Word: dubai
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Dates: during 1960-1969
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Brotherhood may not be in sight between Arabs and Israelis, Indians and Pakistanis. But at least a troubled world can take comfort from the fact that Abu Dhabi and Dubai are getting together...
...have a wonderfully soothing, almost hypnotic rhythm, are part of the seven tiny Trucial* States perched on the Persian Gulf. They make up for their smallness by king-size feuds over their indefinite boundaries. There has been no end of dagger duels between the inhabitants of Abu Dhabi and Dubai, but last week delegations from both met in a cluster of mud huts on their mutual borders. After countless cups of tea, Sheik Zaid bin Sultan of Abu Dhabi and Sheik Rashid bin Said Al-Maktoum of Dubai signed a pact of federation that will give their joint population...
...Iraqis and Iranians are also out to extend their influence in the Gulf. Result: the Trucial sheiks are scurrying around looking for ways to protect themselves. Last week's pact is just a start toward banding together in the face of danger. This week the sheiks gather in Dubai to discuss enlarging the federation to include the five smaller states-Sharjah, Ajman, Fujairah, Umm al Qaiwain and Ras al Khaimah...
Until recently, when oil began spurting out of Abu Dhabi and Dubai, the sheiks needed little protection. Who, after all, wanted a flat, trackless desert coated with gravel and hospitable only to a few grazing oryxes, hares and gazelles? Yet the whole Gulf region is estimated to have some 60% of the free world's proven oil reserves, and the Trucial States are sitting on a good deal of it. After only six years of pumping oil, Abu Dhabi has the world's highest per-capita income...
...California's Bank of America. Many major U.S. banks, in fact, are expanding into unlikely earners of the globe, and several of them are growing faster abroad than at home. Last week Manhattan's First National City Bank -which already has outposts from Santo Domingo to Dubai, the chief port of the Arabian Trucial States - opened an other in the Chowringhi section of Calcutta, and this week Manhattan's Mor gan Guaranty Trust Co. will open a branch in Antwerp. In all, the number of foreign branches operated by U.S. banks has risen in the past five...