Word: saudi
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Dates: during 1960-1969
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...best-known image of desert oil is that of such places as Saudi Arabia and Kuwait; the Middle East does, in fact, account for a quarter of the world's petroleum output. But as the sheiks grab bigger and bigger slices of oil revenues, producers have been busy developing alternative resources closer to the oil-hungry European market. The big gest of these now lie in the Algerian and Libyan Sahara, where drilling rigs, tank farms and smoke-plumed refiner ies give a modern industrial look to the ancient face of the desert...
Long famed for its bleak deserts, eye-for-an-eye justice and profitable oil wells, Saudi Arabia last week had the added distinction of possessing two monarchs. Profligate King Saud, 62, who had reigned for eleven years, sulked in his ultra-modern Naziriyah Palace in the capital city of Riyadh. Just down the road in the Red Palace was Saud's half brother Feisal who two weeks ago was summoned to the throne by a fatwa, or religious edict, issued by a national council composed of 100 princes, assorted sheiks and the ulema (a body of learned...
...pattern of Saudi Arabia has alternated between a few years of mismanagement and waste by nearly illiterate King Saud and then a few years of austerity under Feisal as Premier-until the King felt he could afford to get rid of him again. When Feisal was last called back to power in 1962 for another spell of reform, he decided to get tough. He cut down Saud's privy purse 30%, to a paltry $20 million a year. Cautiously progressive, Feisal also earmarked $500 million for schools, hospitals, roads and water projects. He promised to introduce movies next year...
...Saudi Arabia's King Saud keeps some $20 million there, and Jordan's King Hussein has several secret accounts (he signs his checks on one account with a pen name, "The Eagle"). Such depositors appreciate the fact that Lebanon has one of the world's freest capital markets and a Swiss-like secrecy law so rigid that any loose-tongued banker can be jailed for two years. Beirut's safety has also impressed some of the usually suspicious sheiks of the Persian Gulf. Sheik Shakhbut of Abu Dhabi, who earns $1,000,000 a week from...
...deposits (top: 7%), a few devout Moslems refuse to accept any interest at all on their oil millions. In Beirut's amazingly liquid and fast-moving money market, the bankers quickly pump their funds into short-term loans at up to 12%, finance everything from Pakistani exports and Saudi imports to local ski resorts and new cars. They seek to combine security with the plump profits of quick turnover, shun long-term credits or collateral-free personal loans...