Word: qatar
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Dates: during 1960-1969
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Founded in 1960, OPEC now has eight members-Indonesia, Iran, Iraq, Kuwait, Libya, Qatar, Saudi Arabia and Venezuela-and controls 90% of the world's oil exports. "Oil is the only resource that God gave us," says OPEC's secretary-general, Fuad Rouhani, 56. "We are not so much underdeveloped nations as we are underpaid nations." Having rebuffed the oil industry's big eight (five of which are U.S. companies), OPEC plans a meeting in the Saudi Arabia capital of Riyadh later this month to decide what is next...
Five times a day for the past 30 years, thin, threadbare Sheik Shakhbut bin Sultan faced west, bowed low, and prayed for an oil strike. His realm of Abu Dhabi was desperately in need of some good luck. Up and down the Persian Gulf, the states of Qatar, Saudi Arabia, Kuwait and Iran were rolling in oil wealth. But year after year, Abu Dhabi's 25,000 sq. mi. of sand, date palms and barren offshore islands just got hotter, more humid and windswept than before...
...Beirut banks by cutting loan rates from 9% to 6%. To gain stature for his upstart bank, he convinced Bank of America that it should come into his trade-financing op erations, became correspondent for New York's venerable Chase Manhattan Bank, and opened branches in Syria, Iraq, Qatar and Jordan. In 1958, when near civil war halted Lebanese banking for more than three months and most of his competitors sat brooding over their ill fortune, Bedas took advantage of the lull to set up a branch in London and an affiliate bank in Geneva...
...long Geneva's newspapers reported threatening letters received by the police from French right-wing activists, and cafe sitters all but flinched in anticipation of the explosion of a plastic bomb. As the Algerian F.L.N. delegation moved into the luxurious tile-roofed villa belonging to the Sheik of Qatar, nervous Swiss soldiers crouched low behind sandbagged defense posts. One panicky recruit fired a burst over the 'head of a photographer who was aiming his camera...
...word was passed that all the decisions in the new regime will be made by Khalifa as new Crown Prince, who is determined that more of the state's revenues will be channeled into public-welfare projects. Celebrating, the Al Thanis feasted on lamb and rice, and Qatar's bankers and merchants flocked in to congratulate the old man, and wish his successor well. Everyone was happy when the new advisory council agreed to pay old Ali's debts out of state revenue and give him an annual pension big enough to continue his travels abroad, provided...