Word: nazer
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Dates: during 1970-1979
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...their country forward into the most ambitious building program that money can buy, the Saudi rulers also set in motion a kind of social revolution whose long-range effects are not easy to foretell. "We are just about keeping pace with our five-year plan," says Planning Minister Hisham Nazer, "but we still have more money than we can spend." They are building two of the largest and most modern airports in the world for Riyadh and Jidda, to accommodate the armies of migrant workers and businessmen who are coming to seek their fortunes...
...then, according to Nazer, "we threw a little money on the problem and solved it." What they threw was $6.6 billion for port expansion. The building program created a tremendous labor shortage; the Saudis solved it by requiring all large foreign contractors to bring their own workers along ? and add the cost to the price of the contract...
...actual production last month dropped to 6.6 million per day. Nonetheless, on Fahd's orders, Saudi Arabia is proceeding with an $11 billion program aimed at increasing production capacity to 14 million barrels per day by the early 1980s. Saudi Arabia hardly needs the extra revenues. As Planning Minister Nazer said last week, "Production of between 5 million and 7.9 million barrels would produce enough revenue to meet our development needs." But Saudi Arabia is going ahead with the expansion program, primarily as a concession to the U.S. The program, says Oil Minister Yamani, "is not really in our interest...
Fears of a run on the pound have subsided. Though investors are generally not buying sterling, they are not selling it either. As Sheik Hisham Nazer, Saudi Arabian Minister for Economic Planning, said recently of his country's large sterling balances: "The British are not worried about them...