Word: nationalizes
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Dates: during 1970-1979
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...development projects, Saudi Arabia remains a feudal monarchy. Slavery was not outlawed until 1962. Murderers are still beheaded and adulterers stoned to death under Islamic law. Yet thanks to a gift of Allah?proven reserves of 150 billion bbl. of petroleum bubbling underneath the hot desert sands?this extraordinary nation is hurtling in a blink of history's eye from a medieval past toward the 21st century...
Beyond that, the Saudis feel that they have effectively answered most of the Israeli charges regarding possible use of the F-15s. As Prince Fahd told TIME (see NATION), he is willing to pledge that the planes will not be transferred to another Arab state in the event of war. The Saudis have no intention of stationing the planes at Tabuk, just southeast of the Israeli border. Explains Prince Saud, the Foreign Minister: "Israeli warplanes overflew Tabuk 140 times during the past year. We certainly would not put our planes in such a vulnerable position...
...wealth, Saudi Arabia is a very vulnerable nation. Though it is one-fourth the size of the U.S. and has a 1,560-mile-long coastline, its population is generally estimated at only about 5 million.* Now, for practically the first time in their history, the Saudis have something worth defending. As Saudi government officials never tire of saying, their country is virtually unprotected. It is probably true that never has so much been defended by so little...
...current debate over whether the U.S. should sell the Saudis the F-15 (see NATION ), the Israelis and others have argued that Saudi Arabia does not need so sophisticated a plane for defense purposes, and would be tempted to use it against Israel in the event of another Middle East war. In fact, most U.S. defense experts are convinced Saudi Arabia has very serious defense problems that could be partly alleviated by the sale...
DIED. Raymond Rubicam, 85. enterprising co-founder and former chairman of Young & Rubicam, the nation's largest ad agency; in Scottsdale. Ariz. Kept waiting nine days in the outer office of a Philadelphia firm where he looked for his first advertising job, Rubicam wrote a scathing letter that launched his career. Always a forceful writer, he ceaselessly sought fresh, strong ad copy when he formed his own agency with John Orr Young. He also introduced to advertising the concept of market research when he hired a then unknown George Gallup to conduct consumer polls...