Word: bahrain
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Eventually, Saudi Arabia and the equally feudal emirates, sheikdoms and sultanates of the gulf (Oman, Bahrain, Qatar, the United Arab Emirates -- and Kuwait, if Saddam Hussein lets go) will also have to share more of their oil riches with the poorer Arab states, through investment and development aid. The bitter resentment of their wealth and isolation, fanned but not originated by Saddam Hussein, has come as a salutary shock to their rulers. Some may be realizing too that it is unhealthy for as much as 60% of their populations to be composed of foreign workers (Palestinians, Pakistanis, Egyptians, Filipinos...
...major holiday carrier 70% owned by Air France, has simply shut down all its tours to Syria, Jordan and Yemen. Some regular commercial carriers are making costly detours around the entire Middle East region. KLM, for example, is rerouting long-haul flights that normally land in Dubai or Bahrain, cutting its weekly service to the region by more than half. Pan Am has rerouted its flights from Frankfurt to Pakistan and Saudi Arabia so that they fly farther from Iraqi airspace. Air France has canceled a stopover in the gulf emirate of Bahrain in favor of one in Djibouti...
...strong. The country has 1 million battle-hardened men under arms, plus 500 combat aircraft and 5,500 tanks. The U.S. has no ground troops in the region; its presence is limited to six medium-size ships of the Joint Task Force * Middle East, based on the island of Bahrain. The aircraft carrier Independence is steaming toward a station off the Straits of Hormuz, and the carrier Saratoga will join the Eisenhower in the Mediterranean, but they would be hard pressed to roll back Iraq's army...
...four potential buyers vied for the richly profitable company (estimated 1989 earnings: $111 million), which has 45 stores in such locales as Manhattan, Beverly Hills, and Palm Beach, Fla. When the winning bid of $1.5 billion was disclosed last week, the victor was Investcorp, a reclusive firm based in Bahrain that is becoming a powerful force in retailing...
...debt to finance purchases, Investcorp usually pumps a large amount of its own equity capital into the companies it acquires. Moreover, the firm generally adopts a hands-off approach to managing its holdings. While the cost of the Saks buyout may tempt Investcorp to push for higher profits, the Bahrain firm contends that it will be true to its unmeddlesome philosophy. "We are owners, not managers," said Savio Tung, a top officer. "We bid for Saks because we thought it was a great company, not because we wanted to change...