Word: sheikdom
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Dates: during 1980-1989
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...builder of Trump Tower, whose first Manhattan apartment was a dingy single room overlooking a water tower, originally reserved for himself a $10 million triplex penthouse, but when he first saw yachtsman Khashoggi's pad in the nearby Olympic Tower, which was approximately the size of a Persian Gulf sheikdom, he naturally wanted one just as big or bigger. So he went back to Trump Tower and awarded himself an adjoining triplex, and then started tearing out walls...
That trade also provides the U.S.S.R. with a commercial link to key oil producers ?which may be one reason why it is trying to sell arms to Kuwait, a sheikdom with firm ties to the capitalist world. Even though they ask for hard cash, the Soviets usually price their wares well below comparable Western weapons...
...sheikdom pays $2.5 billion to buy a U.S. drilling firm...
Kuwait has justly earned a reputation for being the savviest investor among the world's oil rich. The Persian Gulf sheikdom of 1.4 million people has aggressively bought everything from a West German steel mill to a South Carolina resort community. Last week Kuwait struck its biggest, and potentially most controversial, deal yet: a $2.5 billion takeover of the Santa Fe International Corp., of Alhambra, Calif., a leading oil-drilling contractor (1980 revenues: $1.2 billion...
Sophisticated though they are, the Kuwaitis have also made some mistakes and miscalculations. In the 1970s the sheikdom tried to acquire a controlling interest in West Germany's Daimler-Benz automaker but abandoned the effort after German bankers formed a consortium to keep the power in German hands. Last year Kuwait bid $982 million for a 14.6% share of Getty Oil of Los Angeles but dropped the tender offer after executors of the estate of J. Paul Getty resisted. In spite of such setbacks, the emirate is plainly doing something right: revenues from its investments this year should reach...