed to drive here," a Saudi woman with a valid American license told me. "What I really mind is that I need my husband's written approval for everything, even if I want to go to Bahrain. I am not considered the legal guardian of my children. They need my husband's signature to go on a school trip...