Word: pharaonically
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Dates: during 1978-1978
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While the Saudis' loyalty to the dollar for the moment is firm, much mystery still surrounds their investment policy. World attention has been caught by the exploits of rich individual Saudis like Ghaith Pharaon, who bought control of the National Bank of Georgia from Bert Lance...
...Pharaon, a Saudi Arabian entrepreneur, on a deal for Pharaon to buy 120,000 of Lance's 200,000-odd shares in the National Bank of Georgia for $2.4 million. That bailed out Bert and enabled him to pay off some of his daunting loans...
Lance has had several lengthy meetings with Abedi in recent months, and there have been persistent reports that Lance may join BCCI as a high officer. According to British bankers, Lance, Abedi and Pharaon have talked about creating a company that would be connected with BCCI and aimed primarily at channeling funds from the Middle East into investments in U.S. securities and real estate...
...lucrative construction business in Saudi Arabia. It also owns pharmaceutical, tire-recapping, steel fabricating and drinking water-bottling plants. Together with an Italian company, it is dredging parts of the Suez Canal. In 1976 Redec's revenues were more than $1 billion. Apart from his banking interests, Pharaon owns a substantial share of International Systems, a modular-housing firm in Mobile, Ala., and is the largest shareholder in Sam P. Wallace Co., a Dallas-based mechanical contracting firm...
...Pharaon, fluent in both French and English, likes to give himself the air of a combined cosmopolite and sharp businessman. He says his recreations are traveling and deep-sea fishing. He boasts that he was the first businessman to bring Korean workers to labor-short Saudi Arabia, and is now employing Taiwanese. Nonetheless, he has yet to win acceptance from the international financial community, and the price he is paying for control of Lance's bank is bound to raise money-men's eyebrows...