Word: khalifas
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...trouble since its money-laundering conviction and has turned for help to one of its original sources of funds: the ruling ! family of Abu Dhabi and its head, Sheik Zayed bin Sultan al-Nahayan, reportedly one of the world's richest men. Last year Zayed and his son Prince Khalifa acquired 77% of the bank and pumped in at least $600 million against the huge shortfall revealed by the Price Waterhouse audit. It is far from clear that even this infusion will save the bank. Among other irregularities, the audit showed $400 million simply unaccounted for. Add to that...
...interests section in Damascus. When Washington wanted a presence in Riyadh, the Saudi Arabian capital, Gnehm was selected. When the sensitive issue of reflagging Kuwaiti oil tankers arose during the Iran-Iraq war, Gnehm was a key negotiator. "He is unassuming and unflappable," says Ali al- Khalifa al-Sabah, Kuwait's Finance Minister, "exactly the kind of guy to deal with Arabs like...
...Saudis and Kuwaitis have aided poorer Arab states in the past, but their postwar funding will be hedged. "Bad economic policy, too socialist in its orientation, has kept those countries poor," says Ali al-Khalifa al-Sabah, Kuwait's Finance Minister. "We want to see true market economies develop," says a Saudi finance official. "Our aid from now on will be mainly structural in form. If we can get those countries on their feet financially, a lot of the underlying instability in the region can be alleviated...
More difficult than the task of physically rebuilding Kuwait are the problems of equity that will arise when Kuwaitis return. "For example," wonders Khalifa, "what is fair compensation for loss? Assume that one person's house was worth $1 million before it was destroyed by the Iraqis and that another's was worth $100,000. Does the government assist both to the same degree in dollar amount or in percentage or what? What's fair? What will wash...
...Most Kuwaitis were spoiled beyond imagination," says Saud Nasser al- Sabah, Kuwait's ambassador to the U.S. Except at KPC and the investment office, lean and mean because they were (and still are) the lifeblood of the country, merit counted for nothing. "There was no accountability," says Khalifa, "because government employees were promoted automatically. It was impossible to fire civil servants. Several years ago the parliament passed an amazing law. In effect, it said that if someone was performing poorly, he would have been fired. But, says this law, since he was not fired, then by definition he was performing...