Word: kuwait
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Dates: during 1970-1979
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Some news for the 1980s: Two Saudi Arabian princes have just joined the board of directors of General Motors, in which they are major shareholders. The Kuwait Investment Co. is erecting a chain of "Arabian Nights" motels across the U.S. The Sheik of Abu Dhabi has bought a 30% interest in the Columbia Broadcasting System, to add to a communications empire that already includes the Washington Star-News and Metro-Goldwyn-Mayer. The White House issues a statement welcoming the huge investments by "our Arab allies" as a way of stopping the dollar drain ("If they cause us trouble," adds...
...roads, hospitals, housing projects, and to invest their money in Western enterprises for maximum profit. The Kuwaitis still seem to favor foreign real estate-from a new high-rise Holiday Inn in Beirut to a $27 million chunk of the Champs-Elysées, where a palatial House of Kuwait is to be built. The Saudis are determined to build or buy their own "downstream" facilities-which, in the language of the oilmen, means oil refineries and even chains of service stations in Western Europe and the U.S. They also have plans for an ambitious program of industrialization at home...
...Zaki Yamani, Saudi Arabia's 42-year-old oil minister, had just realized the decades-old Arab dream of gaining control over the vast pools of oil beneath the Middle East's deserts. Last week's agreement allows the five Persian Gulf states of Saudi Arabia, Kuwait, Qatar, Iraq and Abu Dhabi to buy an immediate 20% interest in foreign oil-producing operations in their lands. Most important, the pact calls for the five states to get a 51 % share of ownership in time, perhaps by the early 1980s...
Hostile Attitude. Jordan has never been able to match expenses with revenues, and Hussein's biggest headache is a money shortage. Libya and Kuwait, which formerly provided $67 million in annual subsidies, cut off that money in response to the King's crackdown on the guerrillas. The U.S. has partially filled the gap with economic and military aid so far totaling $104 million. Last December, Hussein violated the aid agreement by lending nine of his American-supplied F-104 Starfighters to Pakistan for the war against India. India, which now is Jordan's biggest phosphate customer, accepted...
...Iran, Iraq, Saudi Arabia, Kuwait, Abu Dhabi, Qatar, Libya, Algeria, Nigeria, Venezuela and Indonesia...