Word: sama
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...reduce its dependence on foreign counsel, SAMA is now feverishly training a cadre of young Arab moneymen. Boot-camp is the Saudi International Bank in London, owned by SAMA and six of the world's leading financial institutions, including Banque Nationale de Paris and the Bank of Tokyo. The apprentice Saudi bankers soak up seasoning from their more experienced colleagues and practice their skills by helping to manage the bank's $1.2 billion loan portfolio...
Despite their shortcomings, the Saudi officials at SAMA are no soft touch. Says Michael Callen, who is managing director of the Saudi American Bank, a Riyadh-based affiliate of New York's Citibank: "A lot of borrowers think they've got a bank here run by people who ride camels. But the Saudis are tough and sophisticated. The foreign advisers may do the studies, but the Saudis make the decisions." One sign of tight Saudi control at SAMA: no telex can be wired from headquarters without a Saudi signature...
...autocratic. On multibillion-dollar investments, Crown Prince Fahd, who oversees most government matters for King Khalid, makes the final decision. For medium-scale transactions of a billion or two, Finance Minister Mohammed Ali Abdul Khail can give the approval. In deals involving no more than a mere $500 million, SAMA Governor Quraishi is empowered to act entirely...
...SAMA's coziness with Western bankers, and its safety-first investments, have stirred resentment among the Saudis' poorer neighbors. A leading Lebanese newspaper, As Safir, charged last month that Saudi Arabia was "a hostage of the West" held by "chains of gold." Arab nationalist groups throughout the Middle East argue that more of the Saudi surplus should be invested in the Third World...
...Saudis seem willing to oblige, but they prefer their loans to be channeled through organizations like the International Monetary Fund, whose members share the hazards of lending the money. Last March SAMA agreed to loan the IMF nearly $10 billion over the next two years. In exchange, the Saudis received a permanent seat on the fund's executive board. That body decides which countries get financial help from the IMF and the conditions attached to the loans...