Word: jidda
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...water-poor Saudi Arabia. A French engineering firm hired by the Saudis is studying whether or not the plan is practical. Towed by six tugs, the French believe, an iceberg could make the 5,000-mile journey from the bottom of the world to the Red Sea port of Jidda in six months to a year. If the mountain of ice was large enough-say 85 million tons-and wrapped in insulating plastic, it would shrink by no more than 20% along the way, providing enough water to the desert kingdom to make the venture economically feasible...
...Minister Ahmed Zaki Yamani has publicly advocated a cut of $2 per bbl. or so on the grounds that the oil producers are part of the Western economic system and they could not profit by bankrupting their customers. After conferences with King Faisal, Treasury Secretary William Simon returned from Jidda two months ago with encouraging news: the Saudis in August would hold an auction that would let the market set lower prices. The auction was canceled, which led some U.S. cynics to accuse the Saudis of double-dealing...
...economic agreements that President Nixon struck during his own tour last month had to be translated into workable programs and, even more important, avenues had to be explored for easing the impact of higher Arab oil prices. The trip took Simon from the French Riviera to Cairo, Jerusalem and Jidda; he ran into somewhat less trouble in Arabia than on the pleasant beaches of the Riviera...
...greatest challenge-persuading King Faisal to invest his excess oil dollars in U.S. Treasury securities. Simon expects Arab oil revenues this year to reach about $60 billion, two-thirds of which he anticipates will be kept in the Arab world, leaving about $20 billion free. In Jidda, the former Wall Street securities dealer launched an effort to sell the King on investing $10 billion of his surplus in U.S. Government notes that would pay about the same as Treasury bills. Even if the Saudis accept his proposal, the notes-and the solution-will only be short term, leaving the imbalance...
Before leaving, Mrs. Nixon managed to get away for a brief shopping tour of the bazaars of Jidda. "I would like to spend a lot of time here without escorts," she said, "so I could have some...